Collins Dictionary has named NFT as the word of the year, following the sale of a collection of digital artworks by musician Grimes for over $6 million (£4.4 million) and the sale of the unique art that caused the 2005 Disaster Girl meme for $473,000 (£354,000).
The most expensive NFT to yet is a Beeple collage, which sold for £50.3 million at Christie’s in March. According to Collins, the abbreviation of the NFT has seen a significant increase in popularity over the last year, with sales up 11,000 percent. An NFT is a proof of ownership that is registered on a blockchain network, or a digital log of transactions, and it can be any digital art.
NFT is defined by Collins as a unique digital certificate that is patented in a blockchain and is used to compile proof of ownership of an asset such as an artwork or collectible. NFT was chosen because it exhibits a “unique technical hue of art, technology, and commerce that has become omnipresent.”
“It’s uncommon for an acronym to grow in popularity so quickly,” said Collins Learning, “the information we have from the Collins Corpus shows the astonishing triumph of the NFT in 2021.” “NFTs can be found in a variety of places, from the arts to the economic pages, as well as in art galleries and auction houses, as well as on social media. It’s too early to tell whether the NFT will have a long-term impact, but its rapid appearance in global debates qualifies it as our utterance of the year.”
The Oxford English Dictionary labeled vax the word just last month, indicating that usage of the term increased by more than 72 times in September compared to the previous year.
Collins’ choice of 10 words of the year included two other tech-related terms: crypto, the abbreviated version of bitcoin, whose usage is up 468 percent year over year, and metaverse, a term coined by Neal Stephenson in his 1992 novel Snow Crash. Metaverse, a three-dimensional virtual space envisioned by Mark Zuckerberg’s revamped Facebook corporation, has had a 12-fold rise in utilization since 2020.
The Covid-focused pingdemic, mixed working, and double-vaxxed were among the other terms and phrases in the running, as was climate anxiety, which reflects increased fears about the changing of climate.
Collins defines neopronoun as “a freshly coined pronoun, especially one aimed to circumvent gender boundaries,” citing the surge in its use as a result of continuous conversations about gender and the portrayal of trans and non-binary persons.
“Lockdown” was Collins’ word of the year in 2020, while “climate strike” has been its word of the year in 2019.
Are you excited for the Top 10 Words of Collin’s this Year 2021?
NFT (ˌɛnɛfˈtiː) abbreviation for
1 non-fungible token: a unique digital certificate, registered in a blockchain, that is used to record ownership of an asset such as an artwork or a collectible.
2 an asset whose ownership is recorded by means of a non-fungible token: the artist sold the work as an NFT
cheugy (ˈtʃuːɡɪ) adjective, slang
no longer regarded as cool or fashionable
climate anxiety (ˈklaɪmət æŋˈzaɪɪtɪ) noun
a state of distress caused by concern about climate change
crypto (ˈkrɪptəʊ) noun, informal
short for cryptocurrency: a decentralised digital medium of exchange which is created, regulated and exchanged using cryptography and (usually) open-source software, and typically used for online purchases
double-vaxxed (ˌdʌbəlˈvækst) adjective, informal
having received two vaccinations against a disease. Also: double-jabbed
hybrid working (ˌhaɪbrɪd ˈwɜːkɪŋ) noun
the practice of alternating between different working environments, such as from home and in an office
metaverse (ˈmɛtəˌvɜːs) noun
a proposed version of the internet that incorporates three-dimensional virtual environments
neopronoun (ˌniːəʊˈprəʊˌnaʊn) noun
a recently coined pronoun, especially one designed to avoid gender distinctions
pingdemic (ˌpɪŋˈdɛmɪk) noun, informal
the large-scale notification of members of the public by a contact-tracing app
Regencycore (ˈriːdʒənsɪˌkɔː) noun
a style of dress inspired by clothes worn in high society during the Regency period (1811–20). Also called: Regency chic