Technology
“NFT” Defined And Auctioned by Merriam-Webster
It is officially in the dictionary.
A few weeks ago, I read several articles about Merriam-Webster not only defining the word NFT in its dictionary but also auctioning it.
One of the articles in Business Insider was noting that the money earned from auction would go to the nonprofit organization Teach For All “a network of organizations in 60 countries working to ensure all children have the education, support, and opportunity to fulfill their potential”.
Today, when I checked the website of Webster, I noticed that the acronym NFT as “NON-FUNGIBLE TOKEN” is defined in the dictionary.
Interestingly, I did not come across the details of the auction in the press but this word is now owned by AOI (Art on Internet) as linked to the word entry in the online dictionary. I assume AOI won the auction.
It looks like the word was sold for $15.
Here is the screen capture of the definition.
So you can even own and sell a word as an NFT.
From my experience, NFT (Non-Fungible Token) is a unit of data stored in a blockchain, most commonly on Ethereum blockchain. This ledger certifies the uniqueness of the item. When a unique item is created as an NFT, blockchain establishes a string record with a cryptographic hash. It verifies identifiable data blocks as unique.
I posted a couple of articles related to NFTs.
The first article reflects perspectives of artists.
The second one is from perspectives of online gamers for an NFT project.
The NFT market is growing rapidly. It is already $250 million market. You will hear this word as frequent as Bitcoin soon. I will post more articles about NFTs from different angles.
The good news, at least we have the word as defined formally in the dictionary.
Thank you for reading my perspectives.
About The Author
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