"Metaverse" May Be Oxford's Word of the Year
The term "metaverse" is one of three contenders for the title of Oxford Word of the Year in a competition held by Oxford University Press (OUP), the publisher of the Oxford English Dictionary. On 22nd of November, OUP formally announced the commencement of the competition and its three finalist words for 2022, with this year being the first time the public can vote for the WOTY. "Metaverse" will compete with "#IStandWith" and "Goblin Mode."
According to Oxford, the term "Metaverse" has quadrupled in popularity in October 2022 compared to October 2021. Increased lifestyle and work-related activities in virtual reality environments may lead to greater disputes about the ethics and practicality of a totally online future. Whatever the outcome of the survey, the Metaverse is expected to be a substantial sector in the near future, according to a recent analysis by worldwide consulting company McKinsey, which estimates Metaverse-related technologies to be worth 5 trillion USD by 2030.
The blockchain and cryptocurrency industries, as well as Meta CEO Mark Zuckerberg's renaming of Facebook to Meta in October 2021 and its subsequent advancements on its Metaverse goods through its Reality Labs firm, have all had a substantial impact on our knowledge of the Metaverse. Meta, which is also the owner of Instagram, was one of the first to start the race of building Metaverse. So far, the company has spent billion of dollars in its development. But why you should care as a crypto trader? Since Metaverse is online life, you need digital money to spend it there. And here crypto comes to play.
Projected growth of Metaverse in North America. (Source: Grandviewresearch)
Sources:
https://www.grandviewresearch.com/industry-analysis/metaverse-market-report
http://blockchair.com/news/metaverse-a-top-3-contender-for-oxfords-word-of-the-year--d62ec6f900
https://cointelegraph.com/news/metaverse-a-top-3-contender-for-oxford-s-word-of-the-year
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