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Collins has chosen “NFT” to be the Word of the Year 2021

Collins has recently chosen “NFT” to become the Word of the Year 2021

“NFT” stands for “non-fungible token”. It is newly published by dictionary publisher Collins as the Word of the Year 2021. This word has surpassed many related words such as “crypto”, “metaverse”, etc. to “take the throne” number 1. Alex Beecroft, CEO Collins Learning, calls it the unusual growth of an acronym. The data collected reflects the massive growth of new-to-use NFTs in 2021. NFTs are ubiquitous in finance, galleries, auction floors, and social media.

“NFT” has been chosen to be the Word of the Year 2021.

Acting as a virtual signature, the NFT verifies the authenticity of the artwork. In it, blockchain acts as a proof of indelible ownership. This confirms the originality of the artwork and the owner. This proof remains verified even if the image or video is widely reproduced. In March 2021, digital art piece Everydays: The First 5000 Days was sold for $69.3 million. In addition, “double-vaxxed”, “hybrid working”, “climate anxiety” are listed. This list also includes the words “ve”, “xe”, “ze”. These are “neopronouns” (“new personal pronouns”) intended to avoid sexism.

Virtual land in a video game was sold for more than $2 million

On November 25, 2021, a virtual land in the game Axie Infinity was traded for a record price of 550 ethereum. This amount at the time of the transaction has a real value equivalent to about $2.3 million. The reason this land has the highest value in the game is because it belongs to the Genesis area. This is the center of the world of Lunacia, home of the Axie pets. The publisher Axie Infinity also recognised this as a “golden land in the virtual real estate village”. This is a play-to-earn blockchain game developed by Sky Mavis. This game studio has staff mostly Vietnamese.

Axie Infinity’s metaverse

Axie Infinity is a game revolving around the Axie pet universe. Players will build and control their Axie army to fight other players. Pets can also be bred to create new characters. Players can own the lands in the game. These virtual lands are all tradable, as they are all designed as NFTs. Many pieces of land in this game have also been traded for millions of dollars. There are now more than $3.4 billion made in transactions between players in the game. Most of this money is earned by office workers, housewives, and people who have lost their jobs due to COVID-19.

Sources of information include VietnamBiz and VNExpress.