Merriam-Webster plans to auction the NFT of its definition of NFT
- Merriam-Webster announced that it will auction an NFT of its definition of NFT.
- The publisher's iconic dictionary officially added the definition of NFT on Tuesday.
- This auction will be take place on OpenSea from May 11 to May 14.
Merriam-Webster announced that it is planning to auction the NFT of its definition of NFT.
NFTs, or non-fungible tokens, have surged in popularity this year, prompting the publisher's iconic dictionary to officially add the definition Tuesday.
NFTs are digital representations of artwork, sports cards, or other collectibles tied to a blockchain, typically on ethereum.
Merriam-Webster defines NFTs as:
When people buy NFTs, they gain the rights to the unique token on the blockchain, not the artworks themselves. But the fact that the information on a blockchain is next to impossible to alter makes NFTs appealing, especially to artists and collectors.
"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," Peter Sokolowski, Merriam-Webster's editor-at-large, said in a statement.
This 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 will also receive a link to their OpenSea profile from the NFT definition page on Merriam-Webster.com.
Proceeds will go to the nonprofit organization Teach For All.
"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," said Nate Chastain, Head of Product at OpenSea, said in a statement.
The rapid rise of NFTs has caused some to believe the space is in a bubble. Ethereum co-founder Anthony Di Iorio told CoinDeskTV in May that he thinks the market for NFTs has become saturated.
Still, evidence shows the craze may be cooling for now. The average price of NFTs has fallen from its highest point in February, and between February and the end of March, prices plunged 70%.