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Collins Dictionary names NFT as word of the year

01:30

Collins Dictionary names NFT as word of the year

Collins Dictionary has chosen the term NFT as its word of the year after surging interest in the digital tokens that can sell for millions of dollars brought it into the mainstream.

Experts at the dictionary said they had seen more than an 11,000 per cent rise in the use of NFT, which stands for non-fungible token.

An NFT is a unit of data stored on a blockchain which represents a unique digital item, such as graphic artwork. It is non-fungible because it cannot be replaced or copied.

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