It is quite obvious that the NFT frenzy has spread like wildfire this year, and not even Ethereum gas fees and environmental FUD could derail its growth. According to the Collins Dictionary:
The Collins Dictionary’s blog went into further details of the NFT concept and provided an example: “Unique” is important here — it’s a one-off, not “fungible” or replaceable by any other piece of data. And what’s really captured the public’s imagination around NFTs is the use of this technology to sell art. For example, the rights to a work by the surrealist digital artist Beeple sold at Christie’s in March for $69m. Called EVERYDAYS: THE FIRST 5000 DAYS, it was a collage of all the images he’d created since he committed in 2007 to making one every day.”
The UK-based dictionary began publishing in 1824, and the organization has been declaring a “Word of the Year” since 1990. In 1993, the WOTY was “information superhighway”; in 94 it was “cyber” and then “web” in 95. “Millennium bug” took the award in 1997, and it was the prefix “e-” in 98, while in 1999, it was “Y2K”.
Recently, the Collins Dictionary has been more concerned with social movements and gender identities. Last year, “Covid” was the WOTY, and this year the tech world has retaken the throne with “NFT.”
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Source: Cryptocurrency - investing.com