- ‘Metaverse’ is shortlisted for Oxford’s Word of The Year 2022.
- For the first time, people are allowed to vote for their favourite word.
- India is 80% more aware of Metaverse than the rest of the world.
Oxford has shortlisted the word “Metaverse” for its Word of The Year 2022, and allowed the people to vote for their favourite word for the first time ever. The voting will continue till December 2 and the result will be announced on December 5.
The global publishing house, Oxford University Press defines Metaverse as a “virtual reality environment in which users can interact with one another’s avatar in an immersive way.” Moreover, the publishing house has observed a four-times increase in the usage of the word, “Metaverse”, in October 2022, in comparison with October 2021.
The word “Metaverse” was coined by American writer Neal Stephenson back in 1992 in his novel “Snow Crash” which identified Metaverse as a technological wonder that can be leveraged across various industries in the economy.
To be fair, Stephenson was correct in his delivery since Metaverse does support and enhance diverse sectors of the economy, including real estate, gaming, entertainment, education, healthcare, and more.
In addition, According to Globe News Wire, while the Global Metaverse Market Size was estimated at close to USD $210 billion, it is expected to reach USD $730.5 billion by 2028, experiencing a CAGR of approximately 23.2% between both years.
In India, Metaverse is growing popular everyday, especially after the emergence of the country’s first metaverse influencer ‘Kyra’, alongside the first metaverse wedding, and the world’s first food metaverse ‘OneRare’.
In addition, a Deloitte report stated that 80% of the Indian population are familiar with the Metaverse in comparison to its global counterparts.
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