Introduction
Governments have attempted to solve the global lack of jobs through many policies and projects. Unfortunately, the problem persists. Some countries fare better than others. Take a look below at the top 5 countries worst hit by unemployment:
South Africa - 29.2%
Kosovo (partially recognized) - 26.2%
Djibouti - 26.1%
West Bank& Gaza Strip (occupied Palestine) - 25.9%
Equatorial Guinea - 25.0%
From World population review
How unemployment creates other problems
Lots of other social problems exist today because of global unemployment. consider the following 2 below:
- Crime: Criminal activities are almost always linked to unemployment. Even well-meaning, educated members of the society can resort to crime out of frustration caused by lack of jobs. Whether one has a job or not, they need to feed and take care of personal needs. And if they cannot find a legal means to make money, they could resort to illegal and criminal means.
The fact that unemployment leads to crime is further evidenced by high crime rates in countries with high unemployment rates. Developing countries like those in Africa and Asia often grapple with insecurity and high crime rates because their unemployment rates are high too. Looking at the data above, South Africa often records high crime rates and other social vices. Nigeria a country with a high rate of unemployment has battled insurgencies, kidnaping for ransom, and many other criminal activities.
So it is obvious that when people have jobs to do and they are busy, they usually are less inclined to a life of crime than others.
- Low standard of living: Unemployment contributes to a low standard of living as people with no income struggle to care for financial needs. With no income and money, it is difficult to pay for medical bills, secure good housing, and handle other financial matters that improves life.
Unemployment does lead to poverty and feeding crisis. Without a job, it becomes difficult for one to care for ones needs. For a family head, loosing one's job or not having one in the first place could degrade the standard of living of that household. Since they cannot afford basic life amenities, their standard of living will be low and that becomes a huge problem for everyone in that situation.
The above are just two of the many social problems created globally by unemployment. Web3 is really doing something special to address unemployment. Here is how its working on that.
Web3 to the rescue
Web3 is leading the next internet revolution of our time. It is decentralizing the internet and creating blockchain solutions for societal problems like unemployment. Directly or indirectly, web3 and associated technologies are creating jobs and empowering individuals with numerous economic opportunities. Consider the following 5 economic opportunities in Web3:
1. Content Monetization: One huge economic opportunity created by web3 is letting users make money from original content. Previously, the internet presented very little reward opportunities for content creators. But with the emergence of web3, it becomes so easy and possible to earn from original content.
Hive is just one example of the huge role of web3 in content monetization. Hive and all communities like Leo provides users with a platform to earn from content. Millions of creative users share their knowledge and work here and get rewarded in crypto. Interestingly, some users do this full time and as such, they are off the job market. Even many users that publish and earn part-time are also benefitting from this opportunity.
So Hive and many other web3 content monetization platforms have made it very easy to make money from content. This is a huge job opportunity for all - part-time or fulltime.
2. Blockchain development: Another job opportunity created by web3 is in the development of blockchain solutions and related technologies. The massive increase in the number of blockchain projects have put the job of blockchain developers in high demand. A lot of blockchain-based computer programming go into the building of web3 websites, DApps, decentralized social media and other web3 tools.
How many Dapps, NFT marketplaces and blockchains are there? Too many. Consider the figures below from DApp radar.
Take note of how many Dapps, NFTs and blockchains are on Dapp radar. It shows that the job prospects of a blockchain developer is both huge and promising. In this way, web3 have absorbed a large workforce of blockchain computer programmers that should otherwise be roaming the streets or looking for jobs in the job markets.
3. Crypto trading and Investment: Perhaps the largest single space where web3 has created more economic opportunities is in cryptocurrency trading and investment. With thousands of cryptos and traders from all over the world participating in global markets, web3 has created an entire job industry.
Interestingly, it is all too easy to join the crypto trading space. The opportunities to invest or trade are many too. There are both centralized and decentralized trading platforms and projects that have absorbed a very large number of enthusiasts. Defi is a direct product of web3 and presents huge opportunities to participate in staking, liquidity markets, savings, crypto loans, and community governance. All these are various ways to either trade or invest in crypto with potential for rewards.
The hundreds of thousands, or perhaps millions of crypto enthusiasts in the sector are fully employed big thanks to web3. They are off the job market.
4. Marketplace globalization: The job market is segmented and limited by location. The way it is today makes it difficult for skilled professionals to get hired. Blockchain technology, a vital part of web3 builds a trustless mechanism that allows people to trade goods and skills without the need for a middleman. Through smart contracts, people could get hired and perform their job remotely and get paid.
Web3 uses cryptocurrencies as a global payment tool. By making gigs popular, skilled users could perform specific jobs remotely and get paid in crypto. Web3 created a global marketplace where users are not limited by location or trust issues as they trade skills and goods for money. The ecommerce industry is finding more sellers and buyers by adopting crypto payments and other blockchain tools. In this ways, web3 has made it possible for people to find suitable jobs or gigs and are able to deliver and get rewarded easily.
5. Tokenization of everything: Web3 has made it possible to convert physical assets into digital values or tokens. Trading of such digital tokens in the blockchain space has brought a revolution across many industries. Tokenization has enabled the creation and trading of NFTs representing physical assets like real estate, works of art, intellectual property and other valuables.
The gaming industry is booming today. Web3 has enabled the trading of gaming assets and rewarding participants with tokens for playing games. In fact, the popularity of play2earn games today is big thanks to web3 and blockchain technology. The massive number of users across all industries that are benefiting from tokenization is another testament to the fact that web3 has brought more economic opportunities than we realize.
Finally
Unemployment is still a global menace, but web3 is helping to tackle it. The many economic opportunities explained above are real and millions of users are already finding a fulltime or part-time job in this space. Whether its through monetization of content, crypto trading or doing online gigs for crypto, web3 is helping the fight against unemployment impressively.