Nonfungible token (NFT) is the latest blockchain innovation that has gained widespread adoption in recent months. Merriam-Webster is now taking it a step further. The publishers will give people the chance to buy the definition of an NFT. The digital asset will be made available as a nonfungible token.
Merriam-Webster to sell an NFT for the definition of an NFT
Publishing company Merriam-Webster has revealed that it has included the definition of a non-fungible token (NFT) in its dictionary. The business stated that it added the definition to bring clarity to the confusion surrounding the three-letter acronym.
It further added that it would auction the NFT of its definition of NFTs. In a press release earlier today, Peter Sokolowski, Merriam-Webster’s Editor-at-Large, said, “By auctioning the NFT of our definition of ‘NFT,’ we’re offering people a fun way to own a little bit of Merriam-Webster’s thought and meaning. And while the NFT itself may not be fungible, the knowledge we’ve created certainly is, and we’re excited to share it.”
The auction will begin on May 11 and will take place on the OpenSea NFT marketplace. As well, the bidding for the NFT will take place from 9:30 a.m. EST on Tuesday, May 11, until 11:59 p.m. EST on Friday, May 14.
Nate Chastain, Head of Product at OpenSea, added that “This project is about establishing NFTs as a medium with lasting value through the permanence of a record in the country’s most trusted dictionary. We’re excited that a brand like Merriam-Webster is using NFTs to engage with its audience in new ways.”
Merriam-Webster revealed that the proceeds from the auction would be channeled to Teach For All. The Nonprofit organization is a network of 60 agencies from various countries, working to ensure children have the education, support, and the opportunity to reach their potential.
NFT popularity continues to grow
This latest development shows that the NFT’s popularity continues to grow. The NFT adoption has reached several industries including art, music, sports, entertainment. The move by Merriam-Webster means the education sector has now adopted NFTs. That said, the highest selling NFT remains the Beeple NFT sold by Christie’s auction house two months ago.
The unique nature of NFTs could see them gain further adoption in the future as artists and content creators seek new ways to keep their work unique.