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London (AP) — The Collins Dictionary chose the term NFT as the word for the year after the growing interest in digital tokens that could sell for millions of dollars and the NFT becoming mainstream.
NFT stands for irreplaceable token. Collins defines it as “a unique digital certificate registered on the blockchain used to record ownership of assets such as artwork and collectibles.”
Most people didn’t know what an NFT was. Sales surged this year, largely sparking artist Beeple’s March auction of digital collage NFTs for nearly $ 70 million. Other highlights include Twitter CEO Jack Dorsey selling the first tweet NFT for $ 2.9 million and electronic musician Grimes selling $ 6 million worth of digital art. ..
A Collins expert based in Glasgow, Scotland, said Wednesday that he chose NFTs for a “rapid increase in usage” that increased by 11,000% in 2021.
Alex Beecroft, Managing Director of Collins Learning, said: However, it has not yet been determined whether NFTs will have a lasting impact, he added.
Meanwhile, the Oxford English Dictionary publisher recently chose vax as the word for the year because of the surge in interest in vaccination over the past 12 months.
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Collins Dictionary Chooses NFT as a 2021 Word | WGN Radio 720
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