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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Research and Analysis Skills
The foremost skill required in web3 project managers is research. As a matter of fact, web3 project manager skills in research also include an emphasis on data scientists and UX designer roles. You have to conduct research to identify suitable UX designs alongside leveraging data science to obtain relevant insights.
In addition, web3 project managers should have the ability to collect data through unorthodox approaches, such as through communities. Expertise in blockchain infrastructure and on-chain data analysis tools such as Dune Analytics could offer viable insights regarding web3 solutions.
The work of the web3 project manager also involves marketing web3 solutions to ensure a higher adoption rate. Marketing skills are crucial requirements for expanding the reach of web3 solutions alongside developing awareness. For example, web3 project managers have to write blogs and create social media content to fuel hype around web3 projects. Candidates seeking how to become a web3 project manager must also develop skills for identifying key areas for business growth. On top of it, web3 project managers must also work on developing strategies for product growth and optimization.
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Ability to Anticipate User Requirements
Web3 is a slowly expanding domain with the power of decentralization. However, decentralization limits the ability to use analytics tools for understanding user behavior and requirements. On top of it, the complexity of data management on web3 platforms creates difficulties in the analysis of user data.
Therefore, web3 project managers must have the ability to draw insights from qualitative data such as user feedback. Some of the other factors which web3 project managers can evaluate for finding out user requirements and expectations include information on TVL and floor prices.
Fluency in Community Engagement
Community engagement is one of the key highlights of a web3 project manager roadmap and associated responsibilities. Web3 project managers must have the skill and knowledge to initiate and coordinate discussions about web3 solutions in different online communities.
Project managers must have skills for moving beyond the technical aspects of web3 projects and interacting with the public. It is important to remember that web3 project managers have to achieve value improvements for web3 communities rather than revenue growth.
Why Should You Become Web3 Project Managers?
The next crucial concern in the minds of aspiring web3 project managers would obviously focus on the reasons for pursuing careers in web3 project management. The list of web3 project manager skills and responsibilities showcases the number of efforts you have to invest. Should you invest in learning web3 project management? For starters, the pay is quite good for web3 project managers. On the other hand, you can explore the following benefits of a career in web3 project management.
- Web3 is still new, and the massive skill gap offers a competitive chance to develop your career as a project manager.
- The continuously evolving nature of web3 has introduced many innovative developments, such as NFTs, metaverse, and DeFi solutions. Therefore, web3 project manager jobs can offer loads of opportunities for continuous learning and skill development.
- Web3 project managers have to wear many hats in a web3 project to address different roles in UX design, product prototyping, and marketing. You can have complete control over the deployment of web3 projects rather than relying on different professionals.
Above everything else, the most important reason to become a web3 project manager is fun with web3. As a project manager, you have to create memes and interesting video content alongside blog posts for promoting web3 solutions. Therefore, you don’t have to worry about repeating the same tasks over and over again as you learn something new every day.
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How Can You Become a Web3 Project Manager?
The final step in a web3 project manager roadmap would focus on best practices for building your career. Web3 could be a scary career proposition for beginners, considering the fact that it is new. However, you need to take the risk of capitalizing on lucrative career prospects in web3 project management. Here are the best practices for building your career as a web3 project management professional.
The foremost recommendation to pursue web3 project manager roles emphasizes learning about web3. Start your learning journey with the Bitcoin whitepaper and blockchain fundamentals. Subsequently, you must develop expertise in Ethereum, smart contracts, and cryptocurrencies. Aspiring web3 project managers could seek learning materials from popular influencers in the web3 domain.
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The best way to learn your way around the web3 landscape is to practice. You can buy cryptocurrencies or NFTs and send them to a web3 wallet. In addition, aspiring candidates for web3 project manager jobs must also participate in web3 communities on Discord, Telegram, and other virtual communities. Most important of all, you can experiment with new web3 technologies, such as layer 2 solutions and DAOs, or mint your own NFT collection. The practical experience with web3 would serve as a formidable highlight in your portfolio as a web3 project manager.
Find Interesting Web3 Projects
The open-source nature of web3 projects helps you choose the projects you would love to work on. You can go through popular VC portfolios and search for popular teams with whom you can resonate. It is important to conduct in-depth research on project websites and their existing solutions alongside an assessment of community forums.
The final step in how to become a web3 project manager focuses on reaching out to web3 teams of your choice. Start with a clear definition of your role in the web3 project as a manager and how you can contribute to the project. Make sure that you include your experience in the definition of your professional portfolio. Now, you can connect with the core founders of the web3 project and participate in interviews.
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The detailed guide to become web3 project manager showcases vital information about the journey. You can start with a clear impression of the difference between web2 and web3 projects to understand how web3 project management is unique. Subsequently, you must evaluate the roles, responsibilities, and skills required for web3 project managers. The review of web3 project manager salary estimates and benefits of a career in web3 project management also supports you in making informed decisions.
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*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!