Collins Dictionary, a UK-based dictionary with almost a 200-year tradition, has awarded the word ‘NFT’ with their annual “Word of the Year” title. Their decision is based upon non-fungible tokens dominating the internet over the past year.
The dictionary has now updated the official definition of the word and defines it as follows:
NFT’, the abbreviation of ‘non-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.
““Unique” is important here — it’s a one-off, not “fungible” or replaceable by any other piece of data. And what’s really captured the public’s imagination around NFTs is the use of this technology to sell art,” the dictionary adds on their blog.
Some of the other technological contenders for the crown were the words “crypto”, which has also been recording rapid growth in popularity over the year, and “metaverse”, which had just missed out on the opportunity, being relatively new still.
The Collins Dictionary has been awarding the title “Word of the Year” since 1990. Some of the notable winners that have managed to snatch the crown over the years were 1994’s ‘Cyber’, 1995’s ‘Web’, and in 1998 it was the prefix ‘e-’. Unsurprisingly, last year’s WOTY was ‘Covid’.