NFT has been crowned Word of the Year 2021 by Collins Dictionary, beating out other popular new terms like 'double-vaxxed' and ...
NFT has been crowned Word of the Year 2021 by Collins Dictionary, beating out other popular new terms like 'double-vaxxed' and 'cheugy' for the top spot.
NFT, short for non-fungible token, is defined by Collins 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.'
It acts as the artist's signature on the digital artwork, verifying its ownership and authenticity and is permanently attached to the piece.
Collins Dictionary experts awarded the abbreviation of 'non-fungible token' the title after seeing a more than 11,000 percent rise in usage in 2021.
NFT, short for non-fungible token, is defined by Collins 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.' In March, a digital collage by artist Beeple sold for a record $69.3 million at Christie's (pictured)
In March, a digital collage by American artist Beeple sold for a record $69.3 million at Christie's, fetching more money than physical works by many better-known artists.
'Everydays: The First 5,000 Days' became the most expensive ever NFT.
It is a collage of 5,000 individual images, which were made one-per-day over more than thirteen years, and was billed by the auction house as 'a unique work in the history of digital art'.
Alex Beecroft, managing director of Collins Learning, said in a statement: 'NFTs seem to be everywhere, from the arts sections to the financial pages and in galleries and auction houses and across social media platforms.
Collins Dictionary experts awarded the abbreviation of 'non-fungible token' the title after seeing a more than 11,000 percent rise in usage in 2021. Pictured is NFT displayed on a billboard in Time Square, New York on November 4
But whether NFT will have a lasting influence is yet to be determined, he added.
Along with NFT, the digital currency known as 'crypto', short for cryptocurrency, also made the list.
Collins also named 'metaverse' as one of the most popular words this year, which gained traction due to Mark Zuckerberg changing Facebook's name to Meta.
According to the social media giant, the 'metaverse' is a set of virtual spaces where you can game, work and communicate with other people who aren't in the same physical space as you.
Other words on the list focus on the lingering coronavirus pandemic: 'pingdemic,' 'double-vaxxed' and 'hybrid working'.
'Pingdemic' emerged when people using the NHS app were pinged to self-isolate following contact with someone with a confirmed case of Covid-19.
'Hybrid working' denotes the mixture of commuting and working from home, which has become the norm, while 'double-vaxxed' refers to anyone who has received two doses of the Covid-19 vaccine.
Other words on the list focus on the lingering coronavirus pandemic: 'pingdemic,' 'double-vaxxed' and 'hybrid working'. Double-vaxxed refers to anyone who has received two doses of the Covid-19 vaccine
This year the term 'climate anxiety' has made the list, reflecting people's growing concerns about climate change and the perceived lack of action to tackle it.
Similarly, conversations over gender and the representation of trans and non-binary people has led to a rise in usage of 'neopronouns' which is another word on this year's list.
A pair of new words complete this year's list. 'Regencycore' relates to the recent influence shows such as Bridgerton have had on fans and fashion, and 'cheugy' is a slang term used to describe, and dismiss, anything seen as hopelessly uncool or unfashionable.
The Oxford English Dictionary's publisher, meanwhile, recently chose 'vax' as its word of the year, as interest in vaccinations spiked over the past 12 months.
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