The freelance economy has experienced tremendous growth over the past decade. As a media agency that frequently works with freelancers, we’ve since an increase in queries for hiring freelancers rise by around 30% since the start of the pandemic. Growing in conjunction with this increase is the immersive 3D environments of Web3, which is capturing the attention of not just the average digital consumer, but venture capital firms as well. According to Emergen Research, Web3 is expected to grow at a rate of 43.7% to reach $81.5 billion in total value by 2030.
Having built our media agency upon the hard work of a strong freelancer network, we’re always looking to give back by providing our creatives with opportunities within the forefront of technological advancement. That’s why we continue to update the list of freelancing tools and services so that freelancers can continue to provide relevant services that meet the changing needs of our clients.
Some say that web3 is a scam, while others tout it as an opportunity to create a new version of the internet where the average person can wrestle power away from behemoths who hold it today. Whichever side of the camp you’re on, one thing that freelancers can’t afford to do in the age of tech is to ignore its development.
That said, we understand that the concept of Web3 can be difficult to wrap your head around in the beginning, so let’s walk through what Web3 even is and how creative freelancers such as yourself can find work within it to begin.
You may not even be old enough to remember this, but the internet used to be formed by static pages that would not respond no matter how you clicked or typed. They were meant to function a bit like electronic books (minus the page turning), and could only be accessed by individuals who knew their exact web address.
Web2 or the internet of today, on the other hand, is far more social and interactive. Mouse over a button and it might turn a different colour. Press ‘post’ on a social media website and millions of people will have their feeds updated. Web2 has miraculously transformed the way we live and work, but its current structure also poses fundamental problems — power is concentrated at the hands of a few social media giants such as Meta, TikTok, and Twitter.
Web3 proponents hope to solve this problem by shifting power away from giant corporations to individual users by allowing people to take charge of their digital assets, personal data, and online transactions. For example, users can skip intermediaries such as payment platforms and banks to exchange monetary value in the form of digital tokens via peer-to-peer (P2P) payments.
Technically, Web3 is a catch-all term that encompasses the entire spectrum of blockchain, cryptocurrencies, and NFTs, which are decentralised forms of book-keeping, finance, and asset ownership respectively.
Cryptocurrencies and DeFi therefore describe the economy of Web3, where transactions are recorded on the blockchain away from traditional banks as much as possible. Apart from being used as tokens of stored value, it is also suggested that cryptocurrencies and other digital tokens can be used to perform voting within Web3 subcommunities, or Decentralised Autonomous Organisations (DAOs).
Each DAO, which would form the Web3 equivalent of Discord servers, will be governed by rules that are decided upon collectively by its members. Each member will vote with digital tokens based on how monetarily invested they wish to be within a DAO, making the process democratic and independent of overarching laws and algorithms that influence digital spaces today. And because vote transactions will also be stored transparently on a blockchain, there will be little room for doubt over the integrity of the voting process.
While Web3’s reputation has been somewhat tainted by bad actors and misinformed startups, you may be surprised to find out that established companies such as Amazon, Sony, Netflix, and the Pokemon Company are exploring — and hiring within the Web3 space.
Amazon Web Services (AWS), for example, opened a job listing for a Senior GTM Specialist in February 2023, whose chief responsibility would involve building centralised ledger databases for verifiable transaction records in order to eliminate the need for aforementioned intermediaries. More recently, The Pokemon Company started hiring for a Corporate Development Principal, to assess and execute projects in immersive gaming and media.
As you can see from the linked sources, there is still much doubt surrounding the long-term viability of these roles. That’s where the communicative prowess of freelance creatives steps in. As experts in marketing and the art of communication, freelance video editors, graphic designers, and copywriters are more than familiar with digesting new topics into engaging formats for their target audience to understand. Educating consumers and potential stakeholders while creating buzz around upcoming Web3 initiatives, or even the assets within Web3 itself, will provide new ‘real estate’ for creatives to feature their work.
The best part? Because Web3 technology is continually evolving, there will likely be far less text, images, and video out there for generative AI to work on. Meaning that Web3 leaders are more likely to rely heavily on human talent to produce the marketing collateral they need.
As an agency that hasn’t shied away from Web3 and NFTs since they started becoming the talk of the town in 2020, Freelancer Nation is well positioned to capitalise upon this technology that could potentially revolutionise the freelance ecosystem.
At the same time, we wish to shield our valued freelancers away from potential risks that come within this space. That’s why we will continue to balance the introduction of Web3 tools with a solid foundation in Web2 platforms to help our creative partners make the transition seamlessly.
Online collaboration platforms: As the saying goes, if it’s not broken, don’t fix it. Project management systems and file-sharing services that our freelancers are already familiar with don't necessarily have to be swapped out unless enough people request for a change. For the foreseeable future, Freelancer Nation will continue to use best-in-class digital collaboration platforms to facilitate coworking online.
Social media integration: Until a Web3 social media platform experiences mass adoption, traditional channels such as Facebook, Instagram, TikTok, Twitter, and LinkedIn will continue to be the means through which Freelancer Nation engages with freelancers and our clients. These channels will also double as promotional platforms to showcase our latest Web3 projects.
Cloud based tools: As a digital agency that frequently collaborates with clients and digital nomads outside of Singapore’s borders, cloud based tools continue to remain essential to seamless operations and optimised productivity.
Smart contracts: As self-executing programs that automates actions outlined within a contract, smart contracts can help eliminate ambiguity and minimise the occurrence of disputes between client-freelancer agreements. For example, pre-defined payment amounts can be released to freelancers upon completion of a task. In a similar vein, late fines can also automatically kick in if clients flout payment terms that have been previously agreed upon.
Blockchain-based identity and reputation systems: In a world where anyone can assume the image of another person through AI or personal data theft, Freelancer Nation advocates for the use of blockchain technology to ensure transparency and authenticity of freelancer profiles and credentials within our databases. This will ensure a tamper-proof reputation record and portfolio showcasing system that will inspire trust within both freelancers and their clients.
Tokenised rewards and incentives: Freelancer Nation operates on a token-based system to reward freelancers who deliver outstanding work to clients or actively engage within community discussions. These tokens will be delivered in the form of NFTs, and can serve as proof of prior achievements, keys to exclusive digital spaces or premium features, or even exchanged for cryptocurrencies. In other words, these rewards provide freelancers with alternative income streams and diversified monetary portfolios.
The transition from Web2 to Web3 is unlikely to be a grand, momentous event. Just like how we’ve transitioned from punch cards to digital scanners, and from cash to credit cards, we will probably continue to see remnants of older technology for many years or even decades to come. Even today, it’s entirely possible to build a non-functional Web1 prototype page!
But just because the process is slow and arduous doesn’t mean we have to shy away from progress. By combining the best of existing Web2 and Web3 technologies, Freelancer Nation hopes to build a vibrant ecosystem for freelancers to work more efficiently, capitalise on new opportunities, and ultimately build long term partnerships with their clients.
Join Freelancer Nation and be a part of a more prosperous and inclusive future for freelancers worldwide.
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