Collins Dictionary Includes NFT Into Its 10-Word Annual Shortlist
The Collins Dictionary has now declared NFT as the word of the year and also declared their ten-word annual word shortlist for 2021. Technically, NFT is recognized as an abbreviation for ‘Non-Fungible Token’, and it was stated that it was used more than words like crypto, hybrid working, metaverse, and others related.
In a blog post, the Collins Dictionary wrote that the prospect attached to the digital revolution that comes with the convergence of the internet and money is quite enormous as the challenges that come with the traditional method of payments are being addressed.
As defined by the Collins Dictionary, NFT is a unique blockchain-registered digital certificate, that is employed to record the ownership of assets like collectibles and artwork.
In the same blog post referenced above, it was written that NFT signifies a compilation of digital data that is used to recognize the ownership of digital work and the fascinating thing about the whole idea of NFT is the employment of technology to sell art.
The Institution used Beeple – and infamous NFT artist – as a reference for his prominent contribution to the space and the establishment of his masterpiece dubbed Everydays: The First 5000 Days. The NFT piece was sold in an auction for an ETH value worth $69 million that making it the third-highest digital or physical art sale in history.
The growth curve of the NFT market in the past twelve months has been parabolic, and the space has seen engagement from the massive influx of influencers, celebrities, and enthusiasts of Web 3.0. also, the rise of NFT auctions in such physical auction houses as Sotheby’s and Christie’s is quite instrumental to the adoption of the technology globally.
As of the fourth quarter of 2021, the total sales of art and collectible NFTs as surpassed $7.4 billion. At the beginning of the year, the flourishing market saw collectible and art sales of $55.5 million and $17.8 million, and the figure is quite incomprehensible considering the momentum in the market.
A related establishment to the Collins Dictionary in the United Kingdom, Oxford Dictionary declared its word of the year as Vax, a symbol made for the impact of COVID-19 for the last two years. Speaking of crypto and the Oxford Dictionary, crypto terminology was first debuted in the online edition of the dictionary in 2013 when Bitcoin was introduced after which Cryptocurrency entered the dictionary as a world in less than a year following Bitcoin’s debut. The dictionary will soon see other words like Satoshi joined its linguistic arbitration recently.
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