NFTs are all around us in 2021 and will be even more prevalent in 2022. It would not be wrong to call 2021 the year of NFTs, since it has been the most significant year for NFTs until now. Not only did the technology grow within itself, but it also spread out to be a part of a wider public discussion. To commemorate the stellar success and growth of NFTs, the Collins Dictionary has declared the word ‘NFT’ as the word of the year for 2021.
Every year, leading dictionaries publish their word/words of the year. These are the words that dominated public discussion in that given year and came up in media extensively. It is no surprise that NFT made it to the word of the year since 2021 was all about NFTs. New NFT marketplaces opened, more and more celebrities launched their won NFT collections, and even sporting events and clubs launched their NFT collections. NFTs were also a huge source of revenue for creators and platforms. The global NFT transaction amount has already crossed billions and can easily reach the trillion mark over the next few years.
NFTs, or non-fungible tokens, are a new way of creating and storing art. It is the finest example of digital art that we have till now, and the uniqueness of each encrypted item makes it even more special. NFTs have transcended their artwork identity and are now a full-fledged digital asset. As we move into 2022, we can expect even more innovations in the field of NFTs.
