The Metaverse buzzwords of 2021

NFT


This year has seen a surge in the use of non-fungible tokens, which are a sort of digital asset stored on a blockchain, a public ledger of computer transactions. The more you read, the better.
Artwork by American artist Beeple sold for over $70 million in March, making it the first time that a major auction house has sold non-physical art.

METAVERSE

Virtual reality and augmented reality headsets, as well as computer displays, can be used to access the metaverse, which is a collection of shared, immersive digital settings. read on to learn more
Some tech CEOs believe it will replace the mobile internet in the future. Snow Crash, a dystopian fiction written three decades ago, created the term. Microsoft (MSFT.O) CEO Satya Nadella and Match Group (MTCH.O) CEO Reed Hastings have both spoken about their firms’ involvement in establishing the metaverse this year. When Facebook rebranded itself Meta in October, they were expressing their new metaverse-focused approach to the company.

WEB3

Internet 3.0, or Web3, is a term used to depict a decentralized internet powered by the blockchain record-keeping technology.
Unlike today’s internet, known as Web2, where a few large digital companies like Facebook and Alphabet’s (GOOGL.O) Google dominate the platforms, this model would give consumers ownership shares in platforms and apps.

DECENTRALIZATION

A major trend in technology is the decentralization of power and operations away from large, centralized organizations like corporations or governments and into the hands of individuals.
Even operations such as platform content moderation might be affected by these developments in industry structure. As an example, Twitter (TWTR.N) is funding in a project called Bluesky that aims to create a decentralized social network standard.

DAO

Blockchain technology is used to manage a decentralized autonomous organization (DAO), an internet community controlled by its members. DAos employ smart contracts, which are bits of computer code that set the group’s rules and automatically implement choices.
For the last few months, the group ConstitutionDAO has attempted to acquire a rare copy of the US Constitution at an auction sponsored by Sotheby’s, but they have failed.

GAMEFI

The phrase “GameFi” refers to the trend of gamers earning cryptocurrency by playing video games, like as the famous game Axie Infinity, where players may earn money through mechanisms like winning fights and receiving financial tokens.