Collins Dictionary officially announced its annual shortlist of ten words in 2021, as well as noting that NFT – although technically short for Intangible Token – is the word of the year, surpassing, among other things, the performance of crypto, metaverse, and hybrid… Things.

The blog post spoke candidly about the promise of a digital revolution through the “Convergence of Money and the Internet,” which aims to challenge and advance traditional payment methods in the 21st century.

Collins Dictionary defines NFT as “a unique digital certificate registered on the blockchain that is used to record ownership of an asset as a work of art or collection,” and also noted in the blog post that NFT stands for:

“A digital piece of data that captures who owns a digital artwork… What really captured the public’s imagination about NFT is the use of this technology to sell artwork.”

The foundation cited infamous artist NFT Beeple as a notable contributor to the space and it was no surprise that his masterpiece was named Every Day: The First 5,000 Days, a piece that sold for $69 million in March of this year, making it the third largest. … sales of physical or digital artworks in history.

The NFT market has experienced equivalent growth over the past 12 months, sending a tidal wave of celebrities, influencers, and Web 3.0 fanatics into the space. Groups such as CryptoPunks, Bored Ape Yacht Club and Cool Cats have captured the core of the Twitter Profile Pictures (pfp) project.

Additionally, the emergence of NFT auctions from traditional auction houses such as Christie’s and Sotheby’s provides an opportunity for universal pedal chair adoption – a topic that CoinGecko co-founder and CEO Bobby Ong shared in a recent conversation with Cointelegraph.

Total sales of collectibles and art NFTs exceeded $7.4 billion compared to the fourth quarter of 2021. By comparison, earlier this year, art and collectibles sold $17.8 million and $55.5 million, respectively, numbers that seem unfathomable at present. fast growing market.

For the broader context of the inclusion of the NFT, other British institutions recently awarded the Oxford Dictionary the coveted word of the year for Vax, a symbol of the significant impact of COVID-19 and subsequent vaccination programs on the world over the past two years.

RELATED: How Solana and Cardano Pave New Paths for NFT Growth

The Oxford Dictionary first introduced crypto-currency terms in its online version in August 2013 when it introduced Bitcoin. The word “cryptocurrency” appeared only a year later, and Satoshi recently joined the list of exclusive linguistic arbitrage.

Source: CoinTelegraph