The term non-fungible token (NFT) has been recognized by Collins Dictionary as its Word of the Year.
The Collins Dictionary chose the term in recognition of technology integrating the worlds of money, technology, and art. Collins defines NFTs 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.”
While one form of token won the top prize, crypto, the abbreviation for cryptocurrency, and the abbreviation for blockchain technology as a whole, also made the shortlist. Another entry on the Collins shortlist was metaverse. Defined as, “a proposed version of the internet that incorporates three-dimensional virtual environments,” the potential of the platform to serve as a new paradigm prompted Mark Zuckerberg to change Facebook’s parent company name to Meta Platforms Inc.
Legitimacy of the NFT
While NFTs have exploded as a new market, they also demonstrate their legitimacy as works of art. A popular Singaporean cryptocurrency exchange hosted a precedent-setting NFT art exhibition with pieces from Andy Warhol and Beeple. The exhibition titled “Right Click + Save” was launched by the Singaporean restaurant and art concept establishment Appetite, in partnership with the Singaporean crypto exchange Coinhako.
The collection features early artistic expressions from the cryptocurrency industry and showcases the visual culture of crypto communities. The exhibition was held from November 7-14, where works on loan from collectors and artists filled four rooms of The Freeport’s Fine Art Storage Services.
Untitled (Flower) by Andy Warhol, ALIVE by Michael Joseph Winkelmann, better known as Beeple, Machine Hallucinations: Synthetic Mars Terrain by Refik Anadol, and Robert Alice’s Portraits of a Mind, were among some of the work exhibited. Andy Warhol’s work dates from around 1985, recovered from floppy disks in 2014, and premiered as NFT in 2021.
