Executives at tech giants are leaving to take jobs in the world of cryptocurrencies.
The lure of working on the next Web 3.0 or Web3 is what attracted top talent from Big Tech firms to work on theBlockchain platforms.
A new gaming studio is led by Ryan Wyatt, who left YouTube. The head of the push into video games content was joined by the video site back in 2014.
In an interview with CNBC, he said that he was the first person at the company. People were showing interest in video games.
He described the current stage of the development as exciting and said that he looked at this opportunity the same way.
Some of the best minds in tech are attracted to the buzz surrounding Web3. The Web3 movement proposes to change the internet in a way that would move popular online services over to a new technology.
The former chief marketing officer of Facebook is on the list of Silicon Valley talent jumping ship. Circle hired her in January. The chief technology officer of Amazon fled to join a new exchange.
David Marcus resigned last year. Marcus has been singing the praises of Web3 while he is yet to reveal his next move.
Marcus said last month that he had never felt this connected to a community of builders.
Tech executives are drawn to the industry due to its rapid growth.
Alex Bouaziz, CEO and co-founder of payroll software firm Deel, said that people will want to work on what they view as the most exciting and innovative developments in the technology space.
It is seen as the future of the tech industry in the same way that Facebook and Amazon were in the past.
It is attracting talent at Big Tech companies to Web3: money.
According to data from Blind, a social network for tech professionals, there is an exchange that offers as much as $900,000 a year for software engineers.
Investment into the companies has gone up, meaning they have more money to spare for big hires. According to CB Insight figures, a record $25 billion was raised in venture capital last year.
Tech start-ups allow staff to own a piece of their company through stock option schemes. In the event of a takeover or public offering of a private company, early employees could be in line for a big windfall.
The trend doesn't just apply to the U.S.
Hays says it's seeing more and more companies target talent from the likes of Facebook, Amazon and Apple in the UK and Ireland.
The Hays technology division expects the market for tech talent across all levels to become even more competitive as more companies emerge.
Web3 is not a defined term. It refers to initiatives that aim to build a version of the internet that is not tied to the internet.
In theory, platforms could reward users for their posts with native token, flipping the model of services like Facebook and YouTube on its head.
Some big names in Silicon Valley have criticized Web3. Jack Dorsey, the co-founder of the micro-messaging service, believes it is too centralized and controlled by a few venture capitalists.
When he started at YouTube, people were skeptical about the idea of watching others play video games.
He thinks that some of the backlash against Web3 will go away as more games and social apps are released.
Don't expect tech giants to take the challenge lying down.
New tools for non-fungible token, or NFTs, are being considered by Meta, as the company started developing its wallet in 2019.
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