NFT named word of the year

The world of Bitcoin and cryptocurrencies is adding a lot of new buzz words to the general public vernacular. First it was Bitcoin itself, then came crypto, and more recently we’ve had DeFi, NFTs and the Metaverse.

According to Collins dictionary, the word “NFT” (Non-Fungible-Token) has beaten “crypto” into second spot and has become their new word of the year.

So what is an NFT exactly? Most people who come across them think of them as images of punks, apes, cats etc. that appear to be able to be sold for incredibly high values.

However, it’s not just jpegs that give NFTs their value. It’s all about unique ownership that can be verified without a trace of doubt on the blockchain. This means that falsification of a digital artwork or certificate becomes impossible.

This in turn opens the door to a future where just about everything can be tokenised and fractionalised, be it real estate, stocks and shares, or anything else that has value.

Crypto was another word in the top list of candidates for word of the year, and this word has been around for quite some years now. The cryptocurrency revolution is happening in front of our eyes, and depending on which side of the fence you are, it is either the biggest scam bubble going, or it is completely revolutionising the world of commerce, finance and just about everything else.

Metaverse is probably the newest word as far as the crypto sector goes, even though it has also been around for a few years already. Facebook’s Mark Zuckerberg really brought the word into the public eye recently with his announcement that Facebook would now be renamed as Meta, and that his company would be moving lock stock and barrel into their own version of the metaverse, albeit one that will be controlled and operated by Meta and other selected companies.

Looking into the future, whether it is one controlled by Facebook/Meta, or whether it is one controlled by the users themselves, it is looking like the metaverse will play a simply massive part of the daily lives of the next generations.

Social interactions, commerce, gaming, financial transactions, and much more will take place in more than one metaverse, and they are likely to spill over into the real world on so many levels.

Pay heed to these new words if you haven’t heard of them all. Now is the time to investigate and research because they will affect our future.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.