The Internet of Things (IoT) is the enabler of major societal changes. As an integrated part of the Future Internet, it is based on a series of enabling technologies. In the context of the IoT, "smart things/objects" are becoming more important, active players with capabilities to communicate and interact one with the other and with IoT-enabled ecosystems. Semantic annotations, things/objects search and discovery, semantic interoperability, ontology-based semantic standards, are some of the important issues to be addressed in the context of the IoT. The focus of this paper is on analyzing existing semantic approaches in the context of the Internet of Things in order to identify potential shortcomings for the issues they address.