By Mayank Kumar
2021 has been a turning point in blockchain development, with crypto, metavers and India adopting digital currencies by 2023. Making blockchain more mainstream, Metavers emerged as a new trend in the second half of 2021, bringing together world experiences in this virtual world, such as real-social interactions, work, education, retail demand, and more. The virtual reality of Metaverse is directly related to blockchain, augmented and mixed reality, NFT and many more technologies. However, without such distributed and decentralized lasers, Metavers – which would be incomplete due to the challenge surrounding a network centralized data storage in the three-dimensional (3D) virtual world.
Working on the principle of decentralization, as a global digital data source, blockchain technology separates the metavers from the traditional Internet, as we know it.
Significance of blockchain technology in Metaverse
Many industry leaders have argued that part of Metavers’ software should be run on blockchain models, as it offers a secure decentralized database, where independent nodes can communicate on a single, dynamically updated network. This ensures decentralization of storage which in turn improves security, increasing user confidence through the presence of tokens that transmit user data in encrypted format. Therefore, captivating the public imagination, the virtual world of Metavers is becoming an alternative reality, and in this reality, blockchain is making a significant impact, even in its infancy.
According to a recent report by technology research firm Gartner, a quarter of us will spend at least one hour a day on metaverse by 2026. According to the website, users will be able to manage shopping, study, work and even activities. Cryptocurrency acts as a digital currency, creating virtual homes. Therefore, the adoption of metavars is accelerating and will soon become a big part of our daily lives in the future. However, to enable this transformation in the true sense, cryptocurrency will play a big role, creating a digital economy in the metavars, as opposed to PayPal and credit card options on the web. Digital ownership, digital collectibility, value transfer, governance, accessibility and interoperability are the six most important metaverse categories where blockchain has proven to be effective. As a result of its transparency and cost-effectiveness, blockchain technology is ideal for innovation and growth of metavers.
Demand and Skills Supply: The demand for blockchain related courses has increased
Over the past few years, a growing number of professionals and students have similarly expressed interest in learning about blockchain-related topics. More Indian students opted for technology or related courses on ad-tech platforms between March 2021 and March 2022, an increase of 138% over the previous year. According to industry data, revenue from blockchain courses increased 170% from March 2021 to March 2022. In addition, blockchain-specific courses and certifications offered by higher ad-tech platforms have seen an increase in student enrollment and overall revenue. It serves as an indication of a growing trend for careers in such technology-advanced areas following a series of events, with Metavers being one of the main drivers, followed by a growing interest in digital currencies. In India, EdTech courses in partnership with leading universities like IIIT Bangalore and Purdue University are offering blockchain courses to highly skilled students to build a specialized talent pool of technicians and avoid future skill gaps.
When considering student trends or even the course selection process, EdTech firms are witnessing more interest from students for long-term courses in the blockchain than short-term executive or bootcamp programs. This tendency can be attributed to the fact that students focus on building a career in this domain and therefore, choosing a deeper course will help them build a proper foundation on skills like NodeJS, GIT, Blockchain Fundamentals, Bitcoin Concepts, Blockchain Architecture. , Ethereum, Hyperledger and other blockchain framework overviews (Polkadot, Cosmos, Stellar, Quorum), Smart Contract Development (Solidity) etc. to increase progressive career in the domain.
A promising future for blockchain technologists
Decentralization through blockchain will be the mainstay of further innovation for Metavers and it will further increase the demand for such technologists, as the platform will evolve in the near future and overall adoption will further increase. At the current starting point, we are seeing steady growth in interest rates in the blockchain, and demand is expected to grow significantly to $ 227.99 billion by 2028; The CAGR is projected to increase by 72.9% from 2021 to 2028.
There is no end to the possibilities that this list can lead to. In the true sense of the word, we have not yet entered the metavars of madness. The day is not far away when technology like internet will be used.
Author co-founder and MD, Upgrade.
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