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Source: Сointеlеgrаph

The word “Metaverse” is one of three contenders for the Oxford Word of the Year (WOTY) in a competition run by Oxford University Press (OUP), publisher of the Oxford English Dictionary.

OUP officially announced the launch of the competition and the three words of the finalists for 2022 on November 22, and this year, for the first time, the public can participate in voting for WOTY.

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

The OUP video for the Metaverse describes it as “a hypothetical virtual reality environment in which users interact with each other’s avatars and their immersive environments.”

“The term dates back to the 1990s, with the first recorded use in the Oxford English Dictionary in 1992 in Neil Stevenson’s science fiction novel Snow Crash,” the video says.

Oxford noted that Metaverse usage quadrupled in October 2022 compared to October 2021. The video states that more lifestyle and work-related activities taking place in virtual reality environments could generate “more debate about ethics and feasibility.” fully online future.”

As for the other two WOTY candidates, “#IStandWith” is an increasingly used phrase for political activism, while “Goblin Mode” emerged as a post-COVID-19 lockdown concept in which the individual rejects “a return to normal life” and instead does what they want to do.

Regarding how the three phrases were chosen, the OUP stated that they did a language data system analysis to narrow down the list of candidates to three.

To officially vote for the Metaverse or the other two candidates, voters must vote on the Oxford Languages ​​website.

Over 237,000 votes have been cast so far and voting should close on December 2nd.

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

Related: What is the Metaverse in Blockchain? A beginner’s guide to the virtual world with internet access

Which could mean how the votes stack up, at the time of writing, the OUP’s Twitter poll shows 63% of 929 voters favoring “Goblin Mode”, followed by “Metaverse” with 22%, and then “#IStandWith” with fifteen%:

Whatever the poll results, the Metaverse is predicted to become an important industry in the near future, with a recent report from international consulting firm McKinsey estimating that Metaverse-related technologies will be worth $5 trillion by 2030.

Investment bank Citi upped that forecast, saying the total address market for the Metaverse economy could be in the $8 trillion to $13 trillion range over the same time frame.

The understanding of the Metaverse has been most influenced by the blockchain and cryptocurrency industry, as well as the rebranding of Facebook by Meta CEO Mark Zuckerberg to Meta in October 2021, and the recent developments of Metaverse products through the Reality Labs business.

Source: Сointеlеgrаph

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