How Web3 Empowers Workers to Pursue Self-Sovereignty

The nature of work has changed dramatically in the past few years. Many credit the COVID-19 pandemic for accelerating the change, but people pay relatively less attention to the role Web3 technologies have played in the transformation. Under Web2, 85% of people hate their jobs. But Web3 technologies have decentralized the online space, encouraging more people to pursue independent work and self-employment.

Every day, thousands of Web3 developers actively contribute to open source projects like public blockchains and tokenized communities. Thousands of businesses are accepting cryptocurrency as payment, and over 100 million people worldwide use crypto exchanges. If something as entrenched as the financial system can be decentralized, why not workplaces? The flexibility of work is sparking new ideas. Half of Generation Z participated in the gig economy during 2021. 

Working from anywhere in the world is creating opportunities where none previously existed. As more work becomes independent or self-employed, benefits are less frequently tied to employment. Trapping workers in dead-end jobs for the sake of health insurance could be a thing of the past. 14.2 million people enrolled in marketplace healthcare in 2022. Shared business services can make tax withholding and payroll compliance much easier for gig workers.

Web 3, Sovereignty, and the Future of Work