Freelancing industry stats
According to a report on the freelance platform market made by Orbis Research, the global freelance platforms market size is projected to reach a CAGR (Compound annual growth rate) of 15.3% from 2021-to 2026.
The rise of freelancing can be attributed to the potential for more career opportunities, independence, higher wages, and a promising shift toward wage equality.
Freelancing statistics show that the freelance workforce is growing faster than ever before. Take a look:
- Working from home can increase performance by as much as 13%
- Most wanted freelance skills include Instagram marketing, brand strategy, and AI development
- The average global hourly rate is $19/hour
- 31% of freelancers make more than $75,000USD per year
- 84% of freelancers claim that with freelancing, they can live the lifestyle they want
- 67% of freelancers polled state that freelance pay should continue to rise
- 48% say that freelancing is a work style meant to last long-term
Conventional platform (Upwork, Fiverr) versus decentralized platform / Freelancing vs. Full-time Job
A freelancer is a self-employed individual that possesses a specific set of hard skills to perform a part of a project or deliver the whole project. Centralized systems are conventional (client-server) IT systems where a single authority controls the system and runs all operations on the system.
The disadvantages of a conventional platform:
Taxes and high commission - Taxes can be a disadvantage of freelancing, so carefully consider regulations and laws when setting your rates. Commission fees can be as high as 20% to 30%, especially for those who depend solely on freelancing to pay bills and support their families. Fiverr charges a flat rate of 20%, while UpWork uses a pro-rated approach per client, starting with 20% for the first $500, 10% from $500.01 to $10,000, and going down to 5% once you surpass $10,000.
Need for social proof - If you just began freelancing, it may be harder to find jobs, as testimonials play a significant role in whether prospective clients will hire you or not.
Data Breaches – It takes up to 206 days for a company to detect a data breach, with 1 in 4 people finding themselves the victim of at least one data breach in their lifetime. For example, Upwork leaked data for 1,3 million accounts in 2017.
What are the advantages of a decentralized platform?
Decentralized crypto platforms represent the best alternative to centralized gigs marketplaces.
Automated Smart Contracts - Smart contracts are automated digital contracts that enable a user to transact anything having value under certain conditions.
Censorship resistance – Decentralized platforms are built to protect against any attempt to alter data, steal money or restrict any content.
Data is never lost - Once information is added to the blockchain, it’s stored permanently, which means dApps are more resistant to modifications or restrictions.
Cost reduction - Since dApps have a faster transaction speed, they are less expensive. Organizations do not need to install large servers or engage experts to manage and maintain their servers and data with centralized systems.
HYVE - A decentralized platform that is fair to all parties
Based on the present growth rate, the freelancing economy will grow exponentially over the next decade due to automation, freedom, flexibility, and the potential to make extra money.
The mass adoption of a new generation of freelance platforms and crypto payments is being aided by blockchain technology. Cryptocurrency payments are instant and have no limitations, even across international borders.
HYVE is building a unique environment for people to work together using any possible form of collaboration while offering them a safe place to undergo those activities through decentralized disputes, encryption, etc. The fee for posting a task fully paid in HYVE tokens is 0%. Also, holders of the HYVE tokens can stake their tokens and get rewarded from the fees gained by all listings in both Ethereum and tokens.
Blockchain and the decentralized workforce
Technology, AI, and blockchain enable this massive inclusion of the global workforce.
Blockchain can provide security and resilience to critical infrastructure, protect individual privacy while preserving autonomy, and promote cooperation and trust where it is most required. Taken individually, these benefits would mark blockchain technology as a unique system.
A decentralized platform helps people achieve their economic potential outside of traditional employment. Also, decentralization aims to improve the speed and flexibility of your network by distributing processing power to individual users.
How will HYVE change the future of the freelancing industry?
Imagine a world with boundless trust. The HYVE environment does not judge based on race, background, financial status, or gender. We're working to create a fairer, more socially inclusive world. Anyone is free to join and grow based on their skills and experience alone.
What are your thoughts on a decentralized workforce? Would you be interested in working from home or from a dreamy location you always wanted to visit?