The World Economic Forum (WEF) sees enormous disruptive potential in Web3 technologies to transform the labor market in the future.
Web3 technologies, the decentralized Internet that is built on the blockchain, “They are about to change the world of work”, as stated by the World Economic Forum (WEF) in a publication recent from their website.
The international non-governmental organization highlighted that just as new technologies have caused disruptions in different sectors, such as the financial industry and daily activities, they will also do so in the labor market, Transforming the future of work through interconnection, digitalization and decentralization.
The WEF therefore points out that understanding the characteristics and capabilities of Web3 is essential for developing new skills and building a new labour market that is more inclusive and integrative.
In its recent publication, the WEF highlights what could be the most desired Web3 skills and competencies in the future.
From Web1 to Web3: Technology and innovation
While the Internet has completely changed our lives and the way we interact with others, the arrival of Web3 promises to lead us to a new type of experience that is more immersive, closer and participatory.
Web3 integrates blockchain, decentralization, and tokenomics to create a new iteration of the World Wide Web that is more secure, open, and accessible to everyone.
However, participating in this new iteration of WWW requires specific skills, the WEF noted. These skills relate to blockchain gaming, DAOs, play-to-earn protocols and other reward mechanics and must be acquired by participating within the blockchain/Web3 space.
“The necessary knowledge (for Web3) is not taught in schools or universities”, the organization acknowledged. In this way, the FEM encourages people interested in developing these skills and qualities to actively participate within Web3.
«The Internet has forever changed the way we live, work and play, but its decentralized successor, Web3, offers a more inclusive future.»
The WEF cited the Philippines as an example, stating that the country showed the world how blockchain games, in the play-to-earn mechanics, work as a successful access ramp to the decentralized Internet ecosystem, allowing millions of people to enter new digital economies where they can monetize their skills and even access new jobs.
Digital identity and reputation in blockchain
Another feature of blockchain technology and Web3 that will cause a great change in the labor market is the ability of these innovations to create people's digital identity and build their reputation, in an immutable and transparent manner.
Yield Guild Games’ “metaverse resume” is an example of how people in the future might present their resume. Instead of creating a resume using a format to capture information, the job market could mimic YGG’s “metaverse resume” and record people’s efforts and achievements on the blockchain.
YGG issues NFT badges to its users for each of their achievements, allowing the on-chain gaming guild to create and prove identity, while also accrediting the reputation of its members.
In conclusion, the WEF highlights that the mass adoption of Web3 will be able to expose the shortcomings of traditional power structures, allowing all people to break free from them in order to compete and access existing opportunities, rather than just a privileged group.
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