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NFT Chosen the Word of The Year at Collins Dictionaryx

 

December 9, 2021 (Investorideas.com Newswire) Blockchain is a truly revolutionary concept. It's a distributed ledger that offers complete anonymity as well as instant settlement of transactions of any kind. It can power many things, from cross-border payments to personal identity security, even online gambling at outlets like Crypto Thrills, built to offer its customers a secure, untraceable, and fun way to spend time online. And, of course, NFTs - non-fungible tokens that offer proof of ownership of digital goods.

NFTs are all the rage today - so much so that Collins English Dictionary, a printed and online dictionary published by HarperCollins, one of the "big 5" English-language publishing houses in the world.

What is an NFT

An NFT is a piece of data stored on the blockchain that, basically, certifies the ownership of a piece of digital goods. The goods can be anything from the original of a JPG or the original recording of a song.

What makes an NFT different from a cryptocurrency like Bitcoin is that each Bitcoin is equal (as in interchangeable), while NFTs are not - each NFT represents a different asset, so it has a different value.

Or, as the Collins English Dictionary defines it, an NFT is a "non-fungible token: a unique digital certificate, registered in a blockchain, that is used to record the ownership of an asset such as an artwork or a collectible", perhaps "an asset whose ownership is recorded by means of a non-fungible token".

Word of the year

To salute the ongoing digital revolution, Collins Dictionary has considered several words for this year's Word of the Year, including terms like "metaverse" and "crypto", but non-digital terms also made it on their shortlist - think words like "double-vaxxed", used for those who have received two doses of a COVID shot, or "hybrid working", a practice where people return to offices but only for a limited time each week. Not all of their words are such lighthearted terms: they also considered "climate anxiety". But pop culture has also left a more lighthearted mark on the English language this year, with terms like "regencycore", a style of dress inspired by clothes worn in high society during the Regency period, pushed into the spotlight by the insanely popular Netflix period drama "Bridgerton".

Ultimately, the year's fastest-growing buzzword was the one chosen to be the Word of the Year 2021: NFT. "It's certainly a buzzword we've heard over and over again in the past 12 months, in breathless news reports and on social media," David Shariatmadari, author of Don't Believe A Word: From Myths to Misunderstandings - How Language Really Works writes on the Collins Dictionary's blog. The editors point out that NFTs are seen by the general public as "technology to sell art", highlighting Beeple's digital collage EVERYDAYS: THE FIRST 5000 DAYS that was sold by the Christies auction house for a staggering $69 million.


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