A leading dictionary adds new words every year to accommodate new vocabulary and slang terms that are used regularly. Two terms, metaverse and altcoin, added to the dictionary should grab the attention of the cryptocurrency and Web3 sectors.
What happened: Merriam-Websterwhich is the oldest dictionary company in the United States, announced adding 370 words to the dictionary for the month of September.
Terms included dumbphone, intercom, microgrid, supply chain, gift economy, shrinkflation, side hustle, false negative, false positive, and Galentine’s Day. Slang terms such as yeet, janky, sus, pwn, MacGyver, FWIW, were added. ICYMI is adorkable.
Metaverse it was also listed for the latest update. The dictionary gives the term two definitions:
• Computing: a persistent virtual environment that allows access and interoperability of multiple individual realities, any individual virtual environment that constitutes a metaverse.
• Cosmology: the hypothetical combination of all the universes coexisting or existing in sequence.
Another word added to the dictionary is that related to cryptocurrency: altcoin. The definition given by Merriam-Webster is “any of the various cryptocurrencies that are considered alternatives to established cryptocurrencies and in particular to Bitcoin”.
Use Case is another addition. The word can be used in the world of cryptocurrencies and NFTs as investors and consumers alike wonder what a coin or collection does.
Related link: What is the Metaverse
Because it’s important: The addition of terms related to the metaverse and cryptocurrency follows 2021, which saw the addition of NFT to many dictionaries and classification as the Collins Dictionary word of the year.
The term metaverse has been used by many Web3 companies and is a term used frequently by many
NFT projects with the potential to grow their brand through metaverse virtual worlds and gaming activities.
The Roundhill Ball Metaverse ETF METV launched in June 2021 and now has more than $ 450 million in assets under management. The ETF holds a basket of shares in companies actively involved in the metaverse industry.
Another handful of metaverse ETFs have launched in the past year to take advantage of the growing sector.
Formally known as Facebookthe social media giant caused a sensation by announcing it was changing its name to Meta Platforms Inc HALF as it sought to invest heavily in the metaverse and to focus on the industry as one of its key growth priorities.
Altcoins have grown in popularity over the years as investors looked for the next big thing after losing Bitcoin BTC / USD, the leading cryptocurrency. There are millions of cryptocurrencies on the market today, many of which exist outside the Bitcoin world and have alternative use cases.
Bitcoin remains the most valuable cryptocurrency by market capitalization, accounting for over 40% of the market capitalization of nearly $ 1 trillion. Bitcoin is larger than the next six major cryptocurrencies by market cap combined, including Ethereum ETH / USD.
Photo: Vector images without clker from Pixabay