Merriam-Webster announced that it plans to auction the non-fungible token, or NFT, of its definition of “NFT.”
NFTs have become increasingly popular within the last year, prompting the publisher’s dictionary to officially include the definition on Tuesday.
Merriam-Webster defines NFTs 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 (of a specific digital asset and specific rights relating to it).”
Through buying NFTs, people gain the rights to the unique token on the blockchain, not to the artwork itself. The information on the blockchain is nearly impossible to alter, which makes the NFTs appealing to artists and collectors.
“By auctioning the NFT of our definition of ‘NFT,’ we are offering people a fun way to own a little bit of Merriam-Webster’s thought and meaning,” Peter Sokolowski, Merriam-Webster’s editor-at-large, said.
The auction will be available on OpenSea, the world’s largest digital marketplace for crypto collectibles and NFTs, from May 11 to May 14. The highest bidder will win the NFT and receive a link to their OpenSea profile from the NFT definition page on Merriam-Webster’s website.
Proceeds from the auction will go to the non-profit organization, Teach for All.
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