FTX Collapse Opens New Opportunities
The collapse of FTX has been a setback for many, but it has also opened up new opportunities for web3 investors and blockchain developers with the right skill set. Whether they are looking to build their own crypto venture, contribute to an existing NFT project, or work on something entirely new, there is no shortage of exciting possibilities out in web3.
Many blockchain developers lost their jobs in 2022, but market challenges with web3 technology continue to arise and that is where developers provide real value. With the right attitude and dedication, those interested can find success in this rapidly growing industry and become part of a revolutionary movement that is transforming the way we think about finance.
FTX is a warning for investors
The recent collapse of FTX has left many wondering what the future holds for blockchain developers and crypto products. Despite the corruption that was so central to FTX’s operations, the biggest thing to emerge from the FTX wasteland is that investors and blockchain developers can now see how decentralized finance should work.
While Sam Bankman-Fried (SBF) was busy swindling investors, investors were largely unaware of FTX’s lop-sided balance sheets, dubious tokens, and blurred enterprises. But when these factors became known, the true FTX was revealed for all to analyze and judge. Though so much was lost in the Bahamas-based racket, SBF nonetheless did investors a sort of favor by providing a blueprint for what to avoid in the future of web3.
Investors now have a precedent – albeit a negative one – to measure other web3 projects when they do their own research. Investors generally, and especially those who were hoodwinked, now have the opportunity to learn from the pitfalls that were present, but not necessarily obvious, with FTX.
Likewise, blockchain developers can serve the market honestly and solve problems for customers. Such growing trends that need to be addressed include making web3 greener, decentralizing governance of DAOs and communities, creating NFTs that are utility-centric, proof-of-reserves disclosure, and security measures such as zero-knowledge.
New companies and investors can capitalize on solutions, services, and innovation to achieve the status that ventures like FTX and TerraLUNA have yet to earn.
FTX demise aids developers
Though the collapse of FTX might have been a setback for some blockchain developers, there is no denying that new opportunities have presented themselves as a result. By leveraging their skills and experience, savvy blockchain developers can capitalize on these new openings to advance their careers and help shape the future of DeFi.
Developers skilled with Solidity, Ethereum development, and smart contract programming have found themselves uniquely positioned to benefit from this trend as these are often necessary skills when developing and deploying DeFi protocols. Likewise, developers with experience in Hyperledger Fabric are also in high demand due to their expertise in building private blockchain applications.
The future of DeFi
With traditional financial institutions and markets increasingly turning to blockchain technology as a means of innovation and growth, there has been an exponential uptick in demand for talented blockchain developers. This influx of interest has allowed those with the right skill set to take advantage of lucrative roles within DeFi projects that promise exciting opportunities for those looking to advance their career in this space.
There are many exciting opportunities for blockchain developers and investors looking to make their mark within the industry. By taking advantage of the emerging trend of unemployed developers and unmet market needs, the web3 community can put itself on the path towards success and become part of a burgeoning technology that promises to revolutionize the world of finance.
