The “word of the year 2021” pays tribute to cryptocurrencies, here it is

We haven’t finished hearing about NFTs and now it’s the dictionaries’ turn to warn us. At its annual “word of the year” awards event, English Dictionary Collins honored the technology behind blockchain-based digital authenticity contracts, which everyone hears by the initials of “NFT.”

Behind this term, that of “non-fungible token”. A unique cryptographic token that contains a contract that validates the authenticity of an image, video, or audio file. Its use in 2021 increased by 11,000%, explained the Collins dictionary, which strives to reward international words. Last year, the word of the year was “containment.”

Hope for art and decentralized finance

The term NFT has the peculiarity of having reached the ears of the general public very shortly after its birth. The reason: despite its rather technical definition, the media seized on the subject very quickly to talk about its landslides. Amid the cryptocurrency boom, NFT tokens have also experienced significant speculation and staggering prices.

There are many examples. We will cite for example the day when the founder of Twitter decided to create and auction the NFT of the first tweet published on his social network. For the first time, a technology made it possible to price and sell digital content accessible to all, which could be copied and shared for free. The general public then wondered about the seriousness of such technology that it brings us digital content owners that nothing seemed to allow us to own the rights.

This digital property, some still don’t care, as a New York Times article shows: “Acquirers don’t buy the rights, the brand, or even sole possession of what they pay for. They buy bragging rights and they know their copy is ‘authentic.’ Others preferred to simply point out the stupidity of such a concept by pointing fingers at irrational prices and heavy token speculation.

That said, NFTs remain a great hope, especially in the artistic and digital professions, as well as a great challenge for Blockchain in 2022. Once democratized, they will allow supporting industries that could not find a business model to sell their products. digital. products. Taking advantage of the advantages of blockchain (security, speed, accessibility), they will also allow to protect complete databases in contracts of all kinds.

Various platforms have become known through the use of NFT. There is the French Sorare (trading cards), but also The Sandbox who is working on the development of a Metaverse. OpenSea, the benchmark for NFT shopping platforms, should soon reach a valuation of $ 10 billion, enough to outperform the Gemini platform, founded by the famous Winklevoss brothers.

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