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Collins Dictionary Picks “NFT” As 2021’s Word Of The Year

The Collins Dictionary crowned the amazing year NFTs had. According to the UK-based dictionary, “NFTwas the most important word of 2021. Theres no denying that the NFT phenomenon grew immensely this year, and not even Ethereum gas fees and environmental FUD could deter its trajectory. Congratulations to all the artists and businessmen that managed to benefit from the growth, and take Collins Dictionarys acknowledgment as if it was yours.

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How Does Collins Dictionary Define NFT?

On the Word of The Year page, Collins offers a simple and elegant definition:

“‘NFT’, the abbreviation ofnon-fungible token’, the unique digital identifier that records ownership of a digital asset which has entered the mainstream and seen millions spent on the most sought-after images and videos, has been named Collins Word of the Year 2021.

It is one of three tech-based words to make Collinslonger list of ten words of the year, which includes seven words brand new to CollinsDictionary.com.”

The other tech-based words werecryptoandmetaverse,” so you know NFT had some fierce competition in 2021. The abbreviation ofcryptocurrencyseems like a bigger and wider concept. And it mightve been even more everpresent thanNFT.” However, it didnt have the novel factor. On the other hand, “metaversedid have the novel factor but it came too late into the race. When facebook announced that the company was changing its name tometa,” it was already too late. Mark Zuckerberg commanded headlines with those clumsy and cringy videos, but it didnt help. NFTs had already won the year.

Digging deeper into NFTs, the Collins Dictionarys blog expanded on the concept and provided an example:

Uniqueis important hereits a one-off, notfungibleor replaceable by any other piece of data. And whats really captured the publics imagination around NFTs is the use of this technology to sell art. For example, the rights to a work by the surrealist digital artist Beeple sold at Christies in March for $69m. Called EVERYDAYS: THE FIRST 5000 DAYS, it was a collage of all the images hed created since he committed in 2007 to making one every day.”

ETH price chart for 11/25/2021 on FTX | Source: ETH/USD on TradingView.com

About The Collins Dictionary And Its WOTY

The history of this UK-based publication goes way back:

Collins dictionary publishing began in 1824, with the publication of Donnegans Greek and English Lexicon in partnership with Smith Elder. In 1840, the first in the series of Collins Illustrated Dictionaries was published alongside the Sixpenny Pocket Pronouncing Dictionary which went onto sell approximately 1 million copies. 20 years later and with the addition of steam presses, Collins could publish dictionaries in all sizes, prices and bindings.”

Related Reading | Beeple’s “Human One,” A Sculpture + NFT Hybrid, Sold For $28.9M At Christie’s

The organization has been declaring a Word Of The Year since 1990. Its a newer phenomenon so, from the beginning, theres a strong link to technology. In 1993, the WOTY wasinformation superhighway”; it wascyberin 94, andwebin 95. When it came to 1997 it wasmillennium bug,” and it was the prefixe-” in 98. Of course, it wasY2Kin 99. Recently, though, Collins Dictionary has been concerned with social movements and gender identities. Last year, of course, it wasCovid,” and in 2021 the tech world took back the throne withNFT.”

Featured Image: Collins Dictionary WOTY site | Charts by TradingView
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