Metaverse refers to the shared virtual world environment that one can access through the internet. By definition, Metaverse is the future iteration of the internet. It will be made up of constant and shared 3D virtual places linked to a virtual universe. So long, Metaverse was only related to and was talked about in fiction movies– The Matrix, DC Comics’ Justice League, Snow Crash and SMCU.
However, Metaverse is now expected to be the internet’s next big thing, opening up opportunities for developers, entrepreneurs, and innovators. Global tech giants like NVIDIA, Facebook, Epic Games and Roblox Corporation are constantly on the news for creating this new virtual world. NVIDIA is going big with its Omniverse— a metaverse meant for engineers; while Facebook acquired Oculus VR to develop virtual meeting spaces. Most recently, Facebook changed its parent company’s name to Meta to lay focus on its metaverse vision. The company further plans to invest $10 billion this year to build the Metaverse.
This new future of the internet comes with the potential of creating new job opportunities. Analytics India Magazine has curated a list of job opportunities in the Metaverse:
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In a metaverse, one’s avatar is the reflection of themselves. While we are not new to the concept of choosing outfits for our video game avatars, the big brands are focusing on making a mark in the virtual world. The convergence of NFTs and augmented and virtual reality is slowly changing the fashion game. Brands like Gucci, Dolce & Gabbana, Oscar de la Renta, Casablanca, and Balenciaga have already started testing the new waters. These digital outfits, or NFTs, are JPEG files secured via blockchain technology to protect the brand value. They can only be accessible on and for social media.
Going ahead, with the rise in the popularity of Metaverse, there is huge potential for the demand of metaverse fashion stylists to create avatars and dress them up to match one’s personality. In fact, online metaverse and social networking sites IMVU hosted its first fashion show this year. Its virtual store features 50 million pieces of cloth. IMVU recorded a 44 per cent growth during the pandemic, attracting over seven million active users a month.
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A Metaverse fashion stylist will be responsible for shopping for their clients, purchasing NFT-based clothing for them, and dressing them up.
Closer to home, Hindi film industry Bollywood is getting its own virtual universe, Bollyverse. The parallel Bollywood universe is built in collaboration with production houses, brands, celebrities, music labels, gaming studios and animation companies. The universe or Bollyverse allows regular people to share their stories and stars, via Legend and Hero NFTs. NFT holders are rewarded with revenue share– 2.5 per cent of it, and exclusive access to new launches and products.
What awaits is the dawn of generative celebrities.
Think of a Metaverse asset advisor as a financial advisor in the real world. With the surge of NFTs, going ahead, metaverse advisor managers will be in great demand, assisting users in buying assets and making investments. According to media reports, over $400 million have been dropped on NFTs.
The responsibilities of the metaverse asset advisor would mostly be to understand the pulse of the market and help their clients shift the investments accordingly.
Driven by a combination of technology, devices and communication networks, evolutionary changes are anything but obvious in the Metaverse. The parallel universe provides opportunities for performing, transacting and creating that which has never been seen before. Thus, a legal landscape needs to be built and adapted in the Metaverse.
Earlier this year, Pennsylvania-based law firm Reed Smith released a white paper on ‘Guide to the Metaverse‘ talking about how lawyers are curious about the potential and concept of Metaverse. A Metaverse lawyer will be responsible for setting the table for various transactions taking place in the virtual universe.
The virtual quality of the Metaverse promises an infinite number of possibilities when it comes to immersive worlds. Considering how imaginative we humans tend to get, there is a possibility that the Metaverse might just open the doors to a new form of tourism. Humans may need Metaverse tour guides to navigate and explore the different virtual universes– almost how the Avengers hopped from planet to planet.
A Metaverse tour guide must possess interests in art history, gaming, immersive navigation and culture, among others.
Metaverse promises great potential, but despite big tech companies going big on this virtual world concept, privacy concerns and other challenges have to be fixed before Metaverse becomes mainstream.