Merriam-Webster has announced its goal of auctioning the NFT of its definition of NFT.
NFTs, or fungible tokens, have won this year, leading the publisher’s iconic dictionary to officially load the definition on Tuesday.
NFTs are virtual representations of works of art, sports cards, or other blockchain-like collectibles on Ethereum.
When other people buy NFTs, they get the rights to the exclusive token on the blockchain, not the artwork itself, but the fact that the data on a blockchain is almost modifiable makes NFTs attractive, especially to artists and collectors.
“By auctioning the NFT of our definition of ‘NFT,’ we’re providing other people with a fun way to own some of the idea and meaning of Merriam-Webster,” Peter Sokolowski, editor-in-chief of Merriam-Webster, said in a statement.
The auction will be held at OpenSea, the world’s largest virtual marketplace for crypto and NFT collectibles, from May 11-14.
The bidder will earn the NFT and will also get a link to their OpenSea profile on the NFT definition page in Merriam-Webster. com.
“This assignment aims to identify NFTs as a durable medium through the permanence of a record in the country’s highest reliability dictionary,” Nate Chastain, OpenSea’s product manager, said in a statement.
The immediate increase in NFT has led some to that area being in a bubble. Anthony Di Iorio, co-founder of Ethereum, told CoinDeskTV in May that he thought the NFT market had become saturated.
Still, the evidence shows that madness can simply cool for now. The average value of NFTs fell from its point in February and between February and the end of March, the value fell by 70%.