Collins Dictionary Chose the Word of the Year: NFT!

Non-fungible token’s, i.e. NFTs, have helped to reshape the art field, especially in the year we are in. With the impact of the pandemic, 2021 did not go very well in terms of art and artists, and at this point the NFT reached out as a helping hand, so to speak. For example, artists such as Grimes, Elon Musk’s ex-girlfriend, have sold their artwork to serious figures in the form of digital tokens. Therefore, in fact NFT his term has become one of the most sought-after and questioned terms this year.

Word of the Year: NFT

According to the latest information obtained this year Collins Dictionary as the word of the year “NFT”he chose yi. According to the dictionary, NFT was among the most used words of the year after the “Climate Strike” in 2019 and the “Lockdown” in 2020, with a decadal increase of 11,000 percent in its use.

Collins NFTs, “a unique digital certificate registered on a blockchain used to register ownership of an asset such as a work of art or a collection” he defines it as.

On the other hand, a fungible token is an asset that can be exchanged one-to-one. However, non-fungible tokens represent tokens that do not have an exchange and are not interchangeable. At this point, Bitcoin is a the fungible token while a classic car can be covered by a non-fungible token.

Why Have NFTs Become So Popular?

In fact, many people didn’t know what NFT was until Beeple, a digital artist, sold his digital collage work for $70 million in March. The controversy over the adoption of NFTs was also influenced by the fact that Twitter CEO Jack Dorsey sold his first tweet for $ 2.9 million.

In addition, the acceptance and increase in the use of technologies such as cryptocurrency and blockchain, NFTit also caused an increased interest in the. Due to its digital format, NFT has enabled people who have not even stepped foot in an art gallery before to become interested in art. In addition, NFTs are defined as the systems of the future because they can reveal the digital ownership of all kinds of things that you can think of and do it in an unchangeable way.