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Current State of Freelance Industry
The freelance economy has faced various challenges, including transactional bureaucracy, lack of trust, copyright violations, and control by middlemen.
In recent years, technology and the global pandemic have transformed the way we work, allowing many people to earn a living from home.
A decade ago, the freelance market was primarily comprised of web developers, graphic designers, and content writers who were connected with businesses and entrepreneurs through freelance platforms. These platforms acted as intermediaries and charged both parties a commission (usually around 15% - 20%) on their agreed fee, holding the funds in escrow until the agreement was completed to protect against financial losses in the event that one party did not fulfil their obligations under the online contract.
This is how companies like Upwork, Fiverr, and Freelancer.com became major players in the industry, with Upwork generating over $590 million in revenue in 2022 alone.
These platforms have not faced any real technological competition, that is, until Uwerx enters the industry.