In 2021, Collins Dictionary announced that NFT was word of the year, which was a rather curious situation for a word that isn’t even a word. NFT is an acronym that stands for non-fungible token. Collins defines it 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.” The rise of NFTs in popular discourse over the course of the past 12 months has been meteoric and frankly unprecedented especially given that the vast percentage of people had never heard of one before March 2021. This month two things happened to catapult them into the headlines. First was Twitter’s co-founder Jack Dorsey selling the first ever tweet as an NFT for USD 2.9 million and the second was the sale of an artwork by a previously unknown artist called Beeple whose digital collage sold at Christie’s for USD 69 million. Of course, this was not the birth of NFTs. Actually, the first ever piece of art minted [this is the term for making an NFT] on a blockchain was in 2014 but March 2021 will go down in history as a watershed moment.

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