NFT is the word of the year according to Collins Dictionary, despite it actually being an abbreviation.
The Collins Dictionary has officially announced their ten-word annual shortlist for word of 2021, as well as declaring that NFT — though technically understood to be an abbreviation for nonfungible token — has been awarded their word of the year, surpassing the likes of crypto, metaverse and hybrid working, among others.
The blog post spoke frankly about the prospect of a digital revolution through a “convergence of money and the internet” which seeks to challenge and evolve traditional mediums of payment into the 21st century.
Collins Dictionary 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”, and it was further noted in their blog post that NFT’s signify:
“A chunk of digital data that records who a piece of digital work belongs to… what’s really captured the public’s imagination around NFTs is the use of this technology to sell art.”
BREAKING NEWS The Collins Word of the Year is… NFT.
— Collins Dictionary (@CollinsDict) November 24, 2021
The institution cited infamous NFT artist Beeple as a prominent contributor to the space, and unsurprisingly denoted his landmark magnum-opus, Everydays: The First 5000 Days , a piece auctioned for a market-high of $69 million in March this year, the third-highest physical or digital art sale in history.
The NFT market has witnessed parabolic growth over the past twelve months, enticing a tidal wave of celebrities, influencers and Web 3 fanatics to engage with the space. Collections such as CryptoPunks, Bored Ape Yacht Club and Cool Cats have captured the essence of the Twitter-native profile picture project (pfp) space.
Furthermore, the emergence of NFT auctions by traditional auction houses like Christie’s and Sotheby’s are providing a global pedal stool to drive adoption, a theme which was shared by the Co-founder and chief operating officer of CoinGecko, Bobby Ong, in a recent conversation with Cointelegraph.
Combined total sales for collectible and art NFTs surpassed $7.4 billion as of Q4 2021. For comparison, art and collectable sales recorded $17.8 million and $55.5 million respectively at the start of this year, figures which seems incomprehensible in today’s flourishing market.
For greater context into the NFT inclusion, fellow UK establishment Oxford Dictionary recently awarded their prestigious word of the year to Vax, a symbol of the significant impact Covid-19, and subsequent vaccination programmes, have had on the world over the past two years.
The Oxford Dictionary first debuted cryptocurrency terminology in their online edition in August 2013 with the introduction of Bitcoin. The word cryptocurrency followed suit just under a year later, while more recently Satoshi joined the exclusive list of linguistic arbitration.