The market for non-fungible tokens (NFTs) has exploded in popularity in recent months. The blockchain-backed technology is now being used to rethink the sale of everything from art to sports memorabilia to property deeds.
As the term “NFT” enters the mainstream lexicon, Merriam-Webster has formally added the term to its dictionary — and is getting into the market for themselves.
The dictionary announced in a press release Tuesday that the company is auctioning off the definition of NFT as an NFT art piece.
The piece up for auction is a video showing a dictionary opening to the “N” section and zooming in on the page, where the definition lights up.
According to Merriam-Webster, an NFT is “a unique digital identifier that cannot be copied, substituted, or subdivided, that is recorded in a blockchain, and that is used to certify authenticity and ownership (as of a specific digital asset and specific rights relating to it).”
Basically, blockchain is the same technology that gives value to cyptocurrency like Bitcoin. However, instead of creating currency, the technology is used to create a proof of ownership that cannot be copied.
When NFTs go up for auction — like the Merriam-Webster definition — prospective buyers are bidding on that proof of ownership, which will then live in a cloud-based wallet.
According to Merriam-Webster, proceeds from its NFT auction will go to Teach For All, “a network of organizations in 60 countries working to ensure all children have the education, support, and opportunity to fulfill their potential.”
The auction for Merriam-Webster’s NFT is being hosted on the website OpenSea and will remain open until midnight on Friday evening.