NFTs have witnessed rising popularity in the year 2021 with artworks selling for millions of dollars. Recently Collins dictionary has chosen the phrase “NFT” as the word of the year after increase in interest of people in the digital tokens that can sell for millions of dollars and brought it into the mainstream.
Definition of NFT
NFT is the abbreviation for non-fungible tokens which is “a unique digital certificate, registered in a blockchain, that is used to record the ownership of an asset such as an artwork or a collectible” as defined in Collins Dictionary.
What is NFT?
Non- fungible means something which is unique and cannot be replaced. So, they are one-of-a-kind trading cards that cannot be exchanged. NFTs can be related to photos, audios, videos, and other digital files as unique items which use blockchain technology to give NFT a verified and public proof of ownership.
People weren’t aware of NFTs until this year when their sales boomed, sparked in large part by artist Beeple’s march auction of a digital collage NFT for nearly $70 million. Other notable NFT sales include Twitter CEO Jack Dorsey selling an NFT of his first tweet for $2.9 million and electronic musician Grimes selling $6 million worth for her digital art.
Collins experts have stated that the use of the term has increased by over 11,000% in 2021. Alex Beecroft, the managing director of Collins Dictionary said that the rapid increase in usage for the term is rare. Quoting Beecroft, as reported by BBC, “Whether the NFT will have a lasting influence is yet to be determined”, but he further explained that its rapid appearance in discussions throughout the world makes it very obvious to choose as the word of the year. Alex Beecroft went on to say, “NFTs seem to be everywhere, from the arts sections to the financial pages and in galleries and auction houses and across social media platforms”, ABC News reported.
Top 10 words included in Collins Dictionary
With NFT there are other two technology-related terms on Collins’ list, which contains “crypto”, short of cryptocurrency like Bitcoin, as well as “metaverse”, which refers to a three-dimensional virtual environment.
Here is the list of other words included in the dictionary:
1. Climate anxiety: A state of distress caused by concern about climate change.
2. Cheugy: No longer cool or fashionable, often in reference to someone or something from the 2000s.
3. Crypto: Short for cryptocurrency: a digital currency used for online purchases.
4. Double-vaxxed: Having received two vaccinations against a disease.
5. Hybrid: The practice of alternating between different working environments such as home and office.
6. Metaverse: A proposed version of the internet comprising three-dimensional virtual environments.
7. Pingdemic: The large-scale notification of members of the public by a contact-tracing app.
8. Neopronoun: A recently coined pronoun, especially one designed to avoid gender distinctions.
9. Regencycore: A style of dress inspired by clothes worn in high society during the regency period (1811-20).