Collins Dictionary has officially announced its annual ten-word shortlist for 2021, and also announced that NFT – although technically understood as an acronym for Non-Fungible Symbol – is the word of the year, surpassing such as metavers and hybrid cryptography. work among other things. other.
The blog post was honest about the potential of the digital revolution through the “convergence of money and the internet”, which aims to challenge and develop traditional payment methods in the 21st century.
Collins Dictionary defines NFT as “a unique digital certificate registered on the blockchain used to register ownership of an asset as a work of art or collection,” and the blog post also noted that NFT refers to:
“Most of the digital data that captures who owns a piece of digital work … what really captured the audience’s imagination about NFT is the use of this technology to sell art.”
The foundation has cited the infamous NFT artist Beeple as a prominent contributor to the space, and not surprisingly, he cited the masterpiece Everydays: The First 5000 Days, a piece that sold for $ 69 million in March this year, the third best-selling work. physical or digital art in Date.
The NFT market has experienced similar growth in the last 12 months, and is attracting a tidal wave of celebrities, influencers and Web 3.0 fanatics to interact with space. Groups like CryptoPunks, Bored Ape Yacht Club and Cool Cats took up the core of the original Twitter profile picture (pfp) project space.
In addition, the emergence of NFT auctions of traditional auction houses such as Christie’s and Sotheby’s provides a global pedal to stimulate adoption, a topic shared by CoinGecko co-founder and COO Bobby Ong in a recent conversation with Cointelegraph.
Accumulated sales of art and collectibles exceeded $ 7.4 billion as of Q4 2021. By comparison, earlier this year there were sales of art and collectibles of $ 17.8 million and $ 55.5 million, respectively, figures that seem incomprehensible in a booming market. .
To add more context to the inclusion of the NFT, the UK’s Oxford Dictionary recently awarded its coveted word for the year Vax, a symbol of the significant impact COVID-19 and subsequent vaccination programs have had on the world over the past two years.
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Oxford Dictionary first introduced the terms of cryptocurrency in its online version in August 2013 when bitcoin was introduced. Cryptocurrency followed less than a year later, with Satoshi recently joining the exclusive list of language judges.