ChatGPT, also known as GPT-3, is an AI-based natural language model that has gained a lot of attention in recent times due to its potential applications in various sectors including academia, health, and the like. This AI model is able to offer various automated tasks in the academic sector which were traditionally performed by humans consuming a huge time and effort. This short communication aims to explore the possible opportunities and challenges of ChatGPT in the academic domain. To attain this objective, data are collected from online resources and analyzed following the noticing-collecting-thinking model. As outcomes, the opportunities and challenges of this AI model are described into four concerns of academic domain including research, education, personal skill development and social.