Collins Dictionary officially released Announce Their cross-year candidate list for the 2021 word of the year, and announced that NFT-although technically understood as an acronym for non-fungible tokens-has been awarded their word of the year, surpassing others such as encryption, metaverse, and mixed work.

This blog post frankly talked about the prospect of a digital revolution through the “convergence of currency and the Internet” that aims to challenge the traditional payment medium and develop it into the 21st century.

The Collins Dictionary defines NFT as “a unique digital certificate registered in the blockchain, used to record the ownership of assets such as artworks or collectibles”, and further pointed out in their blog post that NFT means:

“A large amount of digital data that records who a digital work belongs to… What really attracts the public’s imagination for NFT is the use of this technology to sell art.”

Breaking News Collins’ Word of the Year is… NFT.

learn more #CollinsWOTY 2021 and see the full list here: https://t.co/gmsnCqA0yv#wordoftheyear #Collins Dictionary #NFT pic.twitter.com/XPhUM7oIoZ

-Collins Dictionary (@CollinsDict) November 24, 2021

Referenced institutions Notorious NFT artist Beeple As an outstanding contributor to the space, it is no surprise that his iconic masterpiece “Everyday: The First 5000 Days”, this work was auctioned at the highest market price of US$69 million in March this year, the third highest this year Auction of physical or digital artworks. history.

In the past 12 months, the NFT market has witnessed parabolic growth, attracting a large number of celebrities, influencers and Web 3 enthusiasts to participate in the field. Series such as CryptoPunks, Bored Ape Yacht Club and Cool Cats have captured the essence of Twitter’s native profile picture project (pfp) space.

In addition, the emergence of NFT auctions by traditional auction houses such as Christie’s and Sotheby’s is providing a global step stool to promote adoption, and CoinGecko’s co-founder and COO Bobby Ong shared this theme in a recent report. dialogue With Cointelegraph.

As of the fourth quarter of 2021, total NFT sales of collectibles and artworks exceeded $7.4 billion. In contrast, sales of art and collectibles reached US$17.8 million and US$55.5 million respectively at the beginning of this year, which seems incomprehensible in today’s booming market.

In order to better understand what the NFT contains, the British colleague Oxford Dictionary recently awarded their prestigious annual vocabulary to Vax, which is a symbol of the significant impact that Covid-19 and subsequent vaccination programs have had on the world in the past two years.

Related: How Solana and Cardano pave the way for NFT growth

The Oxford Dictionary first introduced cryptocurrency terms in its online version in August 2013 Bitcoin. The word Cryptocurrency Follow up less than a year later, and recently Satoshi Join the exclusive list of language arbitration.