In line with the recent popularity of NFTs, Merriam-Webster has announced its very own, allowing consumers to purchase its official definition of "NFT," as a non-fungible token.
The NFT will be sold as an exclusive animation, which shows a Merriam-Webster dictionary opening up to reveal the definition, which is listed as "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).'"
The NFT is currently being auctioned on OpenSea, where the top bid has already surpassed $20,000. Net proceeds from the sale will go towards Teach For All, a global network that brings educational opportunities and support to children in need.
Image Credit: Merriam-Webster
Why This Trend Is Growing
- NFT Definition Sales
- The trend of selling NFTs of the definition of popular terms and concepts provides a new revenue stream for businesses that have established themselves as a source of authority in the field.
- Charitable Nfts
- The trend of using NFT sales to raise money for charitable causes provides an innovative way for organizations to reach new donors and support social causes.
- Animated Nfts
- The trend of creating animated NFTs adds a new level of creativity to the market and expands the possibilities for artistic expression and storytelling.
Industries Being Reshaped
- Publishing and Media
- Publishers and media organizations can adopt the trend of selling NFTs of definitions and concepts to monetize their expertise and generate new revenue streams.
- Non-profit and Charity
- Charities and non-profit organizations can adopt the trend of creating charitable NFTs to raise money for social causes and attract new donors through innovative fundraising methods.
- Art and Entertainment
- The trend of creating animated NFTs opens up opportunities for artists and entertainers to create unique and interactive digital experiences that could disrupt the traditional art market.
