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‘Metaverse’ among top 3 candidates for Oxford Word of the Year

by SuperiorInvest

The word ‘Metaverse’ is one of three in the running to be crowned Oxford ‘Word of the Year’ (WOTY) in a competition organized by Oxford University Press (OUP), publisher of the Oxford English Dictionary.

The OUP officially announced the launch of the competition and its three finalist words for 2022 on 22 November, with the public now able to vote for WOTY for the first time this year.

“Metaverse” will compete with “#IStandWith” and “Goblin Mode”.

In a video, OUP for Metaverse described it as “a hypothetical virtual reality environment in which users interact with each other’s avatars and their surroundings in an immersive way”.

“The term dates back to the 1990s with its first recorded use in the Oxford English Dictionary in 1992 in the sci-fi novel Snow Crash by Neil Stephenson,” the video said.

Oxford noted that usage of “Metaverse” quadrupled in October 2022 compared to October 2021. The video said that more lifestyle and work-related activities taking place in virtual reality environments may spark “more debates about ethics and feasibility”. completely online future.”

As for the other two WOTY nominees, “#IStandWith” has become an increasingly used catchphrase for political activism, while “Goblin Mode” has emerged as a post-COVID-19 lockdown concept in which one rejects a “return to normalcy” and instead with what they want to do.

As for how the three phrases were chosen, the OUP said it conducted an analysis of the Language Data System to narrow the candidates down to three.

In order to officially vote for “Metaverse” or the other two candidates, voters must submit their vote to Oxford Languages. Website.

Over 237,000 votes have been cast so far, with voting closing on December 2nd.

Oxford did not say when the winning word would be announced.

Related: What is metaverse in blockchain? A Beginner’s Guide to an Internet-Enabled Virtual World

As you might say as the votes spread, at the time of writing the OUP Twitter poll shows that 63% of 929 voters favored “Goblin Mode”, followed by “Metaverse” at 22% and then “#ISStandWith” at 15%:

Regardless of the survey results, Metaverse is predicted to be a major industry in the near future, with a recent report from international consulting firm McKinsey estimating Metaverse-related technologies it will be worth $5 trillion by 2030.

Investment bank Citi increased this forecast, saying that the total addressable market for the Metaverse economy may fall within this forecast in the range of 8-13 trillion dollars in the same time frame.

The understanding of Metaverse has been most significantly influenced by the blockchain and cryptocurrency industry along with Meta CEO Mark Zuckerberg. renaming Facebook to Meta in October 2021 and his recent developments on its Metaverse products through its Reality Labs business.

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