IT businesses are attempting to break into new markets.
aspire to provide services in the metaverse, web3, and NFTs.
KARACHI:
Pakistani businesses are attempting to provide services in emerging internet domains like Web3, metaverse, and non-fungible tokens (NFTs). In a recent corporate briefing, Systems Limited (SYS), an IT export firm, informed attendees that it has assembled a research team of highly qualified specialists to investigate potential in NFTs, metaverse, and Web3.
The Express Tribune was informed by JS Global ICT expert Waqas Ghani Kukaswadia that “they are studying these new sectors that have opened up recently.” “SYS is actively contributing to the creation of an ecosystem by offering training to IT professionals and non-IT graduates. The group intends to capitalise on a young, tech-savvy demographic, he continued. CEO of SI Global Solutions Noman Ahmed Said defined an NFT as “a digital asset that connects ownership to a unique thing, like a piece of art, real estate, music, or a movie.”
NFTs are marketed as collectibles and are available for purchase and sale online. They typically act as digital proof of ownership of a certain item. NFTs are based on the blockchain technology, which also powers cryptocurrencies and ensures the individuality of each asset. Because of the way they are constructed, NFTs are also very difficult to alter or counterfeit, he continued. In a recent financial report for the first nine months of calendar year 2022, SYS reported a consolidated profit of Rs5.116 billion, an increase of 97% from the previous year.
The company reported a sales gain of 118% year over year in the third quarter alone, but a 60% increase in dollar terms. During the nine months, about 750 new IT specialists joined SYS, bringing the total workforce to 6,024. Additionally, each employee contributed an average of $30,000 annually in earnings. “ Contrarily, the phrase “metaverse” is frequently used interchangeably in any conversation concerning NFTs.
The term “Metaverse” relates to the Web3 technology of the future, according to Ahmed. He said that the metaverse is widely viewed as the next frontier of the internet and that the IT sector and other technology behemoths view this as a chance for significant financial and economic shifts. Therefore, it is tremendously encouraging to see local institutions investigating and growing their business in these domains. Although Pakistan has reason to celebrate in the technological sector, I worry that the country lacks the infrastructure and technology necessary to house and run an operation of this magnitude, which will limit imports.
Ahmed made a mention. NFTs can increase the reach of the metaverse by being utilised as a form of currency that might be used to buy, sell, and gain access to unique content. According to him, NFTs, such as usernames and wallet addresses, are evolving into the fundamental mechanism for securing assets in the metaverse.
