What is Metaverse and how will affect the future job market?

With Google Trends data showing a 938% increase in interest in Metaverse jobs over 6 months in 2022, it’s evident that the Metaverse is on the minds of many individuals and businesses. But what is the Metaverse, how does it relate to the blockchain, and how will it impact the future job market? Keep reading to find out more…

What is Metaverse?

Metaverse, in short is technology that allows users to live in a virtual world, used most commonly in gaming until recent years, by mimmiccing aspects of the physical world. Using tech such as Virtual Reality (VR), Augmented Reality (AR) and Artificial Intelligence (AI), users are able to build a virtual life. You may have heard rumblings that Metaverse is here to compete with the internet. It will not, however, compete with it, but rather expand on it to help see the next evolution of the World Wide Web.

According to analysis by Emergen Research, the global metaverse market is expected to soar; growing at a CAGR of 43.3% and predicted to reach USD 1,607.12 Billion in 2030.

How is it linked to Blockchain?

The blockchain is a key but slightly more obscure aspect of the metaverse that will make it distinct from today’s internet. This is because blockchain will allow users to own digital goods in a virtual world.

Using Nonfungible Tokens (NFTs) (a set of unique cryptographic tokens that exist on a blockchain), users will be able acquire meta-verse goods, from avatar clothing, virtual decorations, collectibles and more.

Different to cryptocurrency such as Bitcoin, NFTs can represent a piece of art, a song or digital real estate. Giving the owner a type of digital proof of ownership which can be bought or sold in the metaverse. For example, in 2021 Nike bought RTFKT, a creator of virtual footwear and digital artefacts utilising NFTs, blockchain, and augmented reality, for the metaverse. As of November 2022, nearly $2bn (£1.75bn) has been spent on virtual land in the last 12 months.

How will it impact the future job market?

According to Bankless Times, who conducted a survey with more than 31,000 people, about half of Gen Z (51%) and Millennials (48%) believed the Metaverse would be part of their work in the near future. With the interest in Metaverse jobs rising by over 900% and only 16% of people expecting not to work within the Metaverse, it’s very probable that Metaverse-related jobs will be on the rise.

Jobs could vary from experts who can develop and maintain the metaverse infrastructure to those who will be needed to design the way Metaverse looks. It is also anticipated that career prospects for marketers and customer support representatives could grow as a result of the new development opportunities Metaverse could bring to companies.

Our experienced consultants at Linnk Group believe that there will be an increase in occupations related to Blockchain due to its anticipated growth from its ability to enrich the Metaverse. We also expect to see a rise in the number of new positions created, ranging from Core Metaverse Architects through Metaverse Product Managers and Metaverse Quality Engineers.

With multinational technology giants such as Microsoft already expressing an interest in having their own metaverse vision, Gates expects that in the next 3 years virtual meetings will move to a 3D space with digital avatars. Affecting businesses and their employees across a variety of industries.

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