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NFT Dubbed Word Of The Year By Collins English Dictionary

Following increased usage by up to 11,273% in 2021, lexicographers from Collins English Dictionary have named the acronym NFT, “Word of the Year”.

Collins' blog defines NFT as the abbreviation of non-fungible tokens; “a unique digital identifier” used to record possession of virtual assets released into the mainstream. With NFTs, developers can make digital art or turn rare items into tokens.

“NFT” Dubbed Word Of The Year By Collins English Dictionary

NFTs Go Mainstream

Collins bases their choice on the fact that NFTs portray a distinctive technicolor blend of art and tech as well as single-handedly introducing a whole new digital marketplace. According to the blog, NFTs breached the clamor of 2020 and the chaos of covid, turning more commonplace as time wears on.

In the words of Alex Beecroft, Managing Director of Collins Learning, “NFTs seem to be everywhere”. Throughout this year non-fungible tokens have made massive leaps in terms of mainstream adoption.

Non-fungible tokens have swept through the crypto industry this year, making quite the impression all over the world.

A most remarkable incident was the march sale of a masterpiece by Mike Winkleman also known as Beeple. He auctioned off his NFT called “Everydays: The first 5000 days” for 69 million USD. This opened the door for massive sales on auction houses like Sotheby’s and NFT marketplaces such as OpenSea and Rarible.

2021; A Record Year For NFTs

Recently NFT projects were brought in to support sustainability and various eco-friendly developments. Social media platforms such as TikTok and Twitter hopped onboard the NFT train as well.

With fast-food and beverage chains such as McDonald’s, Taco Bell and Budweiser also joining the movement this year, it is impossible to deny the substantial impact the non-fungible token industry has made in such a short time.

As Beecroft said in his statement,

“It is uncommon for an abbreviation to experience such a meteoric increase in use, however, the information we have from the Collins Corpus shows the impressive ascendancy of the NFT in 2021”.

Beecroft added later on that although it is still too early to determine if the NFT industry is here to stay, the prevalent presence of NFTs, in the art industry; galleries and auction houses, in finance and social media, made it the obvious choice for the Collins Word of the Year.

Two other words connected to digital currency also made the Collin Dictionary's extended list of 10 words of the year. “Crypto” and “Metaverse” to be exact, with the initial experiencing a 468% increase in usage in the past year. The word, “Metaverse”, first showed up in the 1992 novel Snow Crash written by Neal Stephenson but it rose in popularity thanks to Facebook’s rebrand as well as the NFT frenzy.

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