I think that categorizing things as either "First Word Art" or "Last Word Art" is difficult, if not impossible to do except in hindsight. I think every artist strives to make one or the other, but there is no real way to know other than to see what follows, and as such I believe most projects will fall somewhere in the middle.
Particularly the idea of "Last Word Art" is troublesome to me. It seems to require a universal understanding that the best of the best has already been created, and to attempt to refine the idea any further would be ridiculous, but I think that overlooks the fact that the most innovative ideas draw inspiration from the past as part of the process.
Since technology is constantly evolving, one might anticipate that a lot of "First Word Art" can stem from the development of technology. However, just because something is new and different doesn't necessarily mean it's valuable simply because it utilizes a new material or concept (though it certainly can be).