The Collins Dictionary has officially released its annual 10-word shortlist for 2021, claiming that NFT – although technically an acronym for a non-fungible token exchange – was named Word of the Year, outperforming those who prefer below other crypto, metaverse and hybrid work.
The blog post speaks openly about the prospect of a digital revolution through the “convergence of money and the network”, which demands and develops traditional means of payment into the 21st century.
The Collins Dictionary defines an NFT as “a unique digital certificate registered on a blockchain and used to document ownership of an asset such as a work of art or collectibles,” and their site post further points out that NFT means:
“A piece of digital records who owns the digital work … What really stimulates the public perception of NFT is the use of this technology to sell works of art.”
HIGHLIGHTS Collins Quote of the Year is … NFT.
– Collins Dictionary (@CollinsDict) November 24, 2021
The Foundation has named renowned NFT artist Beeple as a prominent contribution to this space, unsurprisingly naming his groundbreaking work Everydays: The Very first 5000 Days, a work that was released this March, the third, for a market peak of 69 million US dollar was auctioned. Highest sales of digital or physical artwork in history.
The NFT market has grown parabolically over the past twelve months, attracting a tidal wave of celebrities, influencers, and website 3 fans. . Collections like CryptoPunks, Bored Ape Yacht Club, and Cool Cats capture the essence of the original Twitter profile picture project space (pfp).
In addition, the advent of NFT auctions by stationary auction houses like Christie’s and Sotheby’s provides a global stepping stone to promoting adoption, a topic the co-founder and director picked up on Accelerometer Chat.
Total NFT collectibles and art sales exceeded $ 7.4 billion in the fourth quarter of 2021.
To learn more about the NFT’s inclusion, the UK-based Oxford Dictionary recently awarded Vax the prestigious title of the year, a symbol of the significant impact of Covid-19.
Similar: How Solana and Cardano are breaking new ground for NFT growth
Oxford Dictionaries first introduced the term cryptocurrency in their online edition in August 2013 with the introduction of Bitcoin. The word crypto followed less than a year later, while Satoshi only recently joined the exclusive list of language arbitrators.