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Report Reveals: Jobs Related to NFTs and Blockchain Increased 804% in Post-COVID India

Cryptocurrency Jun 22, 2022 05:30AM ET
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Report Reveals: Jobs Related to NFTs and Blockchain Increased 804% in Post-COVID India

A report published by job listing platform Indeed has revealed that job postings related to NFTs and blockchain grew 804% between April 2020 and April 2022.

In 2022, pegged the increase in the number of job listings at 315% compared to the previous year. This shows that the COVID-19 pandemic and the rise of remote work has played a role in the sustainable growth of interest in blockchain technologies. 78% of employers reported that more candidates were applying for positions that differed from their previous experience.

Job seekers are showing a trend of changing their career paths and exploring new emerging technologies. The Covid-19 pandemic has served to advance the adoption of technology in India, leaving tech industries desperate for high-tech professionals, especially in the field of blockchain.

The most sought position in tech was for web/mobile application developmers, while the second was data engineers, followed by full-stack developers. The data also shows that crypto-related job roles have one of the most significant shares of hires in the overall technology job field. From 2019 to 2020, the area had a 41.22 % share, whereas, between 2021-2022, it increased to 67.48%. Indeed, the job platform reportedly receives 250 million unique visitors every month, and is a big player in the recruitment industry.

India’s Blockchain Market

India is the second-largest user of cryptocurrencies in the world, according to a report by Chainanalysis, and the rise in crypto adoption during 2021 was mainly seen in the emerging markets.

“Many emerging markets face significant currency devaluation, driving residents to buy cryptocurrency on P2P platforms in order to preserve their savings. Others in these areas use cryptocurrency to carry out international transactions, either for individual remittances or for commercial use cases, such as purchasing goods to import and sell,” the report underlined.

The report also states that, in many developing countries, the amount of national currency that residents can move out of the country is limited, and for this, cryptocurrency helps to avoid such limits, and often supplements residents’ financial needs.

However, despite the massive growth of the crypto industry in India, the government has a complicated relationship in regards to its approach to digital assets. The Reserve Bank of India has been staunchly against the use of cryptocurrencies like Bitcoin, saying “there is no underlying value for such instruments which are essentially speculative in nature.” Moreover, the country’s new taxation guidelines has strongly affected crypto investors.

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Report Reveals: Jobs Related to NFTs and Blockchain Increased 804% in Post-COVID India
 

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