Web3 is one of the watershed moments in the history of technology, similar to the introduction of the internet or the invention of telephony. Decentralization has enabled the development of many web3 projects which aim to offer better user experiences with value. The spontaneous growth in a number of web3 projects has encouraged a massive rise in demand for project managers in the domain of web3.
Do you want to become a web3 project manager and capitalize on lucrative career benefits? You must have come across the terms ‘NFT,’ ‘cryptocurrencies,’ and ‘DeFi’ frequently on social media and online communities. As the web3 ecosystem expands with new projects, the career prospects for web3 project or product managers would become apparent. The following post aims to offer you a detailed roadmap for pursuing web3 project management jobs.
How Are Web3 Projects Different?
The rising demand for web3 project manager roles creates curiosity regarding the potential similarities between web3 and traditional project management. You should understand the uniqueness of web3 projects before seeking resources to improve web3 project management expertise. The primary idea of web3 revolves around the development of decentralized solutions which are free of centralized management and control.
Some people also view web3 projects as foundations of the next version of the internet, where blockchain would serve databases. The existing web2 applications use databases as a crucial tool, and blockchain would serve the same role in empowering the decentralized web. Most important of all, blockchain can provide immutable databases which cannot be changed after deployment.
The search for web3 project manager jobs should start with a clear impression of the differences from traditional project manager jobs. Here is an outline of the critical differences between web2 and web3 projects.
Web2 projects rely on dedicated databases for application data management. In the case of web3 projects, you have to choose blockchain-based storage with the use of peer-to-peer or blockchain networks.
Web2 projects use the closed-software model, where no one else can access the programming logic. On the other hand, web3 projects have their application logic in smart contracts, which are accessible to the public.
The web3 project manager roadmap must also reflect on the uniqueness of web3 in facilitating control over user assets and data. Web2 platforms follow a centralized model wherein the developer team has access to user assets and data. On the contrary, web3 does not require personal data to access services. On top of it, users have complete ownership over their assets.
Another important differentiator between web2 and web3 projects is evident in the facility of collective ownership. Users with an account on web2 platforms are not likely to achieve stakeholder status. On the contrary, web3 projects offer the opportunity to become a member of DAOs and enjoy privileges of voting on crucial protocol decisions.
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Who is a Web3 Project Manager?
One of the important highlights in your journey to become a web3 project manager is a clear impression of the role. Web3 project or product managers take responsibility for ensuring the success of communities rather than just expanding them. Web3 project managers might have to address different tasks required of traditional project managers. In addition, project managers should use their effective skills in communication, networking, and negotiation to work with different stakeholders.
It is important to remember that web3 project manager skills are oriented toward ensuring the productive execution of projects alongside community development. Web3 project managers can work on community development through partnerships with big names in tech and business alongside growing social media communities.
On top of it, web3 project managers have to work in collaboration with marketing teams alongside addressing tasks related to supporting data management and releases. The role of web3 project managers also extends beyond community engagement into token economics, growth marketing, user privacy security, and fund security.
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Responsibilities of Web3 Project Managers
The most noticeable highlight in guides on how to become a web3 project manager would point to project manager responsibilities. You can expect different sets of responsibilities from web3 project managers depending on their experience. The three levels in the career of web3 project managers include entry-level, mid-level, and leadership roles. Irrespective of the level of a web3 project manager, they have to address the following common responsibilities.
- Definition, prioritization, and execution in accordance with to project roadmap.
- Research and analysis of market conditions, new solutions, and users.
- Supervised of complete web3 project development lifecycle.
- Discovery and evaluation of user requirements for developing solutions to address the pain points of users.
- Definition of product design and user experiences.
- Organization, management, and deployment of web3 projects in collaboration with engineering and design teams.
- Internal and external communication with team and end users.
The responsibilities of web3 project managers are an important aspect of the roadmap for aspiring professionals. In addition, you should pursue a web3 project manager roadmap with a clear impression of the differences in roles of web2 and web3 project management. Here are some of the distinct highlights of the responsibilities of web3 project managers.
- The work of web3 projects or product managers is more flexible. Continuous changing market trends in the web3 landscape create the urgency for project managers to develop flexibility and versatility.
- Another aspect of the work of web3 project managers emphasizes the ability to communicate with the public. The responsibility for community engagement requires web3 project managers to engage in active collaborations with community members.
- The focus of web3 project manager skills tilts more towards knowledge rather than depending on user data. Web3 project managers have to work in a highly ambiguous environment. Therefore, they have to depend on intuition and knowledge to come up with better-informed decisions.
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How Much Can You Earn as Web3 Project Manager?
The discussions on guides for becoming web3 project managers also draw the limelight on the potential for earning. The estimates of web3 project manager salary are one of the most sought-after aspects in career guides. Interestingly, the salary estimates for web3 project managers could vary on the basis of different factors such as job titles, key responsibilities, experience, and job location.
The expected annual salary for web3 project managers is around $127,653. On the other hand, senior web3 project managers could fetch salary packages ranging between $149,000 and $240,000. Furthermore, web3 project managers could also expand their earnings with the help of profit sharing, commissions, and bonuses.
Skills Required for Becoming Web3 Project Managers
The detailed impression of responsibilities in web3 project manager jobs and differences from conventional project management serve as crucial inputs. Now, you have to work on developing the skills required to address the responsibilities of web3 project managers. One of the essential skill requirements for web3 project managers points to fluency in blockchain, smart contracts, and web3 development.
The technical skills in web3 development can help in bagging lucrative web3 project manager salary packages. However, it is also important to remember that you are trying to become a project manager. Web3 project managers need specialized skills in the following areas to address their job responsibilities.
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