‘NFT’ named word of the year by Collins dictionary
By Robert Davis
21:02, 24 November 2021
Collins dictionary named “NFT” – an abbreviation that stands for non-fungible token – as 2021’s word of the year on Wednesday.
The dictionary said in a blog post that it chose the word because “the digital revolution continues apace, changing our culture, relationships and the way we do business,” as highlighted by the pandemic.
What are NFTs?
Collins defines an NFT as “a unique digital certificate, registered in a blockchain, that is used to record ownership of an asset such as an artwork or a collectible.”
Essentially, it is technology that records digital ownership.
While the technology now makes collectables out of everything from digital baseball cards and popular moments on Spongebob Squarepants, it initially found value in helping to sell high-dollar art online.
For example, a digital piece by artist Beeple called “The First 5000 Days” still holds the record as the most expensive NFT ever sold at $69m (£51.75m).
Analysts at Brandessence Market Research anticipate the NFT market to grow by more than 328% within the next five years.
Other words up for nomination
NFT beat out other words up for nomination like neopronoun, regencycore and cheugy, Collins said.
Neopronoun refers to a novel way of addressing someone without using their name. Conventional neopronouns include “xe,” “ze” and “ve” which replace “he,” “she” and “they.”
Regencycore refers to a specific fashion aesthetic that are inspired by Georgian themes in the television show “Bridgerton.”
Cheugy is used to cast aspersions on something now regarded as outdated.
Read more: Aoki NFT auction raises 4,000