NFT

"NFT" named Collins Dictionary's Word of the Year, while Oxford Dictionary chose "Vax".

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"NFT" named Collins Dictionary

Collins Dictionary has released its shortlist of candidate words for the 2021 Word of the Year, with NFT announced as the winner, beating out contenders such as crypto, metaverse, and hybrid working.

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The Collins Dictionary defines NFT as "a unique digital certificate registered on the blockchain, used to record ownership of assets such as artworks or collectibles."

The Collins Dictionary lists NFT artist Beeple as a prominent contributor, citing his most iconic work "Everydays: The First 5000 Days." This piece was auctioned in March this year for a market-high price of $69 million, making it the third-highest price ever for a physical and digital artwork auction.

Over the past year, the NFT market has exploded, attracting a slew of celebrities from the entertainment industry. Furthermore, NFT auctions in traditional markets like Christie's and Sotheby's have also contributed to the expansion of NFTs. As of the fourth quarter of 2021, the total sales of collectible and art NFTs exceeded $7.4 billion. At the beginning of this year, sales of NFT artworks and collectibles reached $17.8 million and $55 million, respectively, showcasing not only a rapid rise but also an unprecedented level of vitality.

In August 2013, the Oxford Dictionary included "cryptocurrency" in its online version. However, this year, the annual term was given to "Vax," symbolizing the impact of COVID-19 and subsequent vaccination programs on the world over the past two years.

This article is authorized for reprint from Horizon News Network

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