In a year that has seen the musician Grimes sell a collection of digital artworks for almost $6m (£4.4m), and the original photo behind the 2005 Disaster Girl meme go for $473,000 (£354,000), Collins Dictionary has made NFT its word of the year.
The abbreviation of non-fungible token has seen a “meteoric” rise in usage over the last year, said Collins, up 11,000% in the last year. Any digital creation can become an NFT, with the term referring to a certificate of ownership, registered on a blockchain, or digital ledger of transactions. The most valuable NFT to date is a collage by digital artist Beeple, which sold for £50.3m at Christie’s in March.
Collins defines NFT as “a unique digital certificate, registered in a blockchain, that is used to record ownership of an asset such as an artwork or a collectible”; its lexicographers, who monitor the 4.5bn-word Collins Corpus to choose their word of the year, said they went for NFT because it demonstrates a “unique technicolour collision of art, technology and commerce”…