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Tech Buzzwords You Can’t Avoid In 2022

Technology is, without a doubt, a huge part of modern-day life. Therefore, it is no surprise that the International Data Corporation (IDC) estimated that consumer spending on tech would reach $1.69 trillion in 2023. The technological world is always developing, so new trends are always worth watching out for. It is easy to fall behind on the latest tech buzzwords, which seemingly pop up every day. Here are some of the most popular tech buzzwords that you can no longer afford to ignore in 2022.

 

  • Metaverse

 

The metaverse is a theoretical, three-dimensional, shared, and immersive virtual world that individuals can access via computer screens, virtual reality, or augmented reality headsets. Although it has emerged as one of the most popular buzzwords, the term first appeared in the dystopian novel Snow Crash, written by Neil Stevenson in 1982. Stevenson’s metaverse was a virtual escape zone where characters could come to get away from their totalitarian reality. The imminent metaverse won’t deviate much from this concept since it will allow users to escape the humdrum of ordinary life by exploring 3D virtual worlds in various ways. Tech giants like Microsoft and Facebook (now Meta) are already working on bringing the concept to total fruition, so this buzzword will stick around for years to come. 

 

  • Web3

 

Web3 is an interesting concept for the next generation of the decentralized internet. It is based on blockchain technology, much like cryptocurrency. Therefore, decentralization is one of the major tenets of Web3 technology. This new version of the internet will give users more control over their platforms and applications, unlike the current Web2 model, monopolized by tech behemoths such as Apple, Google, and Facebook. Web3 is self-governing, permissionless, verifiable, and comes with native built-in payments poised to usher in a “creator economy.” That’s why experts like Eric Puiler, Web3 enthusiast and entrepreneur, call it the biggest economic opportunity of our lives.

 

  • Altcoins

 

Altcoins have gained immense popularity in the crypto world, and they are grabbing the attention of even several bystanders. Altcoins are alternative coins launched after Bitcoin’s massive success. These coins were made to correct the various problems presented by Bitcoin. Ethereum is perhaps the most popular altcoin since it has the second-largest market cap. However, many new altcoins keep popping up worldwide, and even Elon Musk has invested in the popular altcoin Dogecoin.

 

  • NFTs

 

Non-Fungible Tokens (NFTs) are one of the most trending topics of the past two years, and the term has become such a buzzword that the Collins Dictionary selected it as its 2021 word of the year. They are a form of digital asset produced with blockchain technology, representing ownership of an item over the internet. NFTs can be digital artwork, in-game items, essays, and digital collectibles. Their ownership is recorded in the blockchain and is transferable by the owner, allowing them to be bought and sold. You can trade these assets for real cash, whether in cryptocurrency or other non-fungible investments, so keep this in mind.

 

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