From Metaverse to DAO: Guide to 2021 Technology Expressions

In 2021, CEOs of tech companies were inspired by a 1990s sci-fi novel, Reddit’s investor lexicon seeped into the general public after self-proclaimed ‘monkeys’ rattled Wall Street, and something called DAO tried to buy one. rare copy of the Constitution of the United States.

If you still don’t know some of these terms even with 2021 coming to an end, here’s a little glossary:

METAVERSO

The metaverse refers to immersive and shared digital environments that people can migrate between and access through virtual reality, augmented reality, or computer screens.

Some CEOs of tech companies are betting it will be the successor to the mobile Internet. The term was coined in the dystopian novel “Snow Crash” three decades ago. This year, executives at companies ranging from Microsoft to the Match Group discussed their roles in building the metaverse. In October, Facebook changed its name to Meta to reflect its new focus on the business.

WEB3

Web3 is used to describe the internet’s potential next phase: a decentralized internet, through blockchain technology, which records transactions on networked computers.

In this model, users would have a part of the platforms and applications, different from the current internet, known as Web2, where some technology giants like Facebook and Google, from Alphabet, control the platforms.

SOCIAL AUDIO

Tech companies rushed to launch live audio chat tools after the Clubhouse gained prominence in early mobility restrictions against Covid-19.

NFT

Non-Fungible Tokens (NFTs), which have exploded in popularity this year, are a type of digital asset that exists in a ‘blockchain’.

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

DECENTRALIZATION

Decentralization, or the transfer of power and operations from central authorities, such as companies or governments, into the hands of users, has emerged as a key theme in the technology industry.

These changes can affect everything from how industries and markets are organized to functions like platform content moderation. Twitter, for example, is investing in a project to build a decentralized common standard for social media, dubbed Bluesky.

DAO

A Decentralized Autonomous Organization (DAO) is usually an Internet community owned by its members and running on blockchain technology. DAOs use so-called smart contracts, pieces of code that establish group rules and execute decisions automatically.

In recent months, the ConstitutionDAO cryptogroup, which has raised funds via crowdfunding, has tried unsuccessfully to buy a rare copy of the US Constitution at an auction held by Sotheby’s.

STONKS

This deliberate misspelling of the word “stocks”, which originated with an internet meme, made headlines as online traders gathered on forums like Reddit’s WallStreetBets pushed up the stock price from companies including GameStop and AMC. The language of these traders, who call themselves “monkeys”, has become popular.

GAMEFI

GameFi is a broad term referring to the tendency of players to earn cryptocurrencies through video games. They can earn money through mechanisms such as obtaining financial tokens through successful battles in the popular game Axie Infinity.

ALTCOIN

The term encompasses all cryptocurrencies except bitcoin, ranging from ethereum, which aims to be the backbone of a future financial system, to dogecoin, a digital currency originally created as a joke popularized by Tesla’s chief executive, Elon Musk.

FSD BETA

Tesla has released an updated trial version of its full self-driving (FSD) software, a system of steering assistance features —such as automatically changing lanes and turning for the public— in general this year.

The software’s own name has been the subject of controversy, with regulators and users saying it misrepresents system resources as the software still requires the driver’s attention.

FABS

“Fabs,” short for semiconductor manufacturing plant, entered the general lexicon this year when a shortage of chips was blamed for the global shortage of everything from cars to electronics.

NET ZERO

Term popularized this year thanks to the climate negotiations of COP26, conference of the United Nations, in Glasgow, Scotland. The expression is used to say that a country, company or product does not contribute to global greenhouse gas emissions. This is usually achieved by cutting emissions — such as using fossil fuels — and balancing remaining emissions with efforts to absorb carbon, such as by planting trees.