The metaverse is a virtual world in which people share their experiences and interact in real-time within simulated settings. According to industry insiders, it has the potential to change how businesses and customers interact with products and services.
But despite the recent hype, there are issues related to the metaverse, as new technologies need high-tech strategies and methods of establishing trust.
Additionally, there are many factors about which several people don’t have a clear idea.
Sachin Alug, CEO at NLB Services, one of the fastest-growing global transformational workforce solution providers, headquartered in Georgia’s Alpharetta, spoke to News18 and explained several vital issues related to the metaverse.
How do you see the metaverse opportunity?
Metaverse is the next leg in the evolution of internet technology. With exemplary disruptive capabilities, metaverse comes laden with opportunities for businesses to innovate and get to the next level. Promulgated by global giants like Apple and Facebook, metaverse has constantly been gaining ground and is seen as a promising option for investment across sectors.
As per Gartner, about 25% of people will be spending at least one hour a day on the metaverse by 2026. This opens doors for a multitude of business opportunities. From NFTs to real estate, investment opportunities are endless in Web 3.0. As our physical selves meet their digital personas, the metaverse is expected to be a preferred medium for sports, entertainment, work, socialising and much more. The onus of facilitating this transition from the 2D world to the 3D domain will rest on the shoulders of developers, coders, architects, programmers, gaming designers, creative designers and the list goes on. There won’t be a dearth of opportunities for all of us.
What are the skills that will be required for such projects, the talent requirement that you foresee in the near future?
As the metaverse inches towards turning into a reality, we expect increased staffing needs in digital technologies like Artificial Intelligence (AI), Machine Learning (ML), Internet of Things (IoT), Distributed Ledgers, NFTs, etc.
Programmers, design specialists, engineers and developers will be at the apex of the metaverse. Demands would also soar for metaverse ecosystem designers and project managers with proficiency in data analytics, AR, VR and MR. The scope of opportunities ranges widely from creators, managers for virtual security, professional training, etc leaving many potential avenues unturned.
Is metaverse gaining ground in India? What do you think about its future in this country?
A recent study by DappRadar has shown Indians to be the 5th most interested in the evolution of metaverse among all other countries. Clearly, we have a long way to go before it becomes mainstream but the potential is huge. We’ve already heard about Indian industrialists and celebrities investing in the metaverse real estate. NFTs and crypto, on the other hand, became a rage among active investors and tech aficionados, especially in the younger demographic.
The future of the metaverse in India looks promising due to factors like growing domestic markets, a vibrant start-up ecosystem, and a huge talent pool, which are in India’s favour when it comes to the metaverse gaining ground in the country. Our workforce is still young, dynamic and eager to learn and that makes it even more interesting to look forward to.
What are the challenges that you foresee?
A foreseeable challenge in the realm of metaverse can be privacy. Digitisation of our online presence and giving it an avatar may sound like the stuff of fantasy but one has to tread lightly to maintain online safety. Lots of new data sets are about to be captured and monitoring it will require tight security measures.
Developing an immersive metaverse ecosystem will require highly skilled and experienced individuals, already well-versed with the building blocks of blockchain programming and up to speed about how to set a fully functioning and efficiently running system facilitating such activities. Finding the right talent might take a while.