Generative AI has the capacity to transform the educational system. This study examines the advantages and disadvantages of using Generative AI, for example, ChatGPT in the classroom, and the hype around the use of generative artificial intelligence. The study includes a taxonomy of Generative AI, use cases in industries, an analysis of the reason for hype, the effect on academia, and ethical considerations. The study uses a short survey to find the perception of students in using ChatGPT, Generative AI, to define the desired results, choose the right level of automation, ensure ethical considerations are taken into account, and assess effectiveness. For teachers and students, the impact of Generative AI on teaching and learning and ethical concerns are vital.