NFT was selected as “Collins Dictionary” Hot Word of the Year

The world-renowned “Collins Dictionary” ( Collins Dictionary  ) announced the 2021 vocabulary of the year on Wednesday (11/24). The popular “NFT” (non-fungible token, short for non-fungible token) was elected this year word.

The world-renowned “Collins Dictionary” (Collins Dictionary) on Wednesday (11/24) announced the vocabulary of the year for 2021. The popular “NFT” (non-fungible token, short for non-fungible token) was elected this year word. The digital revolution and the rapid development of blockchain technology in recent years have also made popular technical words such as cryptocurrency (Crypto) and metaverse (MetaVerse) appear in this year’s list of candidate words.

NFT was selected as "Collins Dictionary" Hot Word of the Year

In a tweet published yesterday, Collins pointed out that the integration of encrypted tokens and the Internet will lead everyone to the 2021 word of the year-NFT. In the past 12 months of news reports and social media, NFT must be us again and again. Buzzwords heard over and over again.

Collins defines NFT as a unique digital certificate registered in the blockchain, used to record the ownership of assets such as artworks or collectibles. Collins further explained: “NFT is a digital certificate that records the ownership of a digital work. “Uniqueness” is very important here-it is one-time and non-interchangeable. What really attracts the public is the use of this technology to sell art collections. “

NFT has exploded this year

According to the British Guardian, the use of the term NFT has soared this year, with an increase of 11,000% compared to the previous year. Alex Beecroft, managing director of the Collins Institution, said that such a rapid increase in the use of an acronym is unusual, but the data we obtained from the Collins Corpus reflects the significant advantages of NFT in 2021.

He said: “From the art section to the financial section, to galleries and auction houses, to social media platforms, NFT seems to be everywhere.

Whether NFT will have a lasting impact remains to be determined, but its sudden appearance in conversations around the world clearly makes it our annual hot word this year. “

In the past 12 months, the NFT market has indeed witnessed parabolic growth, attracting a large number of celebrities, influencers and Web 3.0 enthusiasts to participate. CryptoPunks, Bored Ape Yacht Club and other projects have aroused enthusiastic responses in the market.

As of the fourth quarter of 2021, total NFT sales of collectibles and artworks have exceeded $7.4 billion. In comparison, sales of art and collectibles at the beginning of this year were US$17.8 million and US$55.5 million, respectively.

Encryption industry and Meta Universe are also included in the annual vocabulary candidate list

This year, Collins’s annual vocabulary list is full of blockchain and technology. The agency stated that the rapid development of the digital revolution has changed our culture, relationships, and business development.

NFT was selected as "Collins Dictionary" Hot Word of the Year

Facebook recently announced that it changed its name to Meta, making the term MetaVerse a popular keyword in the Internet industry. Since 2020, the use of the term Metaverse has increased 12 times.

Similarly, the dominance of traditional currencies is being challenged by encryption technology. The agency stated that the use of the crypto industry acronym Crypto this year has increased by 468% year-on-year.

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