NFT Selected as the Year‘s Word of the Year by Collins Dictionary

3m · November 25, 2021

NFT Selected as the Year‘s Word of the Year by Collins Dictionary

"Crypto" and "Metaverse" were both included in the shortlist of Collins Dictionary. Collins Dictionary's 2021 Word of the Year selection acknowledges the current NFT surge. NFT Is Selected as the Year's Word Beeple sold a tokenised JPEG for $69 million at Christie's, Grimes and The Weeknd used Ethereum to create tokens for their music, and now Collins Dictionary has selected "NFT" as the Year's Word. The trendy shorthand for non-fungible tokens won out over "crypto," "Metaverse," and other buzzwords such as "neopronoun," "climate anxiety," and "cheugy." The announcement of the award by Collins Dictionary noted how NFTs had been cited repeatedly during the year "in breathless news headlines and on social media." Additionally, it made reference to the critical role that digital art had in demonstrating the technology's promise. "What has captivated the public's imagination about NFTs is its application to sell art," the release added, citing Beeple's March Christie's auction as a watershed moment for the space. While Beeple's record-breaking sale garnered global attention at the time, the NFT field experienced numerous more significant events during the year as it entered the mainstream. This year, a number of prominent musicians, including The Weeknd, Eminem, Grimes, and Aphex Twin, released their own NFTs, while other celebrities, including Tom Brady, Snoop Dogg, and Jimmy Fallon, encouraged the movement by amassing their own pieces. NFTs soared in popularity among crypto enthusiasts during what became known as "NFT summer," a period of craze from July to August during which demand for generative art and avatar projects skyrocketed. Prices increased in lockstep with trading volumes, with the most sought-after pieces from collections such as CryptoPunks and Fidenza changing hands for millions of dollars (Visa aided the collection's value rise by announcing in August that it had purchased one of the 10,000 algorithmically generated characters for $150,000; the collection's current floor price is $350,000). Apart from Collins Dictionary, it appears as though numerous Big Tech titans understood the impact NFTs would have in 2021. After discontinuing its own tokens, Twitter hinted in September that it will enable NFT authentication. Following that, Facebook announced its rebranding as Meta, igniting a cryptocurrency market frenzy for Metaverse-related projects. Discord has hinted at integrating Ethereum to enable NFT, but has since shelved the plans due to outcry from its community.  

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