The NFT (Non-fungible token) was named word of the year 2021 by the English Collins dictionary. It is ahead of the terms “crypto” and “cheugy”.
The English term, translated into French as “non-fungible token,” has seen an 11,000% increase in use, Collins said, according to information reported by the Guardian.
“NFTs seem to be everywhere, from art sections to financial pages, galleries and auction houses and social media platforms,” said British media outlet Alex Beecroft, chief executive of Collins. Whether the NFT will have a lasting influence remains to be seen, but its sudden presence in conversations around the world makes it very clearly our Word of the Year ”.
As explained in our article on NFTs, these “work on the same principle as cryptocurrencies like bitcoin. They are therefore forgery-proof, indelible and non-reproducible, which gives them their value. Unlike cryptocurrencies, on the other hand, they are not interchangeable, each being unique (not fungible). This allows their buyers to actually own the rights to a digital work, whether it is an image, an animation or a video ”.
The art market shaken up
“The artist and author of the NFT work will generally put his creation up for sale and decide the number of tokens that will attest to its authenticity. He can for example sell one or five or even a hundred tokens of his work, so as many versions of it available, but you should know that the less there is, the more the work is rare and therefore the more expensive it is ” .
These certified digital objects are shaking up the art market.
Last November, rapper Booba indeed sold his clip “TN” in the form of 25,000 NFT, in five animated cards, each sold 5,000 copies. Buyers were thus able to preview images of the track, and other exclusives.
The word NFT topped the Collins rankings ahead of “crypto”. The abbreviation for “cryptocurrency” has seen use up 400% this year, according to the Collins. In third place, the Collins dictionary has placed the word “cheugy”, which comes from slang and denotes something which “is no longer in fashion”.
In 2019, Collins chose “climate strike” as the word of the year. For 2020, the word “containment” had been elected hands down.