Every month, we take a look at a word in the headlines, in English, for your English. See more at The Word of the Month.
Definition
A token: substitute for coins, used as a form of payment.
Non-Fungible Token (NFT): A database record representing a digital asset, like a photo. Can be traded via blockchain like cryptocurrencies.
Don’t confuse with:
A toke: a single puff of marijuana. You might need one to understand NFTs.
Tokens in the news
This month, Sotheby’s sold $17 million worth of NFTs representing digital artwork by anonymous artist Pak.
Meanwhile, thousands of confused crypto enthusiasts are now millionaires thanks to Bitcoin and other digital tokens.
Another toke?
Token gestures
A token person: A minority person included to create the illusion of diversity. Ex: Should we maybe invite a token woman to the abortion debate?
A token of appreciation: A symbol of gratitude. Ex: Excellent walk, dog. Here’s 0.000001 Bitcoin for you.
Two sides of the same token
Cryptocurrency is
+ indecipherable
+ decentralised
+ a middle finger to banks
– indecipherable
– unavailable as payment
– a middle finger to the environment
One last toke for the road?