2021 has been the year that has given rise to new words in our vocabulary to reflect the changing technology scene.

Here are some of the words that have emerged this year and their meaning.

NFT (Non-fungible token)

NFT, or non-fungible token, was made the Word of the Year by Collins Dictionary in 2021.

NFTs are certificates that show you own a digital item, which can be original versions of videos, tweets or memes. They can be anything digital but a lot of the excitement is around digital art.

They confirm an item’s ownership by recording the details in a digital ledger known as a blockchain, which is public and stored on computers across the Internet, making it effectively impossible to lose or destroy. Most NFTs are part of the Ethereum blockchain.

After Facebook changed the name of its parent company to Meta, setting out its ambitions in the virtual world, the word has been on everybody’s lips.

According to the Oxford English Dictionary, the metaverse is “a virtual-reality space in which users can interact with a computer-generated environment and other users”.

Source: https://www.euronews.com/next/2021/12/27/nfts-web3-defi-and-metaverse-your-guide-to-the-tech-buzzwords-from-2021

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