As we all know today, the internet has undergone many changes, and still, many are coming. The recent decentralization trend has swept the IT world off its feet and evolved as the cornerstone of the utterly new internet iteration known as Web 3.0. The most critical issue for the entrepreneur is knowing the web 3.9 developer’s salary.
- For the Web 3 projects, more than 18000 developers write the code, and hundreds of developers join daily Web3 ecosystems.
- The Web3 developer can create the app for any industry, thanks to the perks of decentralization, stability, and security.
- Due to the hype and the demand, the salaries of web3 developers are high.
Web3 Developers Salaries:-
The Web3.career has mentioned the average Web3 developer salary for October 2022, ranging from $100k to $143k/ year. Depending on each developer’s years of experience, the programming language they are proficient in, and their location, this number differs. For example, the developer in North America earns between $120k-$200k per year.
Rust developers take home $120k-190k/ year, while lead developers make a bundle of $142K-$220K.
The salaries of Web3 developers outrun the other developers that are except Web3—taking into account that the senior software developers earn an average of $107k/ year, when in fact, the senior Web3 developers earn an average of $120k/ year.
Why are Web3 developers’ salaries so high?
Web3 developers are known notoriously for their salaries. The web3 jobs have reported the possible web3 engineer salary can go up to $500,000. Some positions offer a salary of $750,000 as their maximum range. So why do web3 developers earn so much? What’s the secret?
The actual reason behind this secret is a combination of 3 main reasons:-
BlockChain Sorcery:-
Blockchain attracts the whole IT community’s attention, showing a particular demand for blockchain engineers in the job market. LinkedIn has reported Blockchain as the most valuable skill as of 2021. As compared to 2020, the blockchain developers position has increased 33x/
Deficiency of Web3 Developers:-
Web3 is still a new term. The needs of the businesses exceed daily, and the demand is higher than the supply. It is especially the case in the regions that are the major IT business capitals, such as the USA and Western Europe. This leads to a shortage of qualified Web3 coders.
Headhunters Tricks:-
Developers are clever enough as they use artificial price inflation to get more money out of Human Resource Specialists and headhunters. Developers use every opportunity to overprice their services, usually slightly. Sometimes the Web3 salary augmentation is weighty, but sometimes it’s a dupe.
Rates of Web3 developers based on the Engagement models:-
The hiring model has its impact on the cost. So we are shedding some light on the most famous models and what they cost precisely in terms of money.
- In-House:-
It is a long-term strategy to hire a full-fledged developer to join the team adopted by the companies that plan to work closely with Web3. In such a scenario, as he becomes a complete part of the team, he should be provided with the infrastructure, equipment, and compensation for the holidays and sick leaves. So in-house companies should take care of all these costs.
One such example is the hiring and onboarding costs and added taxes. The in-house employees’ contracts should be more strict. In return, you will get a dedicated employee who will be involved in the process 100%.
In this case, the cost will equal the hourly rate of the developer hired in your team and the salary bonuses.
Outsourcing:-
Those companies have no specialists fitting in the job, or the company’s primary activity is application development. So it is the best choice to hire a team of experienced developers in the outsourcing company who can implement the project for you, along with your in-house team dealing with the core activities and strategic issues.
Compared to home development, outsourcing can be more expensive; added to the developers’ hourly rates, clients are also required to pay extra to the outsourcing company. You can use offshoring and hire a team for another country, where lower rates are offered with the minimum overpayment. Additionally there are no hiring costs, bonuses, sick leaves, or holidays to take care of.
As the employee is linked to the outsourcing company, there is a strong guarantee that the developer will fit in with your description. He will also be able to complete the tasks without disappearing. If in case of any glitch, you can change the developer or step up or down depending on the team’s needs.
According to experience, the benefits of outsourcing match the price and are worth it significantly when the costs can be minimized by offshoring.
Freelancers:-
Work done by the freelancers and the outsourcing teams is the same, with only one exception, it takes a considerable amount of time to find the supreme freelancer, which slows you down. Along with this, there is no assurance that the freelancers will complete their tasks in time due to being employed in other studies. If you need a team, then it will be time taking to select the specialists.
Hiring a freelancer is cheaper than an outsourcing company, but it is more time-consuming, implying additional costs.
Hybrid:-
Both working from the office and at home make up the hybrid model. This option is ideal for those who lack the specialists for temporary assignments and want to go offshore to reduce costs. In these cases, as the quick tasks are completed, the specialist leaves the project simply after completing their work.
