NFT Wins Collins Dictionary’s Word of the Year Award

NFT Wins Collins Dictionary’s Word of the Year Award


Share this article

Collins Dictionary has acknowledged the recent NFT boom in its 2021 Word of the Year list. 

NFT Wins Word of the Year 

Beeple sold a tokenized JPEG for $69 million at Christie’s, Grimes and The Weeknd minted tokens for their music on Ethereum, and now Collins Dictionary has selected “NFT” as its Word of the Year. 

The buzzy abbreviation referring to non-fungible tokens came out on top of a shortly that also included “crypto,” “Metaverse,” and other phrases like “neopronoun,” “climate anxiety,” and “cheugy.” 

Collins Dictionary’s announcement of the award noted how NFTs had been mentioned continuously “in breathless news reports and on social media” throughout the year. It also commented on the important role digital art played in showing the technology’s promise. “What’s really captured the public’s imagination around NFTs is the use of this technology to sell art,” the announcement noted, pointing to Beeple’s Christie’s sale in March as a pivotal moment for the space. 

okex

However, while Beeple’s record-breaking sale made headlines worldwide at the time, the NFT space saw many other major developments as it hit the mainstream throughout the year. A number of major musicians, including The Weeknd, Eminem, Grimes, and Aphex Twin, have minted their own NFTs this year, while other celebrities like Tom Brady, Snoop Dogg, and Jimmy Fallon have endorsed the movement by collecting their own pieces. 

For crypto enthusiasts, NFTs exploded over what became known as “NFT summer,” a period of mania from July through August that saw demand for generative art and avatar projects soar. Prices rose as trading volumes did, with the rarest pieces from sought-after collections like CryptoPunks and Fidenza changing hands for millions of dollars (Visa helped the value of CryptoPunks rise by announcing that it had bought one of the 10,000 algorithmically-generated characters for $150,000 in August; the collection’s current floor price is $350,000). 

Besides Collins Dictionary, several Big Tech giants appear to have recognized the impact NFTs had in 2021. After dropping its own tokens, Twitter hinted that it would offer NFT authentication in September. Following that, Facebook announced it had rebranded to Meta, kickstarting a frenzy for Metaverse-related projects in the cryptocurrency market. Discord also hinted that it would integrate Ethereum to offer NFT support, although it’s since sidelined the plans following a backlash from its community. 

Disclosure: At the time of writing, the author of this feature owned ETH and several other cryptocurrencies. 

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Visa Spent $150,000 on a CryptoPunk NFT

Visa has announced the purchase of a CryptoPunk NFT, furthering its commitment to understanding cryptocurrency services with the goal of offering them to its clients and customers.   Visa Buys a…

How SocialGood Is Offering 100% Crypto Cashback on Online Shopping

In recent years, the rise of Bitcoin and tokenized assets has made the cashback vertical ripe for disruption. Within the cashback market, blockchain-based loyalty networks are rising in popularity among…

Beeple NFT Now World’s 3rd Most Expensive Auctioned Piece by Living …

Digital art superstar: Beeple’s “Everydays: The First 5,000 Days” has sold for $69.34 million in a landmark moment for the NFT space.  Christie’s Hosts Landmark NFT Auction Beeple’s “Everydays: The…

The Weeknd Raises Over $2 Million in First NFT Auction

Abel Tesfaye just made around $2.29 million from his collaboration with Nifty Gateway.  The Weeknd Gets Tokenized  Abel Tesfaye, the platinum-selling R&B artist better known as The Weeknd, just made…



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Pin It on Pinterest