Metaverse Shortlisted for Oxford's Word of the Year 2022

Metaverse: A Rising Phenomenon

The term "Metaverse" has been shortlisted for Oxford's Word of the Year 2022, reflecting its increasing relevance worldwide. For the first time, Oxford University Press is inviting the public to vote for their preferred word, with the results to be announced in early December.

Understanding the Metaverse

Defined as a virtual reality environment where users interact through avatars, the Metaverse concept has gained significant traction. Its usage has quadrupled from October 2021 to October 2022, highlighting its growing importance in modern discourse. Originally coined by Neal Stephenson in his 1992 novel "Snow Crash," the Metaverse is now seen as a technological marvel enhancing various sectors.

Economic Impact and Growth

The Metaverse supports industries such as real estate, gaming, entertainment, education, and healthcare. Its global market size was estimated at nearly USD $210 billion and is projected to reach USD $730.5 billion by 2028, with a compound annual growth rate of 23.2%.

Metaverse in India

India is witnessing a rapid adoption of the Metaverse, evidenced by initiatives like the first metaverse influencer, Kyra, and the first metaverse wedding. Additionally, the country's familiarity with the Metaverse is notably higher than the global average, with 80% awareness among its population.

Conclusion

The inclusion of "Metaverse" in Oxford's Word of the Year shortlist underscores its significant cultural and economic impact. As the world continues to embrace this digital frontier, its influence is poised to expand even further across various sectors and regions.