“Metaverse” may become the most popular word in 2022

Representatives from the University of Oxford announced that they included the word "metaverse" in the list of the most used words this year. They also included it in their "Word of the Year 2022" contest, in which users can vote to determine the winner in the "Most Popular Word of 2022" category.

Voting will run until December 2nd. Between December 2 and 4, the votes will be counted, and on the 5th the results of the voting will be published and the University of Oxford will talk about which word has won and is worthy of the title of “Most Popular Word of 2022”.

Under the concept of the word “metaverse”, Oxford University defines “a virtual reality environment in which users can interact with each other with the effect of presence through avatars”. Last month, the Oxford University press reported that in 2022 the word “metaverse” became 4 times more popular than in October 2021.

The very word “metaverse” first appeared in 1992 in the novel Avalanche by Neil Stevenson. There it was a kind of technological miracle that can be used in various sectors of the economy. The Metaverse in 2022 really showed that the virtual environment can not only allow users to interact with each other through avatars for the purpose of having a good time, but also bring great benefits.

Thus, the International Police announced the creation of its own metaverse, in which employees from all over the world can meet in a virtual universe in order to solve their cases. They are concerned that along with the new possibilities of interaction in real worlds, criminals will also find interesting opportunities to carry out inhumane acts in order to profit from less experienced users.

The INTERPOL Metaverse was announced at the 90th Assembly held in New Delhi, India. There, the staff showed that they created a metaverse in the form of a virtual office, which was modeled after that in Lyon from France.

In addition, other large corporations have begun to actively explore the metaverse for better branding. The French automaker Renault is notable for creating the world's first industrial metaverse. Its goal is to facilitate and automate some production processes and improve logistics solutions that can help save resources. Renault experts and analysts calculated that if the company manages to go in this direction, then in some aspects the French automaker will be able to save from 50% to 60% of resources, and by 2025 the company will be able to save more than $300,000,000. This can be achieved by transferring real-life factories to the virtual world. Thus, Renault was able to implement such an innovative idea almost first and time will tell how practical this will be.

Globe News Wire reports that the global market for the Metaverse is currently estimated at approximately $210,000,000,000. If the development of this sector continues at the same pace, then according to their assumptions, in 2028 the total market of the metaverses will be estimated at $730,000,000,000+. On average, the market is expected to grow by an approximate rate of 23% per year.