Tech Buzzwords of 2022: Metaverse, NFT, Web3, and more – Smartprix

The year 2021 has been a fascinating one for the geeks or tech nerds. Keywords like NFT and Metaverse have been areas of interest for Silicon Valley leaders like Elon Musk, Jack Dorsey, and even Mark Zuckerberg. Some of them have been really vocal about these emerging trends. So much so that Facebook changed its name to Meta.

In 2022, these tech buzzwords will be again in focus so here’s a list of all such tech that you will get to hear a lot more this year:

1. Metaverse

Metaverse is a new virtual environment that can be accessed through digital devices like computer screens or VR and AR headsets. Metaverse term was first coined in a sci-fi novel ‘Snow Crash’ back in 1992. Leading tech companies like Microsoft, Facebook, Match Group, etc., have already started taking steps to contribute to creating metaverse; while Facebook remodeled its official name to Meta. 

2. Decentralization

Decentralization within an organization is described as the transfer of control, power, resources, and activities to several authorities or users instead of a central entity. It is aimed to change the way of how organizations are working and bring more transparency to the process. Twitter co-founder Jack Dorsey is working to create one such social network called Bluesky. 

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3. Web3

Web3 is an introduction of the new-age internet based on blockchain technology with decentralization at its core. This new tech is meant to provide more control of platforms and apps to the users, unlike the current Web2 model where Big Tech like Facebook, Google, Apple, and Amazon possess the major control.

4. NFT

NFT or Non-fungible tokens are digital assets that depict the ownership of an item over the internet. NFTs are created using blockchain technology to make them immutable ledgers of transactions. NFTs neither can be modified nor deleted while being available in the public domain. Each information of an NFT is recorded on decentralized computer networks for better security. In India, Amitabh Bachchan has sold the NFT collection at a whopping price of Rs 7.2 crore.

5. Social Audio

Social Audio is basically a voice-based social media platform that uses audio as its key mode of communication. A Social Audio app lets users interact with each other in real-time through audio chat only. Clubhouse is the leading Social Audio app all around the world with over 34 million app downloads. 

6. DAO

Abbreviated from the decentralized autonomous organization, DAO is a like-minded community formed on some specific set of rules and it is channelized on blockchain technology. A DAO is aimed to derive a general decision based on proposals and votes of the members. Recently, a crypto-group called ConstitutionDAO planned to purchase a rare copy of the US constitution in an auction but failed.

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7. FSD Beta

Elon Musk owned Tesla gearing to adopt the Full Self-Driving (FSD) software system into its electric cars for improved driving assistance. It is mostly based on AI and machine learning which the American company is testing in its arena. 

8. GameFi

GameFi is a tech word related to the gaming domain where gamers earn cryptocurrencies by playing online video games. It basically provides a mechanism where cryptocurrency like Ethereum is rewarded as winning tokens to the players. Axie Infinity is one such NFT-based gaming platform with around 2 million daily active users.

9. Altcoin

Altcoin is a term used to denote all cryptocurrencies other than Bitcoin. It includes Ethereum at the top of the list which is believed to be following every aspect of blockchain network aiming to provide less price volatility. Dogecoin, originating from a meme, also falls in the category which has seen a surge after several mentions from Elon Musk in the past.

10. Net Zero

In the UN Climate Change Conference held in Glasgow this year, Net Zero come into the wider picture to represent a nation, organization, or product that practically does not emit greenhouse gas on the global index. Net Zero can be achieved by reducing the usage of fossil fuels and by balancing the emitted amount of greenhouse gases with its removal from the atmosphere. 

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11. Fabs or Semiconductor Fabs

‘Fabs’ is an acronym for semiconductor fabrication plants that come in frequent lingual use due to the ongoing global crisis of chips. The lack of fabs is believed to be the silicon shortage that ultimately affected the deliveries of cars, smartphones, and other electronic devices. 

12. Stonks

‘Stonks’ is a word obtained from meme culture which is nothing just an intentional misspelling of ‘stocks’. It is mostly used for humorous purposes to indicate someone with poor knowledge of stocks and financial know-how.

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