People can vote for their favourite word, with Metaverse' being shortlisted for the Oxford Word of The Year 2022.
The voting closes on December 2, and the result will be announced on December 5.
According to the Oxford University PressOxford University Press, Metaverse is a virtual reality environment in which users can interact with one another's avatar in an immersive way. In October 2022, the world publishing giant has seen a four-fold increase in its usage compared to last year's.
The metaverse, originally coined by American writer Neal Stephenson in his 1992 science fiction novel Snow Crash, has captured the imagination of people as a technological marvel that can be utilised in a variety of sectors of the economy.
Gaming, tourism, education, real estate, etc. are some of the many sectors that can be used in the metaverse, for the unversed.
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 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 report from Deloitte, awareness about metaverse in India is 80 per cent higher than the world average.
The report says that the metaverse could add up to $78 - $148 billion annually to India's economy by the year 2035.