Key Takeaways
- Collins Dictionary has named NFT as the Word of the Year 2021
- Other popular words in the reace included Metaverse and Crytpo
- The decision comes owing to a surge in the use of the term
YEREVAN (CoinChapter.com) – Collins Dictionary has named NFT as the Word of the Year for 2021 after snubbing its serious competitors, including double-vaxxed, pingdemic, and hybrid working.
NFT, which stands for the nonfungible token, represents a unique crypto ID attached to digital files, including audios, videos, pictures, and whatnot. The creators of these files turn them into NFTs to mainly auction them among the so-called digital art collectors, thereby paving the way for revenues earned via underlying cryptocurrencies, mainly Ethereum (ETH) and Solana (SOL).
NFT popularity soars
According to Collins Dictionary, the use of the term NFT rose by over 11,000% in 2021. The lexicographers at Collins chose the term because, according to them, it demonstrates a “unique technicolor collision of art, technology, and commerce” that has “broken through the Covid noise’ to become ubiquitous throughout the year.”
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It is very unusual for abbreviations to become so popular. However, Alex Beecroft, the MD of Collins, justified the decision.
“NFTs seem to be everywhere, from the arts sections to the financial pages and in galleries and auction houses and across social media platforms. Whether the NFT will have a lasting influence is yet to be determined, but its sudden presence in conversations around the world makes it very clearly our Word of the Year,”
he said.
Beecroft also claimed he is still unsure whether Nonfungible Tokens will have a lasting influence. However, its sudden presence in conversations around the world makes it very clear word of the year.
However, NFT was not the only representative of the blockchain ecosystem. The new hot-term Metaverse and the popular Crypto (short for cryptocurrency) also made it on the list. Imagine being more popular than the term Crypto itself.
Last year, Collins had named lockdown as the most popular word of 2020 for the same reasons.
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That rise
According to a report by Brandessence Market Research, there has been a growth of 328% in NFT transactions during the first half of 2021 and the third quarter of 2021. The increasing use of Digital Art, the growing adoption of NFTs in various industries, especially in the gaming sector, and the rising awareness about them drive market growth.
The market research company also named Larva Labs, NBA Top Shot, Decentraland, Dapper Labs, and OpenSea, among the key players driving the Nonfungible Token market.
Earlier this year, analytics platform DappRadar reported that the NFT trading volume in the third quarter of 2021 surged to $10.67 billion. According to the agency, that is a massive 704% increase from the previous quarter.
With new players, artists, and celebrities entering the NFT space and the Metaverse slowly becoming the next big thing, the market will explode. While the concept is still new, it has become Collins Dictionary’s word of the year. Who knows what else lies ahead when others join the movement.
