The Collins English Dictionary presented its ten selected words for the year. The release starts with the definition of NFT, saying that it is the Word 2021.
It's one of the three tech-related terms on the list, with the other two being crypto and metaverse. In the release, published by Collins, the team mentioned how the world changes as a result of the digital revolution. The release also highlighted the role of the metaverse and how crypto challenges traditional assets.
Next, the team says the combination of the two, money and the internet makes NFT the world of 2021. The Dictionary explains NFT as a unique digital certificate, registered in a blockchain which proves the ownership of an asset.
Collins says, standing for "Non-Fungible Token", NFT is a word that people can hear everywhere. To explain the nature of NFTs, the Dictionary brings the example of Beeple's work worth $69 M called Everydays: the first 5000 days.
Other words chosen by Collins are mainly related to Covid, climate change, lifestyle, and internet slang. They are; double-vaxxed, hybrid working, pingdemic, climate anxiety, neopronoun, regencycore, and cheugy.
NFTs gained huge popularity in 2021 with people from various industries showing interest in these assets. According to a recent report by DappRadar, the number of daily unique active wallets with NFTs reached 1.54 million. The yearly growth of the space is 509% and its quarterly growth is 25%.