Collins Dictionary has chosen the term #NFT as its word of the year after surging interest in the digital tokens that can sell for millions of dollars brought it into the mainstream. NFT is short for non-fungible token.

The abbreviation of non-fungible token has seen a “meteoric” rise in usage over the last year, said Collins, up 11,000% in the last year. Any digital creation can become an NFT, with the term referring to a certificate of ownership, registered on a blockchain, or digital ledger of transactions.

The most valuable NFT to date is a collage by digital artist Beeple, which sold for £50.3m at Christie’s in March.
Collins defines NFT as “a unique digital certificate, registered in a blockchain, that is used to record ownership of an asset such as an artwork or a collectible”; its lexicographers, who monitor the 4.5bn-word Collins Corpus to choose their word of the year, said they went for NFT because it demonstrates a “unique technicolour collision of art, technology and commerce” that has “broken through the Covid noise” to become ubiquitous.

#blockchain#technology#digital#collinsdictionary

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