Yerevan (CoinChapter.com) – In a bizarre move that caught the attention of both critics and enthusiasts alike, Merriam-Webster joined the list of creators and sellers of NFTs or Non-Fungible Tokens.
However, unlike all the other unique NFTs sold in the market, Merriam-Webster’s creation is both funny as well as witty. The world-famous dictionary printer decided to define the term NFT, then turned that definition into an NFT and sold it. Yes, it actually happened.
What is Non-FungibleToken?
Before we go any further, let us first reflect on what an NFT is. To define the term, we will use the exact definition given by Merriam-Webster, which is sold on OpenSea. The website is a prominent digital marketplace for crypto collectibles and non-fungible tokens (NFTs).
According to the dictionary, an NFT is “a unique digital identifier that cannot be copied, substituted, or subdivided, that is recorded in a blockchain, and that is used to certify authenticity and ownership (as of a specific digital asset and specific rights relating to it).”
“By auctioning the NFT of our definition of ‘NFT,’ we’re offering people a fun way to own a little bit of Merriam-Webster’s thought and meaning. While the NFT itself may not be fungible, the knowledge we’ve created certainly is, and we’re excited to share it.” said Peter Sokolowski, editor of Merriam-Webster.
In addition to winning the “The Definition of NFT” NFT, the highest bidder of this auction will also receive a link to their OpenSea profile from the NFT definition on Merriam-Webster.com, subject to the terms of the Agreement (defined below).
According to the description of the auction on OpenSea, “The winning bidder will be granted a worldwide, non-exclusive, royalty-free license to display the Art solely for the winning bidder’s personal non-commercial use, as further defined and outlined in the Agreement. This license does not include the right to modify the Art or commercialize the Art in any manner.”
Like all NFTs, the one created by Merriam-Webster is also “limited to just one edition and will never be minted again.”
However, the company does not intend to benefit from the sale of the unique NFT. According to the auction’s website, The net proceeds from the auction will go to Teach for All, a global organization that helps children in disadvantaged communities fulfill their potential.
Bizarre NFTs are Trending
As serious as the news maybe, it did not stop users from cracking jokes about it. When Gizmodo shared the news on Twitter, one of the users was quick to give free business advice. “You should sell this tweet as an NFT about the definition of an NFT being sold as an NFT,” he wrote.
Surprisingly, the NFT definition of NFT is not the only strange Non-Fungible Token that has made the news. An artwork by Beeple sold for a whopping $69.3 million recently. Additionally, an NFT version of Twitter’s first published tweet by co-founder Jack Dorsey sold for $2.9 million in March this year. The celebrated “Disaster Girl” meme also sold for $500,000 not too long ago.
While it is still unclear why people want to own a digital version of something so widely available for free, NFTs are the new craze on the internet.