Blockchain Engineer Salaries Drop in 2023
The decline in blockchain salaries is attributed to a mix of regularatory challenges as well as crypto market downturn
April 8, 2024 10:46 AM
Reading time: 1 minute, 33 seconds
TL;DR A recent NodeFlair report highlights a downturn in salaries for blockchain engineers amid a challenging year for the tech industry. Countries focusing on startups and big tech saw significant drops, with Singapore and India experiencing notable declines. This shift reflects broader economic pressures and a cooling of the once fervent crypto market.
Economic Challenges Hit Blockchain Engineers Hard
The year 2023 has seen a noticeable decline in salaries for blockchain engineers, a profession that had previously enjoyed rapid growth and lucrative compensation.
According to a comprehensive report by NodeFlair, several factors have contributed to this downturn, including widespread layoffs, hiring freezes, and a less enthusiastic market for blockchain and crypto technologies.
In Singapore, the impact was particularly pronounced, with blockchain engineer salaries seeing a 5.4% decrease from the previous year. Junior engineers now make an average of 6,750 SGD, while their senior counterparts earn around 10,000 SGD. India's tech sector faced a similar fate, with nearly a 6% salary reduction for blockchain specialists.
"In contrast to the preceding two years, during which technology salaries experienced substantial growth, there is now an overall decrease in salaries for various tech positions," the firm wrote.
The decline is attributed to a mix of regulatory challenges, such as actions against major crypto exchanges like Coinbase and Binance, the fallout from FTX's collapse, and a general disinterest in previously hyped sectors like the metaverse.
Additionally, the prolonged downturn in the crypto market and a broader tech hiring slowdown have contributed to this trend. Venture capital funding scarcity, especially in Southeast Asia, has further exacerbated the situation.
Looking Ahead: A Shift to AI and Data Science
Despite the current gloom, NodeFlair's report suggests a silver lining with a growing demand for professionals in artificial intelligence and data science. Skills in machine learning, natural language processing, and data analysis are expected to become increasingly valuable, possibly offering new avenues for tech professionals to pivot towards.
A comparative survey emphasized the disparity in compensation between the US and international markets. US-based crypto companies tend to offer significantly higher salaries and more generous equity and token-based compensation packages, highlighting the geographical diversity in how the tech and crypto sectors are weathering the current economic storm.
