From the Metaverse to the DAO, a Guide to the Tech Buzz of 2021

In case you’re still making blanks after 2021 ends, here’s a little glossary:

metaverse

The metaverse broadly refers to the shared, immersive digital environment that people can move and access between virtual reality or augmented reality headsets or computer screens.

Some tech CEOs are betting it will be the successor to mobile internet. The term was coined three decades ago in the dystopian novel Snow Crash. This year CEOs of tech companies ranging from Microsoft to Match Group have discussed their role in building the metaverse. In October, Facebook renamed Meta to reflect its new Metaverse focus.

web3

Web3 is used to describe a possible next phase of the Internet: a decentralized Internet running on a record-keeping technology blockchain.

This model, where users would have an ownership stake in platforms and applications, would be different from today’s Internet, known as Web 2, where some of the major tech giants such as Facebook and Alphabet’s Google control the platform.

social audio

Tech companies this year waxed lyrical about tools for live audio conversations, rushing to release features after the buzzy, once-invite-only app clubhouse saw an initial boom amid the COVID-19 lockdown.

NFT

Non-fungible tokens, which exploded in popularity this year, are a type of digital asset that exists on a blockchain, a record of transactions held on network computers.

In March, a work by American artist Beeple sold at Christie’s for approximately $70 million, the first sale by a major auction house of art that does not exist in physical form.

decentralization

Decentralization, or the transfer of power and operations from central authorities such as companies or governments to the hands of users, emerged as a major theme in the tech industry.

Such changes could affect everything from how industries and markets are organized to the platform’s functions like content moderation. For example, Twitter is investing in a project to create a decentralized common standard for the social network, called BlueSky.

DAO

A decentralized autonomous organization (DAO) is an internet community generally owned by its members and runs on blockchain technology. DAOs use smart contracts, pieces of code that set up group rules and automatically execute decisions.

In recent months, crowd-funded crypto-group ConstitutionDAO has tried and failed to buy a rare copy of the US Constitution at a Sotheby’s auction.

STONKS

This intentional misspelling of “stock,” which originated with an Internet meme, made headlines, as online traders in forums such as Reddit’s Wallstreetbets removed the stock, including Gamestop and AMC. The language of these traders, who called themselves “monkeys” or eulogized “diamond hands”, who held positions during major market volatility, became mainstream.

GAMEFI

GameFi is a broad term referring to the tendency by gamers to earn cryptocurrency through playing video games, where players can earn money through mechanisms such as obtaining financial tokens for winning battles in the popular game Axie Infinity.

Altcoin

The term covers all cryptocurrencies apart from bitcoin, ranging from Ethereum, which aims to be the backbone of the financial system of the future, to Dogecoin, a digital currency that was originally created as a joke and was created by Tesla’s CEO. Popularized by Elon Musk.

fsd beta

Tesla released a trial version of its advanced full self-driving (FSD) software, a system of driving-assistance features — like automatically changing lanes and turning — to the wider public this year.

The name of the much-tested software itself has been controversial, with regulators and users saying it misrepresents its capabilities because it still requires a driver’s attention.

FABS

“Fabs,” short for Semiconductor Fabrication Plant, entered the mainstream lexicon this year as a shortage of chips from fabs was blamed for a global shortage of everything from cars to gadgets.

net zero

One word, thanks to the COP26 UN climate talks in Glasgow this year, to say that no country, company or product contributes to global greenhouse gas emissions. This is usually accomplished by cutting emissions, such as the use of fossil fuels, and balancing any remaining emissions with efforts to absorb carbon, such as planting trees. Critics say any emissions are unacceptable.

This story has been published without modification in text from a wire agency feed. Only the title has been changed.