Collins Dictionary selects “NFT” as the word of the year in 2021

The Collins Dictionary has created an amazing year for NFT. According to the British dictionary, “NFT” is the most important word in 2021. It is undeniable that the NFT phenomenon has grown rapidly this year, and even Ethereum gas fees and environmental FUD cannot stop its development trajectory. Congratulations to all the artists and businessmen who have successfully benefited from the growth, and take the Collins Dictionary recognition as your recognition.

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How does the Collins dictionary define NFT?

exist Vocabulary of the Year page, Collins provides a simple and elegant definition:

“‘NFT’, short for’non-fungible token’, is a unique digital identifier that records the ownership of a digital asset, which has entered the mainstream and spent millions of dollars on the most popular images and videos, and has been named For Collins Word 2021.

This is one of three technology-based words in Collins’s longer list of ten words of the year, including seven brand new words from CollinsDictionary.com. “

Other technology-based words are “crypto” and “metaverse”, so you know that NFT will have some fierce competition in 2021. The acronym “cryptocurrency” seems to be a larger and broader concept. It may be more ubiquitous than “NFT”. However, it has no novel factors. On the other hand, “Meta Universe” does have novel elements, but it is too late to participate in the competition. When Facebook announced that the company would change its name to “meta”, it was too late. Mark Zuckerberg made the headlines with those clumsy and crappy videos, but it didn’t help. NFTs have won this year.

In-depth study of NFT, Collins Dictionary Blog This concept is extended and an example is provided:

“Unique” is very important here-it is a one-off and cannot be “replaced” or replaced by any other data. What really attracts the public’s imagination for NFT is the use of this technology to sell artworks. For example, the copyright of the surrealist digital artist Beeple’s work was sold at Christie’s auction for $69 million in March. Named EVERYDAYS: THE FIRST 5000 DAYS, this is a collage of all the images he has created since he promised to make every day in 2007. “

ETH price chart for 11/25/2021 on FTX | Source: ETH/USD on TradingView.com

About Collins Dictionary and its WOTY

The history of this British publication go back:

“The publication of the Collins Dictionary began in 1824, when Donnegan’s Greek and English dictionaries were published in collaboration with Smith Elder. In 1840, the first book in the Collins Illustrated Dictionary series and The sixpence pocket pronunciation dictionary was published together and sold about 1 million copies. Twenty years later, with the addition of the steam printer, Collins can publish dictionaries of various sizes, prices, and bindings.”

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Since 1990, the organization has been announcing the word of the year. This is a relatively new phenomenon, so it has a close connection with technology from the beginning. In 1993, WOTY was the “information superhighway”; in 1994 it was “cyber”, and in 1995 it was “web”. By 1997 it was the “millennium bug”, in 1998 it was the prefix “e-“, and of course it was “Y2K” in 1999. However, the Collins dictionary has recently focused on social movements and gender identity. Of course, last year was “Covid”, and in 2021, the technology industry regained the throne with “NFT”.

Featured Image: Collins Dictionary WOTY site | Charts by TradingView

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