Collins Dictionary names ‘NFT’ the word of the year

Collins Dictionary announced Wednesday that The word of the year is “NFT” – digital assets that Its popularity exploded this year Besides the emergence of cryptocurrencies.

The term, denoting the abbreviation “non-replaceable code”, witnessed a “Meteorological” rise in use this yearCollins said, up 11,000 percent over the previous year.

The dictionary declared that he fell on the word NFT annual honors because it reflectsThe convergence of money and the Internet“Who has reached Defining this year for many.

‘Whether the NFT will lasting effect It hasn’t been identified yet, but its surprising presence in conversations around the world makes it very clear our word for this year,” the dictionary said.

Collins Dictionary defines NFT as “a unique digital certificate, registered on the blockchain, used to record ownership of an asset such as a work of art or a collection.”

“In other words, it’s a large body of digital data that records to whom a piece of the digital work belongs to,” Collins said.

NFT House of Fine Art (HOFA) Gallery, London
The term NFT saw an 11,000 percent increase in usage over the previous year.
Chris J. Ratcliffe/Bloomberg via Getty Images
NFF exhibited at the House of Fine Art (HOFA) gallery in London.
NFF exhibited at the House of Fine Art (HOFA) gallery in London.
Bloomberg via Getty Images

The market for NFTs jumped into the billions this year as celebrities and meme makers rushed to take advantage of the trend. everyone from Paris Hilton And Martha Stewart To the baby stars YouTube songs like “Charlie Bit My Finger” have sold their NFT channels.

In March, Beeple NFT . was released It was sold at Christie’s for over $69 million.

The word had to beat a number of other buzzwords to take home the title of 2021 Word of the Year.

For example, the shortlisted Double FXXD was made “a badge of honor worn by those who have taken two knockout doses,” Collins puts it.

Visitors experience an immersive installation entitled "Hallucinogenic Mechanism Space: Metaverse" Written by Rafik Anadol at the Asia Digital Art Fair showcasing digital art and NFT art in Hong Kong, China, on Sunday, October 3, 2021.
Visitors experience an immersive art installation titled “A Hallucinogenic Space: The Metaverse” by Refik Anadol at the Digital Art Asia Expo showcasing digital art and NFT art in Hong Kong, China, Sunday, October 3, 2021.
Bloomberg via Getty Images
Some NFTs sold for millions of dollars.
Some NFTs sold for millions of dollars.
SOPA/LightRocket Images via Gett

“Hybrid work” and “pingdemic” – the term used to describe a notification attack that comes as a result of remote work – are also both shortlisted.

Collins said that the phrase “cheugy, the cheerful idiom used to confuse something now considered outdated, outdated, and embarrassing,” also made the list.

Japanese tattoo artist Ichi Hatano drew A "Haniyeh" Digital photo mask, after an interview with AFP in his studio in Tokyo.  Hatano is now going digital because of the pandemic, selling his designs as non-fungible tokens (NFTs), virtual objects that have swept the art world
Japanese tattoo artist Ichi Hatano, who now sells his work as NFTs, paints a digital portrait of a “hannya” mask.
PHILIP FONG / AFP via Getty Images

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