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Dictionary publisher Collins has named “NFT” the word of the year for 2021. “NFT” is the abbreviation for “non-fungible token,” which is the unique identifier that records ownership of a digital asset, as defined by Collins.

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NFTs are especially important in the digital art world, where they serve as “incorruptible proof of ownership,” CNN reported. The digital data contained within an NFT makes it so that owners and creators of images and video can always be identified.

Other words that were considered for the word of the year title were “double-vaxxed,” “hybrid working,” “cheugy” and “neopronoun.”