This year, tech CEOs drew inspiration from the sci-fi novel of the 1990s, as Reddit’s investor dictionary leaked into the mainstream as “diamond hands” and “monkeys” rocked Wall Street, and something called the DAO attempted to buy a rare copy of the US Constitution. If you’re still drawing a blank as 2021 comes to an end, here’s a short glossary:
metaverse
The metaverse broadly refers to the shared and immersive digital environments that people can navigate and access through virtual reality, augmented reality headsets, or computer screens.
Some tech CEOs are betting that it will succeed the mobile internet. The term was coined in the dystopian novel “Snow Crash” three decades ago. CEOs of technology companies from Microsoft to the Match Group this year discussed their role in building the metaverse. In October, Facebook renamed itself Meta to reflect its new focus.
WEB3
Web3 is used to describe the possible next phase of the internet: running a decentralized internet on blockchain technology for record keeping.
This model, where users will have ownership stakes in platforms and applications, will differ from today’s Internet, known as Web2, where a few tech giants like Facebook and Alphabet’s Google control the platforms.
social sound
This year, tech companies garnered lyrics about their live audio chat tools, and rushed to release features after the buzz, which was once, the invite-only app Clubhouse saw an initial surge amid COVID-19 lockdowns.
NFT
Non-fungible tokens, which have become very popular this year, are a type of digital asset that resides on a blockchain, a record of transactions saved on networked computers.
In March, a work by American artist Beeple sold for nearly $70 million at Christie’s, the first-ever sale by a major auction house for art not found in physical form.
decentralization
Decentralization, or the transfer of power and operations from central authorities such as corporations or governments into the hands of users, has emerged as a major topic in the technology industry.
These shifts can affect everything from how industries and markets are regulated to functions such as overseeing platform content. Twitter, for example, is investing in a project to build a common, decentralized standard for social networks, called Bluesky.
DAO
A Decentralized Autonomous Organization (DAO) is generally an Internet community owned by its members and working on blockchain technology. DAOs use smart contracts, pieces of code that define group rules and implement decisions automatically.
In recent months, the publicly funded crypto group ConstitutionDAO attempted to purchase a rare copy of the United States Constitution and failed to purchase a rare copy of the United States Constitution at an auction held by Sotheby’s.
stones
This intentional misspelling of “stocks,” which originated with the internet meme, made headlines as online merchants gathered on forums like Reddit’s WallStreetBets, including GameStop and AMC. The language of these merchants, calling themselves “monkeys” or praising the “diamond hands” who held positions during great market volatility, became dominant.
gamvi
GameFi is a broad term referring to the trend of gamers to earn cryptocurrency by playing video games, where players can make money through mechanisms such as getting coins to win battles in the popular game Axie Infinity.
Altcoin
The term covers all cryptocurrencies except Bitcoin, from Ethereum, which aims to be the backbone of a future financial system, to Dogecoin, a digital currency originally created as a joke and popularized by Tesla CEO Elon Musk.
FSD beta
Tesla released a beta version of its upgraded fully autonomous driving (FSD), a system of driving assistance features — such as automatically changing lanes and cornering — to the wider public this year.
The frequently vetted program’s name in and of itself has been controversial, with regulators and users saying it tarnishes its capabilities because it still requires driver attention.
Fabs
The word “Fabs,” short for semiconductor manufacturing plant, entered the mainstream lexicon this year as a lack of chips from manufactured products in manufacturing has been blamed for a global shortage of everything from cars to gadgets.
net zero
A term popular this year thanks to the UN Climate Talks COP26 in Glasgow, for saying that a country, company or product does not contribute to global greenhouse gas emissions. This is usually achieved by reducing emissions, such as the use of fossil fuels, and balancing any remaining emissions with efforts to sequester carbon, such as planting trees. Critics say any emissions are unacceptable.
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