NFTs are indeed taking over the world. NFT stands for Non-Fungible-Token and this year, NFTs have exploded into mainstream society. Now, in a remarkable turn of events, NFT is Collins Dictionary’s “2021 word of the year”.
Collins says that the use of the abbreviation rose by over 11,000% in 2021. Alec Beecroft of Collins said it is very unusual for an abbreviation to be the word of the year. He cited a crazy rise in usage due to NFTs sudden popularity.
Collins Dictionary’s Alex Beecroft went on to say, “Whether the NFT will have a lasting influence is yet to be determined. Its sudden presence in conversations around the world makes it very clear our word of the year.”
Additionally, Collins Dictionary defines an NFT as “a unique digital certificate, registered in a blockchain, recording the ownership of an asset.”
Furthermore, alongside NFT, three other technology-based words made it onto Collins’ new word list. Metaverse, the virtual world and Crypto make it into the three too.
Finally, In second place for word of the year is ‘Cheugy’. This slang term describes and dismisses anything seen as uncool, like the right click and save brigade.
NFTs are hugely popular right now, and the space is only going to get bigger. Although the word of the year is NFT, many people are still unaware of them. It looks like the popularity is only rising; this is just the beginning.