The abbreviation NFT has been chosen as the ‘word of the year’ by Collins Dictionary, beating words like pingdemic and metaverse.
NFT, for those who haven’t been paying attention, means ‘non-fungible token.’ Any digital creation can be an NFT – like a meme or a gif or a digital painting. And an NFT is basically the way you can digitally prove you own it.
The use of NFTs as an abbreviation has risen by 11,000% this year, with NFTs becoming a huge news topic which we’ve written about several times.
And they’ve been a new way for artists like Beeple to make $69 million selling his digital artwork.
Collins defines NFT as “a unique digital certificate, registered in a blockchain, that is used to record the ownership of an asset such as an artwork or a collectable.”
“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.”
Here’s one of our favourite Middle East NFTs that’s just about to drop called the AFK Elephants. They’ve been created by GameFi company Zone and they’re set to be huge!