The concept of a metaverse has been around for decades, but has gained more attention in recent years due to the rapid increase of virtual and augmented reality technologies. Some experts believe that the metaverse has the potential to become a major platform for social interaction, entertainment, education, and commerce in the future with the potential to transform the way that we live, work, and play.
But how does this affect a key component of the metaverse that is blockchain and its job market? Keep reading as we explore just that…
The metaverse market
The global metaverse market size was valued at $100.27 billion in 2022 and is projected to grow $1,527.55 billion by 2029, at a CAGR of 47.6%.
Key components of the metaverse such as virtual reality (VR), augmented reality (AR) and mixed reality (MR) have also soared with their combined global market predicted to reach roughly $250 billion by 2028.
The blockchain market
Blockchain is a decentralized, irreversible ledger that is used to record transactions and monitor assets. An asset can be tangible (a house, a car) or intangible (intellectual property, patents) and a blockchain network can track and sell nearly anything of value.
According to various market research firms, the global blockchain market is expected to grow significantly over the next decade, with some estimates projecting a compound annual growth rate (CAGR) of over 70%.
The link between metaverse and blockchain
Blockchain technology is a key facilitator for metaverse transactions and as a means of creating a decentralized and secure platform for storing and exchanging digital assets, such as virtual real estate, virtual currency, and other types of digital property. Enabling users to own and trade virtual assets in the same way that they would in the real world.
According to the BBC, people and companies have already spent $2 billion on metaverse land. Meaning it’s very likely that the rise of Metaverse will also increase the use of blockchain technology, which is already soaring.
Metaverse’s effect on the blockchain job market
It is most probable that the metaverse will create new job opportunities in a variety of fields, including technology, design, and content creation. There may be an sharp increase in demand for blockchain developers/ engineers who can build decentralized applications (dApps) that run on metaverse platforms, as well as for designers who can create virtual environments and experiences. There may also be opportunities for content creators, such as writers and artists, to produce original works for the metaverse.
Overall, it seems likely that the metaverse will create new job opportunities in blockchain, as the key facilitator for transactions, but it is still too early to say exactly what those jobs will be.
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