Collins Dictionary chose the term NFT as its word of the year after growing interest in digital tokens that can sell for millions of dollars brought it into the mainstream.
NFT is short for Non-Fungible Token. Collins defines it as “a unique digital certificate, stored on a blockchain, which is used to record ownership of an asset such as a work of art or collectible.”
Most people didn’t know what an NFT was until this year when sales skyrocketed, sparked in large part by artist Beeple’s March auction of a digital NFT collage for nearly $70 million. Other highlights include Twitter CEO Jack Dorsey selling an NFT of his first tweet for $2.9 million and electronic musician Grimes selling for $6 million for his digital art.
Experts at Collins, based in Glasgow, Scotland, said on Wednesday they chose NFT because of its “skyrocketing increase in usage”, up 11,000% in 2021.
“NFTs seem to be everywhere, from art sections to financial pages and in galleries and auction houses and on social media platforms,” said Alex Beecroft, managing director of Collins Learning. But whether NFT will have a lasting influence remains to be seen. determined, he added.
The editor of the Oxford English Dictionary, meanwhile, recently chose vax as the word of the year, as interest in vaccinations has increased over the past 12 months.