Voting for the word of the year 2022 for the metaverse

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Voting for the word of the year 2022 for the metaverse

For the very first time, people can vote for their favourite word, with 'Metaverse' nominated for the Oxford Word of The Year 2022.

The vote 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 global 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 people's imagination as a technological marvel that can be utilised in a variety of sectors of the economy.

The Metaverse, for the unversed, can be used across different sectors, including gaming, tourism, education, real estate, etc.

By 2028, the global metaverse industry is expected to reach $730.5 Billion, 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 $78 - $148 billion annually to India's economy by the year 2035.