Economic Challenges Facing Web3 Professionals

Bitcoin is hitting all-time highs, but there's a shortage of Web3 Marketers. And it's not because they can't handle the work. The reality? We're watching talented marketers exit an industry they helped build because: Mass layoffs are affecting industry morale in the final 2024 Quarter (just this week: Consensys 20%, dYdX 35%, Kraken 15%) There's no clear building strategy, projects collapse overnight, leaving marketers to rebuild from scratch. Founders chase token launches while ignoring strategic marketing advice. One person is expected to be a content strategist, community manager, technical writer, and PR expert- the burnout is REAL. Job security has been nonexistent in the space- it's all about who you know. Here's what's wild about all this: Every successful Web3 marketer started in Web2. They've mastered both traditional marketing AND blockchain tech. That's incredibly rare. We don't need more entry-level marketers. We need to stop burning our experienced ones. What would help: -Fair, stable compensation that reflects dual expertise -Project timelines that acknowledge market volatility -Real strategic input from founding teams -Budget for proper marketing teams (one person cannot do it all) -Long-term vision beyond the next token launch The most bearish bull market of all time is showing us something important: if we want Web3 marketing to mature, we need to create environments where marketers can build lasting careers. Myosin.xyz is one place where this is happening.

Why running a #Crypto startup is wayyyy more difficult than a #SaaS or #Fintech startup 😰 In my previous posts, I've discussed the challenges of regulatory uncertainty and raising funding in the crypto space. However, the difficulties don't end there, and here are the reasons why running a crypto startup, that too in bootstrapped mode, is a lot more difficult. 🔐 Security is of paramount importance in the crypto industry. We have focused on hiring through strong references to ensure a secure environment. This focus on security has inevitably slowed our product development. In a traditional fintech platform, a hack might lead to a temporary loss of money through INR channels, which can be frozen if acted upon quickly. However, as demonstrated by the #WazirX hack, recovering lost crypto assets is much more challenging. So far, not even 10% of the stolen funds have been recovered, despite a bounty of nearly 200 crores being offered. 🚫 Additionally, there is random discrimination by large internet monopolies. We can't run ads on Facebook, Google, or Twitter, despite operating a legitimate business. It's frustrating to see scammy ads running full-time while a lawful company like ours is denied access. 🏦 Despite a Supreme Court judgment that required the RBI to lift its earlier circular and allow banking access for all crypto players, we still don't have a level playing field. The NPCI publicly stated that it doesn't support crypto platforms using UPI, and payment gateways continue to avoid providing services to the crypto industry. 🤝 As an industry, we look forward to regulations that will ensure we're not treated as outcasts. We don't ask for special treatment, just a level playing field. Running a crypto startup for five years feels like running a startup in any other industry for a hundred years due to these additional challenges. 🌍 It's no wonder many crypto startups choose Singapore or Dubai over India. As many as 900 web3 startups have moved from India to these destinations. We chose to stay because we are hopeful that, although decision-making in India is slow, it will eventually move in the right direction. I would like to think of ourselves as crypto patriots 😃🇮🇳 The government reportedly plans to put out a discussion paper on its crypto policy stance in the country by September. I see a glimmer of hope at the end of this long tunnel. Let’s hope for the best! Meanwhile, we will continue soldiering on! Vikram subburaj #giottus #Crypto

India has 12% of the world's Web3 developers. 28% of global STEM talent. 23% of the world's software developers. I keep looking at these numbers and feeling two things at once: impressed and frustrated. Impressed because the talent is real. The skills are there. Some of the young Indians are building the most sophisticated Web3 infrastructure in the world. Frustrated because most of it isn't registered in India. Ask them where their company is registered. Singapore. Delaware. Cayman Islands. Ask them why not India. You'll hear the same answer: unclear regulation, punitive taxes, no local support. So our best builders do what's rational. They register abroad, raise abroad, scale abroad. We produce the talent. Someone else captures the value. This isn't new. We did this with IT services. Millions of engineers. Billions in revenue. But the IP, the platforms, the wealth creation? That stayed in Silicon Valley. Much of India's Web3 talent is deployed building services for global markets. The next phase needs to be different: building from India, for the world. Original products and platforms that start here and scale globally. India's youth aren't just participants in the digital economy. They're its architects. But without supportive policies, access to capital, and innovation-friendly regulation, India stays a talent supplier, not a technology leader. Today's National Youth Day. Having young talent means nothing if they have to leave to succeed. Either we build the system that lets them create wealth here. Or we keep celebrating while they build elsewhere.