December 2, 2022
By Anjali Kochhar
The word ‘Metaverse’ has been shortlisted for the Oxford Word of The Year 2022, and for the first time, it is open for the public to vote for their favorite word.
The voting closes on December 2, and the result will be announced on December 5.
According to the Oxford University Press, Metaverse is a “virtual reality environment in which users can interact with one another’s avatar in an immersive way.”
The publishing giant has also noted a four-fold rise in its usage in October this year compared to last year’s period.
Originally coined by American writer Neal Stephenson in his 1992 science fiction novel ‘Snow Crash’, the metaverse has captured people’s imagination as a technological marvel that can be utilised in diverse sectors of the economy.
Metaverse, for the unversed, can be used across different sectors, including gaming, tourism, education, real estate etc.
The global metaverse industry is expected to reach $730.5 Billion by 2028, at a Compounded Annual Growth Rate of approximately 23.2 per cent between 2022 and 2028.
India, too has joined the metaverse bandwagon in a big way. India has already had its first metaverse influencer ‘Kyra’, the first metaverse wedding, and the world’s first food metaverse ‘OneRare’.
According to a new Deloitte report, awareness about metaverse in India is at 80 percent – higher than the world average.
The report has predicted that the metaverse industry in India could have an economic impact worth between $79 billion and $148 billion by 2035.
It offered an in-depth look into the potential of virtual worlds for the continent was shared by the company.
This analysis showcases the potential impact of the metaverse in 12 Asian economies — Hong Kong, India, Indonesia, Japan, Mainland China, Pakistan, the Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.
The report highlights the strategies that these economies are adopting to reap the rewards of the metaverse. Each economy featured in this report is approaching the metaverse from its own unique direction, which makes the region an interesting one to watch.
The company noted that the combination of India’s young and tech-savvy population puts it in a pole position to harness the potential of the metaverse. Two other factors Deloitte says will be instrumental in the growth of the metaverse in India are positive regulation from the government and a high level of social acceptance.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.