This 2021 investment rage is Collins Dictionary’s word of the year

The Collins Dictionary chose NFT as the word of the year after an increase in interest in digital tokens that could sell for millions of dollars, which led to them appearing in the mainstream.

NFT is an acronym for Non-fungible Token. Collins defines it as a unique digital certificate, registered on the blockchain, that is used to record ownership of an asset such as a work of art or a collection.”

Most people didn’t know what NFT was until this year, when sales boomed, a large portion of which sparked artist Beeple’s March auction of the NFT digital collection for nearly $70 million. Other perks include Twitter CEO Jack Dorsey, who sold his first tweet NFT for $2.9 million and electronic musician Grimes who sold $6 million for her digital art.

Experts in Collins, based in Glasgow, Scotland, said on Wednesday that they chose the NFT because of its meteoric rise in use”, an increase of 11,000% in 2021.

“NFTs seem to be everywhere, from art departments to financial pages, galleries, auction houses and across social media platforms,” said Alex Beecroft, managing director of Collins Learning. But whether the NFT will have a lasting effect is yet to be determined, he added.

Meanwhile, the Oxford English Dictionary publisher recently chose Vax as the word of the year, as interest in vaccinations has surged over the past 12 months.