Tech talent migrates to Web3 as large companies face layoffs

Many tech companies are laying off employees due to rising inflation and the impending recession. According to research conducted by Layoffs.fyi, at least 93,519 people around the world have lost their jobs at tech startups this year. It has also been reported that major layoffs are occurring at tech giants like Apple (NASDAQ:AAPL), Netflix (NASDAQ:NFLX), and Google (NASDAQ:GOOGL). These tech talents are migrating to web3.

Many of these firings are likely the result of the economic downturn, but the result has been a flood of talented people into startups in the Web 3 space. For instance, serial entrepreneur Andrew Masanto told Cointelegraph that he recently launched Nillion, a startup that specializes in decentralized computation, to assist in protecting users’ privacy and anonymity on Web3 platforms.

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