You’ve likely heard the word Web3 tossed around a whole lot, especially as a freelancer. While the world of NFTs and cryptocurrencies has likely felt like some alien thing, something ‘other’, since it first made headlines, you don’t have to be a crypto-junkie or an NFT collector to understand how the decentralized world of Web3 works.
Part of building a lucrative freelance career is understanding newer technologies as it applies to your area of expertise. In this case, Web3 is blanketing every industry, every vertical, and it won’t be long before it touches yours, too.
In this article, we’re going to dive into the world of Web3 and how you can start leveraging it in your freelance career.
What is Web3?
In simple terms, Web3 is the next evolution of the internet. It is a decentralized ideal where creators own their work instead of having to rely on large corporations like YouTube, Google, and Spotify, for example, to share their content.
Web3 utilizes blockchain technology to decentralize platforms, money, and content ownership. Everything, from NFTs to cryptocurrencies are created and owned by users. Think of the way that blockchain works, for example:
The blockchain is a digital ledger that allows digital information to be stored and distributed but users can’t edit it. Once a transaction is entered (cryptocurrency, creating NFTs, etc.), a network of computers confirms the validity of the transaction. This is then stored in a ‘block’. When this ‘block’ is filled, it is then linked to the chain which makes the transaction permanent and unalterable.
All of this is completed by the users. There are no third parties involved, which means that there are zero processing fees or cut percentages.
The benefits of Web3 for freelancers.
Whether you are new to freelancing or have years of experience under your belt, Web3 can be lucrative for you if you start understanding how to use it and why. Here are some of the benefits of Web3 for freelancers:
Faster payments: In a decentralized world, freelancers won’t have to worry about payment processing fees, conversion rates, or processing delays. Web3 eliminates the need for third party payment services like PayPal and Venmo.
Cryptocurrency is borderless which allows freelancers to be paid in exact amounts, no matter what the currency is. 25ETH is the same amount in the United States as it is in Australia or anywhere else in the world.
Ownership rights: One of the most attractive components of Web3 is that it gives full ownership back to the creator. For example, Spotify’s platform allows musicians to share their art with the world. While Spotify makes a hefty premium, musicians only take home a small cut of that.
If that music was released on Web3, as an NFT, there are no third parties involved and the full premium could go to the creator instead of the platform.
Smart contacts: Imagine getting paid immediately when you’re supposed to. Smart contracts function on an if/then rule. For example, you have a client who wants you to write web content for them. In your contract, you require 50% up front payment and 50% when you deliver the first draft.
Instead of having to chase payment for weeks or even months, smart contracts trigger that ‘then’ action. You submit your first draft and you can immediately be paid. There are no waiting periods, no chasing, no back and forth. Transactions are simplified, and you can work knowing that you will be paid.
How freelancers can utilize Web3.
While there aren’t too many jobs in Web3 specifically for freelancers, there are ways that freelancers can utilize Web3 for their freelance work, or in conjunction with their freelance work.
Aside from being a blockchain engineer, here are some ways that full time freelancers can take advantage of Web3 while it’s still novel.
Freelance graphic designers and illustrators: Graphic designers, or visual artists in general, can make quite a lot of money as NFT artists. Creating an NFT is a lot simpler than it sounds, but it’s up to you to learn how to do it.
Graphic designers can even utilize their NFT work in their business dealings as well by adding their NFTs to their portfolio. You would be surprised at just how many brands want to drop an NFT collection. Showing that you understand how to create NFTs can give you an edge over other designers in your space.
Another cool way to make Web3 a lucrative side-gig is by designing avatars and gaming sleeves for the Metaverse.
As a freelance developer, you could make a lucrative career out of Web3 if the gas prices don’t scare you away. The space is growing, especially for web developers, so hop on it before your competitors do!
Freelance copywriters: Web3 and the NFT marketplace aren’t just for designers, musicians, and developers. Freelance writers could also make it big in Web3 if they understand how to utilize it.
Remember, an NFT can be almost anything. This means that you could sell your creative writing, articles, slogans, whatever your heart desires, as an NFT. There are also several platforms popping up specifically for writers and readers that copywriters would do well to start writing with.
In addition to going the NFT route, copywriters could also get a job with one of the many Web3 startups that are breaking into the scene right now.
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The future is here.
There’s no denying that Web3 is going to continue to grow, and with that growth, new opportunities will present themselves. The more it grows, the more popular it’s going to become. As freelancers, you could make a very lucrative career out of dipping your toes (and eventually swan diving) into the Web3 waters.
The question is, are you ready to help build the digital future?