2022 marked Mark Zuckerberg’s announcement that Facebook would officially rebrand itself to Meta, an effort to underscore the commitment with Metaverse. This year also saw new breakthroughs in space technology, as it has been a disruptive year for tech lovers worldwide.
This review will give you highlights on some of the most epic events happening this year that stormed the world. If you live under a rock, read until the end to catch up on the biggest news of 2022.
1. Facebook rebranded itself as Meta and focused on developing Metaverse
In an effort to control the metaverse, an idea for a 3D version of the internet that several firms are working on, Facebook has changed its name to Meta. At the company’s annual Connect conference in 2021, CEO Mark Zuckerberg said, “Right now, people closely assosiate our brand with one product that it can’t possibly represent all that we’re doing today, let alone in the future. I think that over time, people will recognize us as a metaverse company, thus I want to base our efforts and sense of self on that.” The decision offcially came into effect on June 9, 2022 and Facebook changed its registered name, domain name and its logo in all platforms.
The market value of Meta has decreased by an astounding US$650 billion since it was initially disclosed on October 28, 2021, until the present.
The price of Meta’s shares dropped 24% in October 2022, to $97.94, making it the lowest point in almost four years, according to Global News. The incident cost Meta around US$67 billion, adding to the value that was lost in 2022 alone by more than half a trillion dollars. The market value of Meta is at $263 billion. It has been ejected from the top 20 firms and is valued less than Home Depot.
2. The rise and fall of NFTs
In 2014, the non-fungible token (NFT) online digital format made its first appearance. It is a digital file or certificate that is linked to a blockchain, which is essentially an online ledger. Cryptocurrencies like Ethereum and Blockchain are also made possible by blockchain technology. By enabling cryptocurrencies to digitally validate works purchased online, the solution addresses these issues related to digital media. NFTs seemed to solve the “unique” problem.
The sale of a collection of NFTs by digital artist Pak for $91.8 million in December 2021, possibly the highest price ever paid for a piece by a living artist. This incident sparked something of a gold rush among buyers. The New York Times stated in March of this year that $44 billion had been spent on NFTs. In Seattle, a brand-new museum that completely focuses on NFTs opened its doors this past April.
The production of NFTs appeared to mark the maturation of digital art. Then suddenly, in May and June 2022, the price of cryptocurrencies fell. Many news sources reported that the NFT markets felt the effects of that decline. NFT sales have decreased by around 46% since their peak in 2021. NFTs are still seen as having real value even though there is less trading of them because their prices are still high.
The devestating aftermath
The collapse of the cryptocurrency market is one of the key causes of the decline in NFT sales. Trading-related activities are no longer profitable. That’s because NFTs are bought using Bitcoin, Ethereum, and other cryptocurrencies. Additionally, there have been a lot of frauds on the NFT market, which has slowed down trading and NFT purchases. Given these developments, it is doubtful that the NFT market will reach its previous high points because the fleeting popular enthusiasm for them has vanished.
Investors in NFT might want to keep an eye out because they might not only have to endure an extremely severe crypto winter but also a crypto Armageddon.
3. The release of Apple’s Iphone 14
Fans of Apple’s products wouldn’t miss the big release of the iPhone 14 this year. The most recent iPhone 14 series from Apple, unveiled on September 7, 2022 during the “Far Out” event, has been available for some time. The iPhone 14, iPhone 14 Plus, iPhone 14 Pro, and iPhone 14 Pro Max are the four devices that make up the most recent iPhone generation.
The iPhone 14 Plus, a larger, more affordable iPhone has replaced last year’s small model. It has similar internals to the standard iPhone 14, but has a 6.7-inch display that is much larger, making it a more affordable alternative to the more expensive and high-end iPhone 14 Pro Max.
4. Elon Musk bought Twitter and fired its top executives
Elon Musk completed the $44 billion acquisition of Twitter after months of legal turmoil, offensive memes, and will-they-won’t-they mayhem to rival your favorite rom-com.
One of Elon Musk’s first actions as the formal owner of the social media site was to remove top Twitter officials. The CEO Parag Agrawal, the CFO Ned Segal, the general counsel Sean Edgett, and the head of legal policy, trust and safety Vijaya Gadde were all sacked by Musk, according to stories from The New York Times, CNBC, The Wall Street Journal, The Washington Post, and other publications.
Musk later acknowledged that it will “take some time,” but he will continue to lead Twitter until it is in a solid position. The future of the blue bird is still unclear, and Twitter, an empire which took years to build, might have to suffer from the rash decision Musk made in just a couple of months.
5. Waves of layoff in tech market
Over 118,000 workers have lost their jobs altogether in the IT sector this year, according to Layoffs.fyi. Because businesses like Amazon and Apple have slowed or stopped hiring, there are fewer opportunities in Big Tech that can accommodate employees who lose their employment unexpectedly. Although many people now need to find new jobs, the outlook for those working with computers is still promising. In response to recent layoffs, their colleagues have mobilized a wave of grassroots support to help affected employees find new jobs. Still in demand are their skills.
In an effort to minimize the sting of layoffs, IT professionals have established groups on LinkedIn just for individuals who have recently been fired by Meta. They created and shared a Google document with potential prospects. In order to expand their audiences and draw in hiring managers rather than those who are firing employees, they are also boosting each other’s posts on LinkedIn and other social media platforms.
6. NASA’s Stellar New James Webb Space Telescope
The new James Webb Space Telescope (JWST) opened its golden, infrared eye and gave us a glimpse of our universe – and its unfathomable past – in stunning, unprecedented detail. After numerous setbacks, 20 years of development, a hefty $10 billion price tag, and a perilous 1-million-mile (1.5-million-kilometer) journey into space. Science magazine has designated JWST’s flight as its 2022 innovation of the year in recognition of this accomplishment.
7. FTX’s bankruptcy
Beginning in November 2022, the Bahamas-based cryptocurrency exchange FTX will be liquidated as part of its bankruptcy. The company’s token, FTT, prompted the bankruptcy of FTX, experiencing a liquidity problem that led to its collapse. FTX had over a million members and was the third-largest cryptocurrency exchange by volume prior to its bankruptcy.
The exchange has connections and affiliations with numerous other platforms. Therefore, FTX breakdown has resulted in a large number of victims. When Michael Saylor discussed the entire FTX affair with Yahoo Finance, he used strong language. Saylor referred to SBF as “the Jordan Belfort of the crypto era”. That was a derogatory statement given that the former Wolf of Wall Street was a fake. Saylor has also made the case that the cryptocurrency business has to mature.
These are the top 7 events that rocked the tech world in 2022. The new year 2023 is coming, and we can’t wait to see how the future of tech will unfold. 2022 was a rough year, but there were still tremendous developments.