This year, tech firm CEOs drew inspiration from a 1990s sci-fi novel, Reddit investors’ lexicon leaked into the mainstream as “apes” and “diamond hands” shook Wall Street. In addition, something called a DAO tried to buy a rare copy of the US Constitution. If you are still clueless about these terms, here’s a glossary of 2021 tech buzzwords:
METAVERSE
One of the most popular 2021 tech buzzwords is metaverse. It generally refers to shared, immersive digital environments which people can interact with and may access via virtual reality, augmented reality headsets, or computer screens.
Some tech chief executives think it will be the successor to the mobile internet. The term may seem new, but it was invented in the dystopian novel “Snow Crash” 30 years ago. In 2021, CEOs of tech companies from Microsoft to Match Group have discussed their roles in building the metaverse. Then in October, Facebook rebranded to Meta to reflect its new metaverse focus.
WEB3
Web3 describes a potential next phase of the internet – a decentralized internet run on the record-keeping technology blockchain. This model allows users to have ownership stakes in platforms and applications. Web3 is different from today’s internet known as Web2. It’s where a few big tech companies like Facebook control the media.
SOCIAL AUDIO
Tech firms waxed lyrical this year about tools for live audio conversations, stepping up to release features after the buzzy, once invite-only Clubhouse app for iOS and Android became popular amid COVID-19 lockdowns. For example, Facebook launched its own Clubhouse-style live audio rooms. Plus, a way to find and play podcasts on its platform in June.
NFT
Non-fungible tokens, one of the widely used 2021 tech buzzwords, are a type of digital asset that exists on a blockchain and a record of transactions stored on networked computers. In March, a work of an American artist Michael Joseph Winkelmann, professionally known as Beeple, sold for almost $70 million at Christie’s. It was the first-ever sale by a major auction house of art that does not exist in physical form.
DECENTRALIZATION
Decentralizing, or the transfer of power and operation from central management like government or companies to the hands of users, emerged as a critical topic in the technology sector. These changes could affect everything from how industries and markets are organized to functions such as content moderation of platforms. Twitter, for instance, is investing in a project to create a decentralized common standard for social networks called Bluesky.
DAO
A decentralized autonomous organization (DAO) refers to an internet community owned by its members and runs on blockchain technology. DAOs use smart contracts, code pieces that establish the group’s rules and automatically execute a decision. Recently, crowd-funded crypto-group ConstitutionDAO tried and failed to buy a rare copy of the US Constitution in an auction by Sotheby’s.
STONKS
This intentional misspelling of “stocks,” which was coined in an internet meme, made headlines as online traders gathering in forums like Reddit’s WallStreetBets drove up stocks, including GameStop and AMC. The jargon of these traders, calling themselves “apes” or praising the “diamond hands” who held the position during big market swings, became normal.
GAMEFI
GameFi is the trend of gamers who earn cryptocurrency by playing video games. Players can make money through methods like getting financial tokens for winning battles in Axie Infinity.
ALTCOIN
AltCoin covers all cryptocurrencies aside from Bitcoin, ranging from Ethereum to Dogecoin.
FSD BETA
Released by Tesla as a test version, FSD is a system of driving-assistance features such as automatically changing lanes and making turns revealed to the public this year.
The name of the highly-criticized software has been contentious. Some regulators and users say it misrepresents its capabilities, for it still needs driver attention.
FABS
FABS, referring to semiconductor fabrication plants, entered the mainstream lexicon in 2021. It refers to a shortage of chips from fabs that was blamed for the global shortage of everything from cars to gadgets.
NET ZERO
This year, a term popularized because of the COP26 UN climate talks in Glasgow, Scotland. It says that a product, company, or country does not contribute to global greenhouse gas (GHG) emissions. Net Zero happens by reducing emissions, like the use of fossil fuels. And balancing any remaining emissions with efforts to soak up carbon, like planting trees. Critics say any emissions are unacceptable.
