Collins Dictionary has announced their annual ten-word word shortlist for 2021. They also declared that NFT, which technically is an abbreviation of nonfungible token, has been named their word of the Year, beating out the likes crypto, metaverse, and hybrid working.
This blog post was candid about the possibility of a digital revolution via a “convergence between money and the internet”, which seeks out to challenge and develop traditional payment methods into the 21st Century.
Collins Dictionary defines an NFT “a unique digital certificate that is registered in a blockchain that is used for recording ownership of an asset such an artwork or collectible”. They also noted that NFTs signify:
BREAKING NEWS: The Collins Word of the year is… NFT. Find out more about #CollinsWOTY 2021 and see the full list here: https://t.co/gmsnCqA0yv#wordoftheyear #CollinsDictionary #NFT pic.twitter.com/XPhUM7oIoZ
Collins Dictionary (@CollinsDict November 24, 2021
Beeple, the renowned NFT artist, was cited by the institution as a key contributor to the space. Unsurprisingly, it also denoted his landmark magnum opus, Everydays. The First 5000 days. This piece, which sold for $69 million in March, was the third-highest sale of physical or digital art in history.
Over the past 12 months, the NFT market has seen a phenomenal growth, which has attracted a large number of influencers, celebrities and Web 3 enthusiasts to get involved with the space. Cool Cats, Bored Ape Yacht Club, and CryptoPunks capture the essence of the Twitter-native profile pictures project (pfp).
In addition, traditional auction houses such as Sotheby’s and Christie’s now offer NFT auctions, which can be used to encourage adoption. This theme was also shared by Bobby Ong (Co-founder and Chief Operating Officer of CoinGecko), in a recent conversation with Cointelegraph.
As of Q4 2021, the combined total sales of art and collectible NFTs exceeded $7.4 billion. Comparatively, the sales of art and collectables was $17.8 million, and $55.5 million, respectively, at the beginning of this year. These figures seem incomprehensible given today’s vibrant market.
To provide more context on the inclusion of NFT, Oxford Dictionary, a UK institution, recently awarded their prestigious Word of the Year to Vax. This is a symbol for the immense impact that Covid-19 and subsequent vaccination programs have had on the world in the past two decades.
Related: How Cardano and Solana are opening new doors for NFT growth
The Oxford Dictionary introduced cryptocurrency terminology online in August 2013, with the introduction Bitcoin. Just under a year later the word cryptocurrency was followed by Satoshi, who joined the exclusive list for linguistic arbitration.
Eileen Wilson –Technology and Energy
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