In recent years, NFT has become one of the buzzwords of the 21st century. NFTs have received a lot of publicity as a form of digital art that sells for millions of dollars.
To make sure you don't miss out on the crypto and NFT conversation, here's a complete list of the most common NFT-related terminology.
WAGMI, just think DYOR to avoid being harsh.
What is an NFT?
NFT stands for Non-Fungible Token.
In short, NFT is something that cannot be replaced. It's like a unique playing card.
However, an NFT is not physical. Instead, it's a digital token that lives on the internet.
Something like a US dollar is fungible. You can give me a dollar and I can give you another. The value remains the same.
However, a non-fungible token is something that cannot be replaced. It is a unique token identified by a unique ID. There can only be one such NFT.
What gives value to an NFT?
When an NFT enthusiast buys an NFT, he believes that its value will increase over time.
In other words, buying an NFT is an investment.
Due to the huge hype and ease of trading NFTs, assuming that the price will go up is not at all stupid.
There are some examples of NFTs like CryptoKitties that have exploded in value. These NFTs have traded for hundreds of millions of dollars.
However, the value of an NFT is formed in the same way that any other physical work of art is valued.
Where do NFTs live?
NFTs are bits that live on the internet.
Most NFTs live on the decentralized Ethereum blockchain.
By purchasing an NFT, you become its true owner.
This property is verified and supported by the entire Ethereum network. There is no central authority involved.
Blockchain technology and the lack of a central authority are the main factors driving interest in cryptocurrencies and NFTs.
You cannot use regular money to buy NFTs.
Instead, you need to use cryptocurrency like Ethereum.
Also, you must use an NFT marketplace like OpenSea to successfully make a purchase.
What can an NFT be?
Anything digital can be converted into an NFT.
It could be a song, a video or a video.
The currently most popular NFTs belong to the PFP NFT collections (more on that later in this article). The hype around this is unbelievable.
1. AR LEFT
Airdrops are free collectibles offered by the creators of a specific NFT collection.
Two common reasons someone would do an airdrop are:
- Create additional interest in the NFT project to create more hype.
- Reward one or more community members based on certain criteria e.g. B. writing a social media post.
In short, an airdrop is a free slice of NFT.
Alpha is a secret future announcement.
In layman's terms, it refers to inside information about an NFT project.
One of the reasons a future announcement will be kept confidential is to avoid price gouging for an NFT collection.
A person who is somehow able to discover the alpha(s) can invest early in the project.
Knowing an alpha and investing early virtually guarantees a positive return on investment.
Asset refers to a digital collectible such as a B. an NFT or a cryptocurrency.
BURST refers to a well-known NFT asset that any typical collector would love to buy.
Beeple is a pseudonym of popular digital artist Mike Winkelmann.
Beeple created a digital artwork that sold for $69,400,000. This is the highest price ever paid for digital art.
More information about the artwork can be found here:Everyday life: the first 5000 days.
Bitcoin is the most popular cryptocurrency on the planet.
Bitcoin's primary purpose is to serve as an investment vehicle for stored value.
However, people and businesses are increasingly using Bitcoin for instant payments. This is due to the highly secure peer-to-peer network that Bitcoin operates.
Unlike regular currency (fiat currency), there are no physical bitcoins. All credit is kept in a public ledger. Furthermore, everyone has access to this public ledger.
Blockchain is a digital ledger. It stores data on a global network.
A blockchain ledger is publicly auditable and immutable. This means that anyone can access nodes on a blockchain.
In other words, there is no central authority as an intermediary controlling the blockchain.
Blockchain technology powers cryptocurrencies. Allows secure transactions.
In case you were wondering, a bitcoin blockchain is a public record of every transaction ever made. Anyone can access and read this book.
Therefore, the “List of Transactions” is not anonymous.
However, blockchain transactions are encrypted using public key cryptography. In this way, all public transactions are masked in order to hide the identities of the people behind the transactions.
Bridge or bridging means moving NFT tokens from one blockchain to another.
This usually costs a fee.
In practice, this works according to the following procedure.
- A user deposits a piece of NFT into a smart contractNetwork A.
- The NFT is blocked.
- User gets oracle signatures by confirming depositNetwork A.
- The user then uses these signatures inRede Bto call the same smart contract and mint the double NFT there.
- The NFT piece is now being coined the "Bridged Collection".Rede B.
To reinstall the original NFTNetwork A:
- The user must send the duplicate NFTRede Bto the bridge.
- The double NFT is burned on the bridge.
- The oracles return new signatures to confirm that this has happened.
- User uses the new signature to invoke the smart contractNetwork Awhere the original NFT track will be released.
BTC is an acronym for Bitcoin, the most popular cryptocurrency in the world.
Burn means to destroy an NFT.
Its NFT marketplace makes it easy to write NFTs.
However, it's good to understand what this means in practice.
Under the hood, burning means sending the NFT to a non-consumable address. In other words, it doesn't actually destroy your piece of NFT. Instead, it becomes unusable.
This action cannot be undone.
Note that transactions that took place before the recording will remain on the blockchain forever.
After burning an NFT token, a Proof of Burn (PoB) is created to verify the write action.
A buyer in the NFT/crypto space is someone trying to make a profit by buying and selling digital collectibles.
The idea is exactly the same as in the real world.
CAT is an acronym for Crypto Collectible Asset Token.
This, in turn, concernsCryptoKitties, which remains one of the most traded NFT collections to this day.
13. COLLECTOR'S ITEM
In the NFT space, a collectible refers to a unique piece of digital art that has intrinsic value.
A collectible can be a unique music, video, picture, or other digital object.
CDS or Community Designated Seller is someone who sets up a private address for people who want to sell their digital collectibles.
15. BULK SALES
Crowdsale is a public offer to invest in a new digital asset such as a cryptocurrency or NFT.
Crypto companies sometimes organize mass sales to raise funds for their crypto project.
Money earned from crowdsales can be reinvested in developing NFT/cryptocurrency related businesses.
If you are looking to invest in a Crowd Sale Crypto/NFT, it is important to do a lot of research on the project and understand the risks involved.
Crypto is a short name for cryptocurrencies.
This is likely because the word “cryptocurrency” is a long word.
CryptoPunks deserves its own spot on this list due to its popularity and high commercial value.
CryptoPunks is a popular NFT collection.
It consists of cartoon-like punks with different clothing and facial features.
Three from the CryptoPunks collection made it toTop 10 most expensive NFTs.
18. CRYPTO COLLECTION ITEMS
Cryptographic collectibles refer to collectibles that are part of a blockchain. An NFT art is an example of crypto collectibles.
In the context of NFTs and crypto, the words collectible and crypto collectible are used interchangeably.
Cryptocurrency is a decentralized currency.
Decentralized means that there is no central authority like a bank that manages the currency.
Cryptocurrencies generally work on blockchain technology.
The word "crypto" comes from the word cryptography. Blockchains use public key cryptography to encrypt transactions. This makes the system secure.
Cryptography makes it almost impossible to counterfeit or steal cryptocurrencies.
DAO is an acronym for Decentralized Autonomous Organization.
It is not a central authority, but an entity owned and operated by its members.
In a DAO, all members have an equal say when it comes to decision-making.
One way to describe a DAO is to think of it as a club for cryptocurrency enthusiasts. It is a group of members who have a common goal.
A DAO is based on a blockchain using smart contracts.
Joining a specific DAO usually requires a buy-in to obtain a governance token. This token confirms that you are part of the community and have a say in decisions.
DAOs can consist of people from all over the world.
Usually, communication is done through Discord channels.
DYOR is an abbreviation of "Do Your Own Research".
When it comes to investing in crypto collectibles, research is an important part of the process.
This is to reduce risks.
You can often hear people discussing cryptos and NFTs on Reddit, Discord or other similar platforms. When crypto enthusiasts voice their own opinions, they might say “DYOR” at the end of a message. This is to highlight the fact that this is just their personal opinion and you should do more research before investing.
“This NFT is exploding. It has all the elements and hype to go with it. DYOR, but."
DApp is an acronym for Decentralized Application.
Similar to DAO (earlier on this list), a decentralized application is an application without a central authority.
With a normal app, the backend runs on a server provided by a central location like Facebook or Instagram.
The backend of a dApp runs on a peer-to-peer network, i.e. on a blockchain. Therefore, the servers are not owned by any company. Rather, they belong to the community.
Advantages of dApps include:
- Zero downtime.The network is always operational.
- Privacy.No real identity is required.
- uncensored. No single entity on a network can prevent its users from taking action.
- data integrity.Data stored on a blockchain cannot be changed later.
- lack of confidence.There is no need to trust any central authority to handle our data properly.
DeFi is an acronym for Decentralized Finance.
The idea behind decentralized finance is to disarm the financial power of central authorities such as banks and other financial institutions.
DeFi is based on peer-to-peer networks similar to those used by cryptocurrencies.
24. DECENTRALIZED EXCHANGE (DEX)
A decentralized exchange or DEX is a cryptocurrency exchange.
It allows transactions without a central authority like a bank.
Cryptographic transactions are carried out through smart contracts.
25. TO MASSA
Degen is an investment style that involves high risk and a lot of speculation. Commonly, the verb degen is also used as a noun to describe a person who practices this style of investing.
"Epees will snow soon."
The word degen comes from degenerate.
A sword has a negative association with it. This is because a Degen bases risk analysis on luck rather than work and research.
Degens often rush to buy popular NFTs that other investors are buying without doing any research. A typical Degen is afraid of missing out (FOMO) when it comes to investing in popular/trending NFTs.
26. DIAMOND HANDS
In the NFT space, the word "hands" refers to how an investor holds their NFTs.
Diamond hands mean you're determined to keep your NFT fortunes, no matter how long it takes to get a win.
Someone with diamond hands can doggedly hold their NFTs for years without panicking at the thought of selling them.
See also "paper hands" later in this list.
Discord is a popular social media platform for gaming and NFTs.
Most popular NFT projects have their own Discord channel where anyone can join to get involved and stay up to date with the project.
The decline means that new NFTs are being launched.
Buying NFTs during the drop is a great way to save.
You can hear about NFT advances:
- mouth to mouth
- social media
- NFT Market News
ERC-721 is a recipe for creating NFTs on Ethereum Virtual Machine compatible blockchains.
- ERC significa Ethereum Request for Comment
- 721 is the proposal identification number
There are many such ERC proposals.
In particular, the proposed ERC-721 has become a popular open standard for building NFTs. This is because it establishes a set of rules that facilitate working with NFTs.
ETH is an abbreviation of Ethereum.
Ethereum blockchain is very popular and used to store all NFTs.
Ether is an altcoin running on the Ethereum blockchain.
Ether tokens are used to conduct transactions on Ethereum dApps.
To better understand what this means, consider a dApp on the Ethereum blockchain. In this dApp you can send and edit messages in a channel.
To enable these transactions, the dApp needs computing power.
But that computing power doesn't come for free.
To cover the cost of computing power, you must pay a fee every time you switch networks. This fee is paid with Ether tokens.
Ethereum is a decentralized blockchain platform. It is best known for its cryptocurrency Ether (ETH).
ETH is the second most popular cryptocurrency after Bitcoin.
The Ethereum blockchain allows ether to be used for secure transactions on the blockchain using smart contracts.
Etherscan is a website that acts as an Ethereum blockchain network explorer.
You can access transactions, blocks, wallet addresses, smart contracts and much more. This can help you understand your dealings with the Ethereum blockchain, wallets or dApps.
Etherscan helps you stay safe and detect suspicious actions.
To exchange your crypto assets for other crypto assets, you need to use an exchange like Binance.
Cryptocurrency exchanges also allow you to use regular credit cards.
FOMO significa "Fear of Missing Out".
This term is commonly used in various contexts.
In the crypto/NFT space, FOMO refers to the fear of missing out on buying assets that could appreciate in value.
FUD is an acronym for Fear, Uncertainty and Doubt.
FUD is usually created when:
- Someone is spreading negative and possibly false information about an encryption/NFT project.
- There is a general bad smell about the future of an encryption/NFT project.
A related term, fudder, is someone who goes through the FUD.
NFT farming is a relatively new concept of making money from NFTs in the DeFi market.
In agriculture, you can:
- Wager an NFT to get tokens as a reward.
- Wager tokens to get NFT as a reward.
Fiat currency is the "regular currency" issued by the government.
Examples of fiat currencies are fiat currencies such as US Dollars, Euros or any other major global currency.
A fiat currency is not backed by physical commodities like precious metals. Instead, the value of a fiat currency depends on:
- The relationship between supply and demand.
- Government stability.
The floor is the lowest current market price of an NFT project.
For example, imagine an NFT collection with 10,000 assets. The floor is the cheapest NFT price in the collection.
"I should have bought CryptoKitties when the bottom wasn't so high."
40. PARTIAL OWNERSHIP
Fractional ownership means you don't own all of the NFT. Instead, you own a fraction of it.
Most NFTs are owned by a single owner.
However, the new variant called Fractional NFT makes it possible to own a fraction of a piece of NFT.
Fungibility means substitutability.
A pound sterling is fungible. You can trade any two pounds and still own a pound.
On the other hand, paintings are not justifiable. There is only one painting like this, nothing can replace it.
42. FUNCIBLE PLUG
A fungible token is a mutable token on a blockchain.
A bitcoin is an example of a fungible token. Each bitcoin has the same value as every other bitcoin out there.
43. Graphics card
GPU is the graphics processing unit in a computer.
The computing power of the GPU can be used to mine cryptocurrencies like Bitcoin or Ethereum.
This is because mining a cryptocurrency means solving difficult math problems to verify transactions on a blockchain.
Gas or gas fee is the fee payable for a successful transaction on the Ethereum blockchain.
The gas fee is charged every time you make a change on the Ethereum network, for example. B. if you:
- Buy an NFT asset.
- Want Ethereum.
- Create a smart contract.
45. GENERATIVE ART
Generative art means that a computer program randomizes layers of pre-made images to create the NFT art images.
For example, take a look at the Pudgy Penguins NFT collection:
There are 8,887 separate NFTs in this NFT collection.
But the artist did not create each image individually. Instead, the artist drew a series of components that were randomly selected by a program 8,887 times.
If you take a closer look at the NFT artwork, you'll see that the images are similar.
- Each image has the same "base" penguin.
- However, the glasses, hat, jacket and almost everything varies from photo to photo.
NFT images are generated by a computer program that randomly adds layers to form the images.
This speeds up the process of creating NFT images.
As an artist, all you have to do is draw a few layers and let the program do the rest.
For example, if you have 5 hats, 4 glasses and 10 jackets, you can generate 5 x 4 x 10 = 200 combinations where the avatar wears a different hat, glasses and jacket.
- definitely readThe best NFT tools for artwork creation.
46. HASH MASK
Hashmask is a popular digital art collective brought together byWolfgang Beltracchi.
The story behind this man is that he spent decades in prison for counterfeiting and selling art by famous artists.
This banned all museums, galleries and auction houses from selling his work.
Behold, Beltracchi created an NFT collection that gained a lot of popularity.
Hashrate is a measure of computing power used on a blockchain.
It is an important safety indicator.
A blockchain with a high hash rate is more secure. This is because it would require more effort to successfully attack the blockchain.
Potential investors can use the hash rate to get an idea of the state of the blockchain.
ICO stands for Initial Coin Offering.
In the world of cryptocurrencies, the ICO corresponds to the IPO (Initial Public Offer).
The ICO is a way to raise funds for the project. This is because ICO allows investors to buy new cryptocurrency tokens.
The cryptographic tokens offered initially may have some utility related to the project or represent a small stake in the company/project.
49. INTERPLANETARY FILE SYSTEM
An Interplanetary File System (IPFS) is a peer-to-peer file sharing network. IPFS aims to bring us one step closer to the decentralized web.
IPFS provides a better way to store NFT data compared to an HTTP gateway URL. This is because the latter means your NFT data is stored and therefore dependent on the servers of a central authority.
When using an IPFS, data can be found as long as the address is hosted by someone on the decentralized P2P network.
KYC stands for Know Your Customer.
Blockchain companies ask you to fill out long forms asking for your name and other personal information.
This is to comply with KYC regulations.
Metamask is a digital wallet used to access NFT markets like OpenSea or Rarible.
It is used as a browser extension.
With MetaMask you can:
- Store Ether tokens in the MetaMask wallet.
- Interact with dApps on the Ethereum blockchain.
Metadata is generally data about data. Gives information about the data.
Every work of digital art is linked to metadata. This can be:
- file name
- image size
- duration of a video
And much more.
Metaverse is a 3D virtual world. It's a digital alternate universe where people can interact with each other as 3D avatars.
In the crypto space, mining means performing calculations to insert a new unit of cryptocurrency into a blockchain.
In this case, the miner receives a reward, which is a small amount of cryptocurrency.
Due to the complexity of the mathematical problems to be solved, mining is generally not done alone. Instead, a miner joins a pool of miners to provide them with computing power. When a mining pool successfully extracts a reward, it is shared with the pool members.
Coining means producing something new.
In the crypto/NFT space, coinage means:
- Information Validation.
- Creating a new block based on validated information.
- Adding the block to the blockchain.
As a concrete example, you can mint NFTs.
This simply means adding new NFTs to the blockchain.
A minted NFT can then be purchased by someone else on the network.
56. PRINT INTERVAL
The minting interval describes how often you can mint new tokens on the blockchain.
NFA is an acronym for Non-Financial Advice.
“I think the price of CryptoKitties will continue to rise. NFA, but."
NFT stands for Non-Fungible Token.
A non-fungible token means an irreplaceable token on a blockchain.
An NFT can be anything digital, e.g. B. a photo, a video or a song.
NGMI is an acronym for Not Going to Make It.
This acronym is given to someone who makes bad decisions or uses poor judgment.
In the NFT/crypto space, the NGMI is used to highlight the fact that someone, often paper-handed, is about to miss out on a huge opportunity in a trade.
60. CHIC DOOR
Nifty Gateway is a popular NFT marketplace where you can buy and sell digital collectibles.
The word "Nifty" is a playful term related to NFT.
O Nifty Gateway opera na blockchain Ethereum.
61. PORTFOLIO OUTSIDE CUSTOMER SERVICE
A non-custodial crypto wallet gives you full control over your keys and funds.
This is a third party solution when it comes to storing your crypto assets.
Instead of relying on a third party, you should rely on not screwing up with a non-custodial wallet. This means you don't need to:
- I lost my wallet.
- Destroy the wallet.
- Forgot your password.
If you haven't taken proper precautions for these situations, you will lose access to your digital funds.
An example of a non-custodial wallet is the MetaMask browser extension.
You've probably already guessed. A noob or newbie is someone who is new to the NFT/Crypto thing.
63. METADATA OFF CHAIN
Off-chain metadata is metadata that is not publicly available. It is stored outside the blockchain.
When NFT projects store off-chain metadata, they do so due to limitations in the Ethereum blockchain.
64. METADATA ON THE CHAIN
On-chain metadata is metadata directly embedded in the smart contract that makes up the tokens.
65. OPEN SEA
OpenSea is the most popular NFT marketplace.
You can trade the most popular NFTs on the OpenSea marketplace, including:
- chubby penguins
And much more.
O PFP significa Picture for Profile.
In the NFT world, a PFP is an NFT that is part of an NFT collection of images similar to cartoon profile pictures.
Typically, a PFP-NFT collection consists of around 10,000 different PFPs.
For example, a PFP can be used as a Twitter profile picture.
A popular example of a PFP-NFT collection is theCriptoPunksCollection.
67. PAPER HANDS
Paper hands refer to a person nervously holding their NFTs or cryptos and panicking and selling them too soon.
See also "Diamond Hands" earlier in this listing.
68. Peer to Peer (P2P)
Peer-to-peer or P2P means the direct exchange of an asset between two parties without involving a central authority in the process.
A peer-to-peer network is a network of computers or devices where each computer has an equal word. In other words, all permissions and responsibilities for data processing are evenly distributed.
In a P2P network there is no central authority.
The driving force behind the development of Bitcoin was to enable peer-to-peer currency exchanges.
69. PLAY TO WIN (P2E)
Play-to-win games pay players based on their skills.
These payments are NFTs that a player can collect and sell for cryptocurrency or real money.
This new way of playing is a great incentive for new players to try the game. Furthermore, this opens up new gaming career opportunities for players.
Polygon is a scalable solution for the Ethereum blockchain. Allows payment transactions that:
- More quickly
Solutions like Polygon exist due to the fact that the Ethereum network slowed down as it grew in popularity.
71. PRIVATE KEY
A private key is a secret number given to a user.
It is similar to a password.
A user can use the private key to:
- Access digital funds.
- prove ownership.
- sign transactions.
Do not share your private key with anyone!
In the NFT field, design refers to digital artwork or digital assets related to an overall roadmap.
An NFT collection is a project.
NFT developers often share a roadmap for their idea. This is to help enthusiasts understand what the purpose of the underlying design is.
"What projects are you working on?"
73. PROOF OF PARTICIPATION (POS)
Proof-of-Stake is another consensus mechanism for adding blocks to a blockchain.
This is also a form of cryptocurrency mining.
With PoS, a miner is more likely to earn an additional block if he has more money. Essentially, PoS depends on the bet size a user has.
PoS is an alternative to PoW (see below), which is the original consensus mechanism for validating and adding new blocks to a blockchain.
It is debated which, PoS or PoW, is the best option to preserve the integrity of a cryptocurrency.
74. PROOF OF WORK (POW)
Proof-of-Work is a consensus mechanism for adding new blocks to a blockchain.
A consensus mechanism like this is necessary because there is no central authority making the decisions.
Proof of work literally means proof that someone has done the work to add a block to a new blockchain.
But what exactly is "work" in the proof-of-work mechanism?
Working in this context means using a powerful computer to guess what an encrypted value is.
This is also called mining (read more about mining earlier in this article).
75. PUBLIC KEY
A public key is a shareable key. You can exchange a public key with anyone on a network.
A public key stores information about how data is encrypted.
When it comes to NFTs and cryptography, a public key is a cryptographic key that allows other users to allow NFTs in their wallet.
76. Public ledger
A public ledger is used to keep records.
It is an ancient recording system that dates back to ancient times.
A public ledger was once a physical record in which people wrote information about:
- To analyze
Anyone can view the public book and check its contents.
Blockchain technology relies on a very similar way of tracking transactions.
This is why the word public reason has reappeared in the 21st century.
Pump and Dump is a price manipulation system.
The purpose of a pump and pour system is to allow traders to take advantage of price spikes.
An investor looking to profit from cryptocurrencies might join a pump and dump group in hopes of timing the spikes correctly.
Usually this leads to monetary losses.
In a nutshell, this is how the pumping and discharging system works:
- The crypto group leader or leaders secretly choose a cryptocurrency. Then they buy that currency gradually over a period of time, usually a few weeks.
- After the last investment, the manager plans a “pumping day”.
- During Pump Day, the leader shares the name of the secret cryptocurrency he invested in. This leads to a massive rush to buy the group's currency. This temporarily raises the price by hundreds of percent.
- As soon as the price is high enough, the group leader sells all his positions without warning.
- After a minute or two, the coin price dropped again and the leader made a profit.
Quantity simply means the number of assets.
Rarible is a popular community-driven NFT marketplace.
Each NFT or Crypto belongs to a project or company.
Every successful business must have a roadmap for the future.
NFTs and crypto projects are no different.
NFT and Crypto investors often want to see the project roadmap before investing in it.
81. LICENSE FEES
Royalties refer to the money earned by the creator of an NFT through resales.
Let's say you create an NFT and set the royalty to 5%. Now, every time you sell or resell the NFT, you will receive 5% of the retail price.
If the NFT price skyrockets years after it goes on sale, you'll still get a hefty chunk of royalties.
82. CARPET TRAIN
A rug pull means that a crypto/NFT project is canceled after the project's developers generate revenue.
A pulled rug is difficult to detect.
An NFT/crypto project can look promising and the roadmap can look bright.
But they are just promises.
Once the community has invested in the project by purchasing NFTs or cryptocurrencies, the project owner pulls the rug out and abandons the project completely.
Schilling means encouraging others to buy your NFTs at the higher price you bought them for.
This is an exit scam. It usually involves lies or excessive optimism.
NFT breeders can also earn shillings before a mat change.
84. SMART CONTRACT
A smart contract is a program stored on a blockchain. This program only runs if certain criteria are met.
Smart contracts are used to streamline agreements in such a way that no middlemen are involved.
An agreement refers to something we deal with in everyday life, such as:
- Registration of a vehicle
- send messages
With the help of smart contracts, both parties can be instantly sure of the outcome of the agreement.
When an agreement is reached, the blockchain is updated. This transaction cannot be modified. More importantly, only the parties involved in the agreement can see the result.
Solidity is a programming language for writing smart contracts.
Solidity is a high-level programming language similar to Python.
It is ideal for the Ethereum blockchain, which is the host for most NFTs.
Stake means depositing a certain amount of crypto and agreeing not to withdraw it for an agreed period of time.
Staking is an essential part of approving transactions and thus maintaining blockchain networks.
87. Sweep the floor
Sweeping the floor means buying NFTs at the lowest price.
NFT investors sometimes encourage groups to sweep the floor to increase the project's reserve price.
Tokenomics is a playful word referring to the economy of cryptos, DeFi or NFTs.
Atoken is a record on a blockchain.
A token entitles the owner to a certain amount of digital currency or to perform certain actions with it.
Traits are characteristics that make an NFT unique in the collection.
Most features are visual, such as glasses, hats, and background colors.
If you look at a PFP NFT collection, no two NFTs are identical.
The characteristics and rarity of NFTs in a collection give them their value.
91. USAGE-ORIENTED NFTS
A utility-focused NFT is an NFT that has real-world applications.
For example, the Bored Ape grants its owners certain privileges, such as: B. Access to a collaborative graffiti board.
Sense: An acronym for "We'll All Make It".
This chant describes the future when all of our investments have large positive returns.
93. WEB 3
Web 3.0 is a potentially revolutionary next step on the Internet.
The idea is to give the people the power of the great authorities of the web.
In Web 3.0 there would be no central authority that would control and know everything about users.
Instead, every Web 3.0 user would be a node like any other.
That's a lot of NFT terminology!
I hope you learned a lot of new words and concepts today.
Thanks for reading!
- Melhores NFT-Designtools
- The 50 best websites to learn programming
- How many hours does it take to learn to program from scratch?
- What is NFT?
About the author
- Artturi Jalli
- I'm a businessman and blogger from Finland. My goal is to make coding and engineering easier for you with comprehensive guides and reviews.
- Artificial intelligence14/03/2023