The Collins Dictionary crowned the amazing year NFTs had. According to the UK dictionary, “NFT” was the most important word of 2021. There’s no denying that the NFT phenomenon has grown immensely this year, and not even Ethereum gas fees and environmental FUDs have been able to hold its development back. Congratulations to all of the artists and business people who have managed to capitalize on the growth and take the Collins Dictionary appreciation as if it were yours.
Related reading | DAO makes Jodorowsky’s Dune manuscript public: Member won $ 3 million bid
How does the Collins Dictionary define NFT?
On the Page word of the year, Collins offers a simple and elegant definition:
“NFT, short for non-fungible token, and the unique digital identifier that holds ownership of a digital asset that has gone mainstream and spent millions on the most coveted images and videos, was called Collins Word of the year 2021.
It’s one of three technology-based words that make Collins’ longer list of ten words of the year, which includes seven words that are brand new to CollinsDictionary.com. “
The other technology-based words were “crypto” and “metaverse,” so you know that NFT had tough competition in 2021. The abbreviation “cryptocurrency” seems like a bigger and broader concept. And it might have been even more ubiquitous than “NFT”. It didn’t have the novel factor, however. On the other hand, “Metaverse” had the new factor, but got into the race too late. When Facebook announced that the company was changing its name to “Meta”, it was already too late. Mark Zuckerberg made headlines with these clumsy and creepy videos, but it didn’t help. NFTs had already won the year.
Dive deeper into NFTs, the Collins Dictionary blog expanded the concept and provided an example:
“Unique” is important here – it is unique, not “fungible” or replaceable with other data. And what has really excited the public about NFTs is the use of that technology to sell art. For example, the rights to a work by surrealist digital artist Beeple were sold at Christie’s in March for $ 69 million. Under the title EVERYDAYS: THE FIRST 5000 DAYS it was a collage of all the pictures he had created since 2007 in order to make one every day. “
BTC price chart on Bitbay | Source: BTC/USD on TradingView.com
Via the Collins Dictionary and its WOTY
The story of this UK based publication goes way back:
“The publication of Collins Dictionary began in 1824 with the publication of Donnegan’s Greek and English Lexicon in collaboration with Smith Elder. In 1840, the first in the Collins Illustrated Dictionaries series was published along with the Sixpenny Pocket Pronouncing Dictionary, which sold approximately 1 million copies. Twenty years later, and with the addition of steam presses, Collins was able to publish dictionaries of all sizes, prices, and binding. “
Related reading | Beeple’s “Human One” sculpture + NFT hybrid sold for $ 28.9 million at Christie’s
The organization has been declared word of the year since 1990. Since this is a newer phenomenon, there is a strong connection with technology from the start. In 1993 the WOTY was “Information Superhighway”; 94 it was “Cyber” and 95 “Web”. In 1997 it was “Millennium Bug” and it was the prefix “e-” in 98. Of course it was “Y2K” in 99. However, lately the Collins Dictionary has been dealing with social movements and gender identities. Last year it was of course “Covid” and in 2021 the tech world took over the throne with “NFT”.
Featured Image: Collins Dictionary WOTY site | Charts by TradingView