The phrase ‘NFT’ has been designated the 2021 Word of the Year by Collins Dictionary.
Highlights:
NFT is an abbreviation for “non-fungible token.”
NFT is described as “a unique digital certificate, recorded on a blockchain, that is used to record the ownership of an object such as an artwork or a collectable,” according to Collins Dictionary.
HarperCollins in Glasgow publishes the Collins English Dictionary.
Most notably, Twitter CEO Jack Dorsey sold an NFT of his first tweet for $2.9 million, while electronic singer Grimes sold her digital art for $6 million.
Collins experts, headquartered in Glasgow, Scotland, stated Wednesday that they picked NFT because of its “meteoric Growth in usage,” which is expected to increase by 11,000 per cent by 2021.