LONDON (AP) – Collins Dictionary chose the term NFT as the word of the year after a surge in interest in digital tokens that could be sold for millions of dollars took them mainstream.
NFT is an acronym for Non-Fungible Token. Collins defines it as “a unique digital certificate registered on the blockchain that is used to register ownership of an asset such as a work of art or collectible.”
Most people didn’t know what NFT was until this year when sales skyrocketed, thanks in large part to artist Biple’s nearly $ 70 million auction of digital collage NFT in March. Other highlights include Twitter CEO Jack Dorsey, who sold his first tweet to NFT for $ 2.9 million, and electronic musician Grimes, selling his digital art for $ 6 million.
Collins experts from Glasgow, Scotland said Wednesday they chose NFT because of its “explosive growth in usage”, which is expected to grow 11,000% in 2021.
“NFT seems to be everywhere, from art sections to financial pages, galleries, auction houses and social media platforms,” said Alex Beecroft, managing director of Collins Learning. But it remains to be determined whether the NFT will have a lasting impact, he added.
Meanwhile, the publisher of the Oxford English Dictionary recently picked vax as their word of the year as interest in vaccinations has skyrocketed over the past 12 months.