Merriam-Webster isn’t just defining NFT, it’s selling it.
An NFT or non-fungible token is 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),” as defined by Merriam-Webster.
Wordsmiths can now bid on a collectible NFT featuring this definition.
“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,” said Peter Sokolowski, Merriam-Webster’s editor-at-large. “And while the NFT itself may not be fungible, the knowledge we’ve created certainly is and we’re excited to share it.”
The NFT is a collectible NFT of Merriam-Webster’s definition and not the definition itself.
“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, as further defined and set forth in the Agreement,” the details on the bidding site OpenSea state.
Through this auction, the Springfield-based company is hopping on one of the latest trends.
Artwork by Beeple sold for $69.3 million, according to Forbes. An NFT version of Twitter’s first published tweet, which was by co-founder Jack Dorsey sold for $2.9 million in March. And the “Disaster Girl” meme sold for $500,000, according to The New York Times.
“When a new word makes its way into the world’s lexicon, our ears at Merriam-Webster perk up,” said Sokolowski. “Over the past several months, NFT has rocketed into popular culture, and the team at Merriam-Webster crafted a definition to provide meaning to this emerging technology.”
Like many NFT auctions, the one for Merriam-Webster is hosted on OpenSea, the world’s largest digital marketplace for crypto collectibles and NFTs. Bidding starts Tuesday at 9:30 a.m. and lasts until Friday 11:59 p.m.
The highest bidder will get the NFT and receive a link to their OpenSea profile from the NFT definition page on Merriam-Webster.com.
All net proceeds from the auction will go to Teach For All, “a network of organizations in 60 countries working to ensure all children have the education, support, and opportunity to fulfill their potential,” Merriam-Webster said.
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