Latest Oxford Dictionary NFT News

  • Collins Dictionary announce NFT as word of 2021
    Collins Dictionary announce NFT as word of 2021
    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.Find out more about #CollinsWOTY 2021 and see the full list here: #CollinsDictionary #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.