The tech sector is well known for ambitious, blue sky thinking. Web infrastructure and website security company, Cloudflare is no exception with their stated mission to “help build a better internet.“ Though this may seem like a lofty (if somewhat ambiguous) goal, the company’s reputation for innovation, reliability, performance, and highly scalable networking make them a solid contender to actually achieve it.
Their latest move toward that mission, announced in early October, was the release of Cloudflare Distributed Web Gateways Private Beta, the company’s product for the metaverse. Through the introduction of the Cloudflare Ethereum and IPFS Gateways the company aims to help Web3 developers more easily develop applications for the nascent metaverse free of infrastructure barriers. Cloudflare itself describes the metaverse as “a place where copyright and ownership can be managed through NFTs (Non-Fungible Tokens) stored on IPFS, and accessed trustlessly through Ethereum. It is a place where everyday creators can easily monetize their content, and have it be used by everyone, regardless of platform, since content is not being stored in walled gardens but decentralised ecosystems with open standards.”
Excitement for this leading edge technology is evident in the company’s stock price, which lifted substantially on the heels of the announcement. Cloudflare (NYSE: NET) has actually been rallying for some time though, with stock jumping 100% in a short period of time and experts still anticipating huge potential ahead.
Their job listings had been rising steadily well before that, and had already shown signals of correlation with stock price. Comparing these two data points is a good example of how job listings can be correlated to and predictive of stock price movement. Companies gearing up for major growth or innovation often staff up accordingly; an early signal to investors that upward momentum may be forthcoming.
We’ll be exploring the metaverse as a burgeoning job market in an upcoming blog series, so be on the lookout for that. In the meantime, please reach out if you’re interested in the data behind this post.