I keep seeing this question everywhere in dev communities: "Where did all the Web3 developers disappear to?" Usually comes with horror stories about layoffs, crashed projects, and desperate job hunting.
As someone still grinding in this space? Let me tell you what's really going on.
The Tourist Exodus Was Actually Pretty Healthy
Yeah, tons of people bailed after 2021-2022. But here's what nobody wants to admit – most weren't real builders anyway. They showed up for the headlines about $2 million monkey pictures and "easy crypto money."
When reality hit and the market tanked, they scattered. Good riddance, honestly.
What's left? The people who actually give a damn about building something meaningful. This isn't Web3 dying – it's just growing up. Every major tech goes through this. Hype brings money and attention, market reality kicks in, then you get left with folks who understand what they're actually working on.
NFTs Hijacked the Narrative (And We All Suffered For It)
Look, saying Web3 is just NFT trading is like saying the internet is TikTok dances. The whole digital collectibles mania was honestly embarrassing for those of us building real infrastructure.
Web3 is actually about owning your digital identity without Big Tech's permission. Building apps without begging Apple or Google for approval. Money that works programmably across borders. Systems that talk to each other instead of being locked in corporate silos.
But try explaining that when everyone's focused on cartoon apes selling for millions. The speculation circus drowned out everything useful.
The Complexity Complaint Misses the Point
"You need a PhD to buy coffee with crypto!"
Sure, it's complex right now. So was setting up email in 1995. Or building websites before WordPress existed. New tech is always messy at first.
I'm tech lead at a Web3 company, building utilities across multiple chains, and honestly? The tooling has improved dramatically. We've got SDKs now that make integration pretty straightforward. The complexity creates opportunity for developers willing to learn instead of complaining.
Infrastructure Grew Up While Nobody Was Watching
People ask where Web3 products are "in the wild" and I think they're looking wrong. Most foundational tech is invisible. You don't see TCP/IP but it runs the internet.
Major banks are tokenizing assets. Layer 2s made transactions fast and cheap. Cross-chain bridges actually work reliably now. This stuff happens behind scenes because it's infrastructure, not consumer apps.
I recently registered a Web3 HR startup in the UK and I'm actively working with multiple chain communities, building utilities and products across different ecosystems. Hell, I even lead a team to convert a traditional web2 travel agency to web3 – something that would've been impossible during the hype cycle when everyone was distracted by speculation. The opportunities are massive if you know where to look.
Real Builders Are Busier Than Ever
While people debate whether Web3 is dead, I see:
Enterprises using blockchain for supply chains and settlements - Walmart's been tracking food supply chains on blockchain for years now, and JPMorgan's JPM Coin processes over $1 billion daily in institutional payments
DeFi protocols managing billions with mathematical precision - Uniswap handles around $1-2 billion in trading volume daily, while Aave has over $10 billion in total value locked
Gaming creating new ownership models for virtual assets - Axie Infinity pioneered play-to-earn (even after their rough patch), and now we've got games like Illuvium and Star Atlas building proper AAA experiences
Creators monetizing directly without platform taxes - Mirror for writers, Foundation for artists, and Sound.xyz for musicians are cutting out the middlemen
New ecosystems launching specialized applications - Base (Coinbase's L2) launched with actual consumer apps, and chains like Polygon are powering everything from Reddit's avatar system to Starbucks' loyalty program
The action moved from speculation to utility. Much healthier environment.
Regulations Actually Helped
Governments initially freaked out about crypto. Now we're getting clearer frameworks. That regulatory certainty is accelerating institutional adoption, not killing it.
Career Advice? It's Complicated
"Should I learn Web3?" depends on your goals.
Chasing trends? Probably skip it. Want to build next-generation internet infrastructure? Absolutely jump in.
Start with real problems, then see if Web3 tools solve them better. Sometimes yes, sometimes no. The developers thriving here understand when to use these tools appropriately.
The Long Game
Revolutionary tech doesn't move in straight lines. It cycles through hype, crashes, and quiet building phases.
We're in the building phase now. Most productive time for real innovation. The HTTP protocol powering today's web was built during the internet's "boring" phase in the early 90s.
Bottom Line
That "where did everyone go?" question reveals opportunity. While others chased the next shiny object, serious builders stayed and kept creating value.
Less noise, more focus on actual utility. Perfect time to enter thoughtfully.
The tourists went home when the party ended. We builders just got back to work.
Tech lead and founder building across blockchain ecosystems. These are my thoughts from actually working in the space.
