Earlier this week, the dictionary publisher announced that it will sell the definition of an NFT as an NFT, in an attempt at an inception-inspired auction. The sale is set to take place on OpenSea, with all proceeds to be donated 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.”
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.”
OpenSea is regarded as the world’s largest digital marketplace for crypto collectibles, including NFTs. Their head of product, Nat Chastain commented on the sale stating, “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.”
The sale of the definition will accompany Merriam-Webster’s official adding of NFT into the dictionary. The definition reads: “NFT (abbreviation or noun): NON-FUNGIBLE TOKEN: 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).”
The sale of the NFT is taking place on OpenSea starting now, with the auction closing on May 14, 2021 at 11:59 p.m. EST.
In other NFT news, Floyd Mayweather is launching his first NFT legacy collection.