TL;DR
We analyzed Web3 recruitment trends in Asia in our 2023 Global Web3 Recruitment Report, but were unable to find meaningful results due to the low level of Web3 recruitment activities in Korea in global recruiting platforms.
However, when we looked at the last three months of hiring activity on local recruiting platforms, we found a total of 337 hires. This is high compared to other Asian region job postings in global platforms
These hires were mainly in the areas of crypto exchanges, Web3 games, and STOs, and the Korean market is expected to develop the Web3 market centered on these industries in the future.
Introduction
A company's job openings are a measure of 1) the actual execution of its strategy and 2) the demand in a particular industry, which can be used to predict future market activity. Analyzing job openings is a valuable insight for emerging markets like the Web3 industry.
Tiger Research has been providing global Web3 recruitment analysis reports since 2023 to analyze Web3-related trends in Asia. However, this analysis has not been meaningful in the case of Korea due to the lack of activity on global recruitment platforms.
Therefore, we analyzed Web3 job postings on local Korean recruitment platforms to provide insights into the dynamic and unique Korean market. We will focus on Korean Web3 job postings over the last three months. Our primary data sources for this report are local recruitment platforms such as Job Korea and Wanted, as well as publicly available data on companies' career sites.
South Korea is one of the top hiring markets in Asia
The data above shows the Web3 recruitment status of Web3 talent in Asia for the past year, as available on the Web3Jobs recruitment platform. According to the data, Singapore, Hong Kong, and India are the most active regions in Asia for Web3 talent. Korea, on the other hand, has very few job openings.
However, when we analyzed the Web3 job openings on local Korean recruitment platforms (not Web3Jobs) for the last three months, we found a total of 337 job openings. This number is meaningful when compared to Singapore and Hong Kong, indicating that the Korean market is equally active in demanding Web3 talent acquisition.
This discrepancy is because Korean companies are used to the local business culture and tend to prioritize recruiting their own nationals using regional platforms.
Hiring Trends in the Korean Web3 Market
As mentioned above, there were a total of 337 Web3-related job postings in Korea in the last three months, indicating a relatively strong supply and demand for Web3 talent. The vast majority of these jobs are for domestic companies, with limited hiring for overseas-based projects. In fact, only 2% of the jobs we found were for overseas-based Web3 projects. This is in contrast to Singapore and Hong Kong, where multinational companies have a strong presence.
However, in Korea, various mainnets such as Solana, Avalanche, Oasys, and Celo have recently shown interest in the Korean market. Employment from overseas-based Web3 projects in Korea may increase in the future.
South Korean crypto exchanges: the most active hires
The most active source of recruitment in Korea is from 'Centralized Exchanges (CEX)'. This is in line with global hiring trends, as the last global Web3 job postings analysis report in 2023 showed that cryptocurrency exchanges, including Binance and OKX, were the most active in hiring. A similar trend can be found in Korea, where the most active hiring is centered on KRW exchanges such as Upbit, Bithumb, and Coinone. This is because 1) cryptocurrency exchanges have proven their safety as a legal business within the system, and 2) they have secured a clear business model of transaction fees amidst unstable market conditions.
Among South Korean crypto exchanges, the five largest exchanges that offer KRW trading are the most active in hiring. In particular, Upbit operator Dunamu is the most active with 600 employees, a fourfold increase from 2021. Next is Bithumb and Coinone. It's interesting to note that they are hiring wallet and service developers to strengthen their blockchain business in addition to their already-existing transaction fee business. This is a sign of their willingness to expand their business into various areas and not just rely on crypto trading.
On the other hand, hiring from coin market exchanges that are not KRW exchanges is low. A majority of Korean users mainly use KRW exchanges. This led to decreasing profitability for non-KRW exchanges, making it difficult for them to recruit workers.
Cashierest and other exchanges have shut down their services due to deteriorating business, and even the Vritual asset eXchange Association (VXA), an association of coin market exchanges, is on the verge of dissolution due to the decline of its members. Nevertheless, some coin market exchanges are taking up the challenge and are actively recruiting to transition to fiat currency exchanges.
The next area of hiring is Web3 games. South Korea has a well-developed gaming market, and both large game companies and small and medium-sized game studios are active in the sector. In particular, Nexon, Wemade, and Krafton are showing initiatives and are the most active in hiring.
However, the future is not all rosy, as some game companies are suddenly disbanding or reducing their workforce. This year, Web3 games such as Nexon's MapleStory Universe and Krafton's Overdare will be released to the market, and their future will be determined based on their performance.
Lastly, companies involved in Securities Token Offering (STO) are also hiring. This is due to the heightened expectations for the tokenized securities market following the release of the Financial Services Commission's tokenized securities guidelines in January 2023. Since the announcement, companies that provide STO-related infrastructure, solutions, and consulting have been expanding their workforce. However, some difficulties are expected due to the lack of a clear legal system.
Other Web3 hiring trends
One of the most notable hires in South Korea's Web3 market in the last three months has been LG Electronics' blockchain business. As the fourth largest conglomerate in South Korea, LG Group's participation in the market is significant as it could bring new energy to the market. The participation of an affiliate that plays a key role in the LG Group, such as LG Electronics, is particularly noteworthy. In addition, LG Group's subsidiaries, LG U+ and LG CNS, are also in the Web3 business, which can lead to possible synergies in the future.
Korean Web3 entertainment sector also shows high potential. Korea has an active entertainment industry centered on K-pop culture, and there are various experiments to combine Web3 technology with the entertainment industry. Modhaus, which is revamping the idol industry business model around decentralized governance, is actively hiring. Binary, the blockchain subsidiary of HYBE, one of Korea's big four entertainment companies, has been hiring. Binary is planning to launch a creator-centric platform in the second quarter of this year, so it will be interesting to see how they transform the entertainment industry.
Conclusion
In this article, we've looked at the current state of Web3-related hiring in South Korea. Unlike our findings in the last global hiring report, there has been a significant amount of hiring in Korea. It's mainly centered around cryptocurrency exchanges, Web3 games, and STOs. While it's difficult to make an exact comparison, it's impressive to see that hiring has increased to a level similar to that of the last boom, according to the data released by the employment education platform Catch.
However, the number is still disappointing when compared to the overall Korean market. As of the end of February 2024, there were nearly 120,000 job openings across all industries, of which only about 0.2% were for Web3 talent. The Web3 market itself is still in its infancy. However, as the Web3 market matures, more talent attracted to the market will grow.
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Disclaimer
This report has been prepared based on materials believed to be reliable. However, we do not expressly or impliedly warrant the accuracy, completeness, and suitability of the information. We disclaim any liability for any losses arising from the use of this report or its contents. The conclusions and recommendations in this report are based on information available at the time of preparation and are subject to change without notice. All projects, estimates, forecasts, objectives, opinions, and views expressed in this report are subject to change without notice and may differ from or be contrary to the opinions of others or other organizations.
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