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Wiktionary
folksonomy

n. (context Internet English) The spontaneous cooperation of a group of people to organize information into categories; the practice and method of collaboratively creating and managing tags to annotate and categorize content; a user-generated taxonomy.

Wikipedia
Folksonomy

A folksonomy is a system in which users apply public tags to online items, typically to aid them in re-finding those items. This can give rise to a classification system based on those tags and their frequencies, in contrast to a taxonomic classification specified by the owners of the content when it is published. This practice is also known as collaborative tagging, social classification, social indexing, and social tagging. However, these terms have slightly different meanings than folksonomy. Folksonomy was originally “the result of personal free tagging of information [...] for one’s own retrieval.”. Social tagging is the application of tags in an open online environment where the tags of other users are available to others. Collaborative tagging (also known as group tagging) is tagging performed by a group of users. This type of folksonomy is commonly used in cooperative and collaborative projects such as research, content repositories, and social bookmarking.

The term was coined by Thomas Vander Wal in 2004 as a portmanteau of folk and taxonomy. Folksonomies became popular as part of social software applications such as social bookmarking and photograph annotation that enable users to collectively classify and find information via shared tags. Some websites include tag clouds as a way to visualize tags in a folksonomy.

Folksonomies can be used for K-12 education, business, and higher education. More specifically, folksonomies may be implemented for social bookmarking, teacher resource repositories, e-learning systems, collaborative learning, collaborative research, and professional development.