NFT are all the rage. From musicians to film stars, everyone is trying to monetise NFTs comprising paintings, pictures, autographs and dialogues. No wonder, NFT has been declared as the word of the year.
The word’s usage has increased by 11,000 percent in the last year, according to Collins Dictionary. A unique digital certificate stored in a blockchain, which records ownership of an asset, such as an artwork or a collectible. According to the dictionary.
The lexicographers find this word a “unique technicolour collision of art, technology and commerce
This word is a “unique technicolor collision of art, technology, and commerce”. According to lexicographers who monitor the 4.5 billion-word Collins Corpus. It has “broken through the Covid noise” to become ubiquitous.
“NFTs seem to be everywhere,” Collins Learning managing director Alex Beecroft said in a statement. “From the arts sections to the financial pages, in galleries and auction houses, and across social media platforms”. It’s too early to tell whether NFT will have a long-term impact. However its sudden appearance in global conversations qualifies it as our word of the year.”
Christie’s auction house in London sold Beeple’s artwork for the highest price ever paid at a living artist auction on March 11 this year. Alongside a well-known swimming pool painting by David Hockney and an iconic stainless steel rabbit sculpture by Jeff Koons. Beeple’s NFT was created by American artist Mike Winkelmann. Also known as Beeple, and sold for $69 million.
Christie’s sold NFTs worth approximately $93 million until the end of 1H2021. In May of this year, an intriguing Andy Warhol NFT piece raised $3.38 million.
NFT beat two other tech-based words on Collins’ shortlist of 10 words of the year
NFT beat out two other tech-related words on Collins’ list of the top ten words of the year: ‘crypto,’ the short form of cryptocurrency, which has seen a 468 percent increase in usage year over year.
Neal Stephenson, in his science fiction novel Snow Crash in 1992, coined the term ‘metaverse’ to describe the three-dimensional virtual world. When Facebook founder Mark Zuckerberg rebranded his company as Meta, this word became popular, and its use has increased 12-fold since 2020.