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Thursday, December 2, 2021

Collins Dictionary named NFT Word of the Year

The Collins Dictionary announced Wednesday that the word “NFT” has been chosen as its word of the year given the fact that NFT usage has increased by 11,000 percent in 2021, while digital assets like cryptocurrencies continue to gain widespread acceptance.

“This explosive growth in the use of the acronym is unusual, but the data we get from Collins Corpus reflects the outstanding dominance of NFT in 2021,” Collins Learning managing director Alex Beecroft told The Guardian. “NFT seems to be everywhere, from art sections to financial pages, galleries, auction houses and social media platforms. Whether the NFT will have a long-term impact remains to be determined, but its sudden appearance in discussions around the world makes it very clearly our word of the year. ”

NFT stands for “non-fungible token” and Collins’ definition is “a unique digital certificate registered on the blockchain that is used to record ownership of an asset such as a work of art or collectible.”

NFTs help prove ownership of unique assets by acting like virtual signatures. A block of digital data, NFT, can be used to authenticate assets such as a work of art, as the blockchain serves to verify ownership. Although several copies of the art have been produced, the original owner can be traced using the blockchain. NFT can be used to own digital assets like a viral video or tweet, and the asset can be bought and sold like a work of art.

Collins’ lexicographers, the people who compose dictionaries, check a corpus of 4.5 billion words to make the final choice. NFT won the title because it showcased “a unique multicolored clash of art, technology and commerce,” according to The Guardian.

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Aside from NFT, other technical words that make it into the dictionary are “crypto”, short for cryptocurrency, and “metaverse”, made popular by Facebook’s rebranding as a provider of the virtual world. The other top 10 words for 2021 are cheugy, climate alert, double-vaxxed, hybrid working, neopronoun, pingdemic, and Regencycore.

One of the most famous examples of NFT is the creation of digital art by graphic designer Mike Winkelmann, also known as Beeple. The NFT for the Beeple art collection Every Day: The First 5000 Days sold for $ 69.3 million in March, making Winkelmann one of Christie’s “Top 3 Most Valuable Living Artists”. The Christie’s deal also legitimized NFT as a technology, according to The Verge.

Other examples include Twitter CEO Jack Dorsey, who sold his first tweet to NFT “just tweaking Twitter” for $ 2.9 million. Musician and artist Grimes sold his digital art collection for about $ 6 million, while NFT sold for $ 473,000 for the original photograph of the disaster girl meme.

Opponents of the technology say NFTs create the illusion of ownership because the physical object, if any, does not change hands. Only the digital version is purchased, leading to speculations that countless copies could be produced without the consent of the original owner, and the value that NFT attaches is artificial.

Other concerns include money laundering, which often targets cryptocurrencies, and the fact that blockchain technologies consume large amounts of energy.

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World Nation News Deskhttps://www.worldnationnews.com
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