February 9, 2023
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Metaverse In Race To Become 2022’s Oxford Word Of The Year

With “Metaverse” being a finalist for the Oxford Word of the Year 2022, voters can now choose their favourite word for the first time. On December 2, voting will end, and on December 5, the results will be made public.

The Metaverse is a “virtual reality environment in which users can interact with one another’s avatar in an immersive way,” according to Oxford University Press. The world’s largest publisher has also observed a four-fold increase in usage in October 2022 compared to the same time last year.

The term “metaverse,” first used by American author Neal Stephenson in his science fiction book “Snow Crash” in 1992, has caught people’s attention as a modern marvel that may be applied to many different fields of business. For the uninitiated, metaverse can be employed in a variety of industries, such as gaming, tourism, education, real estate, etc.

The global metaverse market is anticipated to grow at a compound annual growth rate of about 23.2% between 2022 and 2028, reaching $730.5 billion.

India has significantly jumped on the metaverse bandwagon as well. The first metaverse influencer, “Kyra,” the first metaverse wedding, and the first food metaverse, “OneRare,” have all already occurred in India.

A recent Deloitte report indicates that India has a higher than average awareness of the metaverse at 80%.

According to the report, India’s economy could gain between $78 and $148 billion annually from the metaverse by 2035.

Picture Courtesy: Google/images are subject to copyright

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