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Despite the fact that it is an abbreviation, Collins Dictionary has named NFT the word of the year.
The Collins Dictionary has officially announced their ten-word annual shortlist for word of 2021, as well as declaring that NFT — though technically understood to be an abbreviation for nonfungible token — has been awarded their word of the year, surpassing the likes of crypto, metaverse and hybrid working, among others.
The blog post spoke frankly about the prospect of a digital revolution through a “convergence of money and the internet” which seeks to challenge and evolve traditional mediums of payment into the 21st century.
Collins Dictionary defines an NFT as “a unique digital certificate, registered in a blockchain, that is used to record ownership of an asset such as an artwork or a collectible”, and it was further noted in their blog post that NFT’s signify:
“A chunk of digital data that records who a piece of digital work belongs to… what’s really captured the public’s imagination around NFTs is the use of this technology to sell art.”
BREAKING NEWS The Collins Word of the Year is… NFT.
— Collins Dictionary (@CollinsDict) November 24, 2021
The museum highlighted iconic NFT artist Beeple as a major contributor to the space, citing his landmark magnum opus, Everydays: The First 5000 Days, which sold for a market-high of $69 million in March this year, making it the third-highest physical or digital art sale in history.
Over the last year, the NFT market has grown at an exponential rate, attracting a tidal wave of celebrities, influencers, and Web 3 devotees to the field. CryptoPunks, Bored Ape Yacht Club, and Cool Cats are just a few of the collections that have captured the essence of the Twitter-native profile picture project (pfp) environment.
Furthermore, the emergence of NFT auctions by traditional auction houses like as Christie’s and Sotheby’s is giving a worldwide pedal stool to promote adoption, according to Bobby Ong, CoinGecko’s co-founder and chief operations officer, in a recent interview with Cointelegraph.
As of Q4 2021, overall sales of collectable and art NFTs had topped $7.4 billion. In comparison, at the start of this year, art and collectable sales were $17.8 million and $55.5 million, respectively, figures that appear inexplicable in today’s booming market.
To put the NFT inclusion in context, Oxford Dictionary recently granted Vax the prestigious word of the year award, symbolising the huge influence Covid-19 and subsequent immunisation programmes have had on the world over the previous two years.
With the introduction of Bitcoin in August 2013, the Oxford Dictionary published the first cryptocurrency terminology in its online version. Just over a year later, the term cryptocurrency was coined, and more recently, Satoshi was added to the exclusive roster of linguistic arbitrators.