Merriam Webster Defines NFT Then Sells It
It’s a key milestone when a technology is defined in the dictionary, yet in the case of the acronym “NFT”, it is not only been defined also sold by Merriam Webster. The relatively well designed NFT has been bid up to nearly $28,000 so far.
While I certainly would not be a buyer for this particular NFT, there are a lot of linguists who might find this collectible worthwhile.
Merriam Webster NFT
Merriam Webster will not be profiting from this NFT however. Instead, they’ll be donating the proceeds to Teach For All. This is a common pattern for existing brands that are new to the world of NFTs. Rather than make a cash grab, they turn NFTs into an opportunity to benefit a non-profit.
The only thing that’s not clear is whether or not such an NFT purchase can be tax deductible. I wouldn’t be surprised if we begin seeing platforms that facilitate tax deductible donations in exchange for NFTs.
In the interim, if you want to bid on the word / acronym “NFT”, head on over to OpenSea.