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Collins Dictionary recognized NFT as word of 2021

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The Collins Dictionary of English language recognized the abbreviation NFT (non-fungible token) as the word of 2021. Furthermore, the shortlist of nominees included the words “crypto” and “metaverse”.

Thus, the definition of NFT in Collins sounds like “a unique digital certificate, registered in a blockchain, that is used to record the ownership of an asset such as an artwork or a collectible.”

Moreover, the dictionary noted that users have spent millions of dollars on NFTs that have entered the mainstream.

Sudden presence in conversations around the world

Alex Beecroft, managing director of Collins Learning, told The Guardian that it is unusual for an abbreviation to grow in popularity so quickly.

Beecroft further stated that NFTs seem to be everywhere, including art sections, finance pages, galleries. As well as social networking platforms.

Whether NFT will have a lasting impact, we don’t know; but its sudden presence in conversations around the world makes it a very clear word of the year.

Merriam-Webster dictionary

Earlier in May 2021, the American Merriam-Webster dictionary added a definition of a non-fungible token. Also, sold it as an NFT at auction on the OpenSea platform; for 15 ETH (about $55,000 at the exchange rate at the time of the transaction).

It was a 22-second video clip, which demonstrates the “magic” addition of the definition of a NFT to the dictionary. “A unique digital identifier that cannot be copied, substituted, or subdivided, that is recorded in a blockchain, and that is used to certify authenticity and ownership,” says the definition from Merriam-Webster.

Recall that previously in September, OpenSea error led to the destruction of 42 NFT worth $100,000. Lead Developer of the Ethereum Name Service (ENS) Nick Johnson lost access to the oldest decentralized domain name in the form of NFT. Which, due to an error, got to the address for burning tokens of the OpenSea marketplace.

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