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“Metaverse” became the runner up to “goblin mode” in the ‘Oxford University Press’ 2022 word of the year. Oxford research says that the term’s usage has increased by around 4X. There is a lot of hype around the word and ironically, people are still searching for a definition of the term.
Rising Interest in Metaverse
Metaverse became one of the top 3 contenders in this race according to an Oxford announcement. Over 300,000 people threw in the votes for the three shortlisted words by Oxford. In 2021, NFT won the Collins Dictionary contest for the term. Latest results show a change in interest in crypto related concepts on social media too.
This should not come as a surprise considering the industry mammoths entering the metaverse space. The interest regarding the term has especially elevated due to Mark Zuckerberg’s move to retitle the company from Facebook to Meta in 2021. Zuck Bucks and his company have remained the talk of the town in 2022.
The company has made several improvements in their metaverse and revealed their Meta Quest Pro in October 2022. Zuck Bucks received a lot of criticism regarding the Horizon Worlds too. He posted what people called “a horrible selfie” of his avatar. But Mark posted an updated image on Instagram in August 2022.
The company also laid off 13% of their employees, which translates to 11,000 organization workers. Company’s biggest rival, Apple, was supposed to reveal their VR goggles, but got delayed, again. According to some reports, the company cut the iPhone 14 production.
There were rising concerns regarding privacy as Meta announced that their VR goggles coms with 5 in-built cameras. Previously, the company was involved in the Facebook-Cambridge Analytica Data Scandal. According to the reports, the company unethically sold the user data for political campaigns.
Meta has thrown a lot of funds in their research and development arm, Reality Labs, for metaverse research. Fortune reported in October that the company has plunged by $100 Billion since Zuckerberg retitled the company. Experts believe that the company may face a massive financial blow if things remain the same.
Metaverse is a growing space and several organizations are working to create digital spaces. Nvidia has its own Omniverse platform where the developers can develop metaverse objects. Microsoft acquired Activision Blizzard in January 2022. They said that the deal will help the company to build the metaverse.
According to the CoonMarketCap data, Metaverse tokens had a market cap of $10.16 Billion at the publication time. ApeCoin, native token of the Bored Ape universe, was leading the space, trading at $4.08.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
