NFTs are indeed taking over the world.NFT stands for Non-Fungible-Token, and this year, NFTs have exploded into the mainstream. Now, in a remarkable twist, NFT is Collins Dictionary’s “Word of the Year for 2021.”
In 2021, Collins says, the use of the acronym rose by more than 11,000 percent. Collins’ Alec Beecroft says it’s very unusual for an acronym to be the word of the year. He cites a wild rise in usage due to the sudden popularity of NFTs.
Alex Beecroft of Collins Dictionary continues, “Whether NFTs will have a lasting impact is yet to be determined. Its sudden appearance in conversations around the world makes it very clear that it is our word of the year.”
Furthermore, Collins Dictionary defines NFT as “a unique digital certificate, registered in a blockchain, that records ownership of an asset.”
Furthermore, in addition to NFT, three other technology-based words made Collins’ list of new words. Meta-universe, Virtual Worlds and Crypto also entered.
Finally, the second-ranked word of the year is “Cheugy.” This slang term describes and dismisses anything deemed uncool, such as right-clicking and saving armies.
NFTs are very popular right now, and that space is only going to grow. While the key word of the year is NFT, many people are still unaware of their existence. It looks like the popularity is only going to rise; this is just the beginning.