Short answer: Kind of. It’s mostly an exciting rebranding of materials science that started in the 1990s, so more funding and research could be done; however, the increased interest and capital in ‘nanotechnology’ has led to innovations and cross-field collaboration.
Longer answer: Nanotechnology is simply the sciences that study or use the nanoscale, or 1 billionth of a meter. Materials tend to react differently at the nanoscale because the nanoparticles have more surface area, and quantum physics influences them more. Experiments in nanotechnology have been done since the Classical Era when they used fine silver and gold particles to modify glass at the nanoscale and produce incredible color changes. Medieval stained glass makers did the same thing. However, modern nanotechnology got its true start in 1981 with the invention of a microscope that was capable of viewing an atom. For reference, a hydrogen atom is about 10 nanometers wide. The ability to observe the nanoscale excited engineers and scientists who envisioned nanotechnology as the key to greatly advancing a number of fields like medicine, aerospace, or chemistry. For instance, the British government has used a nano-fuel additive in its public buses, which has increased fuel efficiency and reduced costs. Nanotechnology has also been used to optimize the process of desalination by adding tiny electrodes to decrease the energy cost of separating the salt and water. While these applications are useful, there was a level of hype around nanotechnology that many feel has not yet been fulfilled. However, given the steady increase in funding for nanotechnology, it is likely that it will continue to play a larger role in society.