NFT Nominated for Word of the Year

NFTs (non-fungible tokens) are artifacts registered under the blockchain allowing anyone to verify ownership of a digital commodity.

They are commonly connected with crypto or digital art. It is now possible for anyone to successfully verify the ownership of a digital asset, allowing it to be perceived as unique and valuable by the market. This new technology is indeed revolutionary for the art industry, as ownership of a digital asset can now be certified a simple way.

Many NFT projects have sold for millions, including projects like Crypto Punks, or even Beeple’s Everydays who sold for $69 million.

Collins Dictionary's, which was first published in 1979, is one of the most popular dictionaries for the English Language. The organization decided to make of “NFT” their new word for 2021, in terms of popularity. This reinforces the idea that NFTs will be here to stay, and with no doubt remain part of a new technological revolution.

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