Collins DictionaryannounceThe official 10 word list of 2021. This includes NFT, although technically understood to be an acronym for nonfungible token, it has been the word of the year, surpassing crypto, metaverse, and hybrid operations, among others.
Collins Dictionary defines NFT as a “unique digital certificate registered on the blockchain. and used to record ownership of property, such as artwork or collectibles.” And further stated in the blog post that NFT means:
“A collection of digital data that records who owns digital works… And what really caught the public attention of NFT was the use of this technology to sell art.”
The NFT market has seen tremendous growth over the past twelve months. It attracts celebrities, influencers, and Web 3.0 enthusiasts to participate in the space. It has launched several collections such as CryptoPunks, Bored Ape Yacht Club and Cool Cats.
Total sales for NFT, collectibles and art exceeded $7.4 billion as of Q4 2021, with art and collectibles sales in the previous quarter reaching $17.8 million and $55.5 million, respectively.
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