Dictionary aficionados Merriam-Webster have defined the term “non-fungible token”, and in ironic celebration are minting it as an NFT.
The definition we’ve all been waiting for is currently listed on OpenSea and is garnering a not-insignificant amount of attention. With the current bid at 7 ETH ($27,000 USD), it seems they are onto a winner. The auction is due to end on Friday May 14, 11:59pm (EDT), so get a move on.
Merriam-Webster felt the need clarify, “the NFT is a collectible NFT of Merriam-Webster’s definition and not the definition itself”. Keen to cover their backs, they also said in a statement: “The winning bidder will be granted a worldwide, non-exclusive, royalty-free license to display the Art solely for the winning bidder’s personal non-commercial use”.
So without further ado, here it is, the official, bona-fide, genuine article definition of NFT. As if you didn’t know what it meant:
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).”
Take that people who have been subdividing NFTs. You know who you are.
All net proceeds from the auction will be donated to Teach for All, so we can all rest at ease knowing that this isn’t just a shameless cash-grab.
What’s next for Merriam-Webster? Will they start auctioning off words whenever their office needs a fresh lick of paint, or the liquor cupboard has run dry? That all depends on their initial offering on OpenSea.
>> View Merriam-Webster’s take on the NFT >> Here
>> Spend all your hard earned crypto on mere “words” >> Here
Image credit: via AP News, Merriam-Webster
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