29.12.2021 |Updated October 25, 2022
Ler 5 minutes
|The central theses:|
|— NFTs have led to a host of new terminologies, some of which are technically or colloquially derived from the community itself|
— For beginners, Discord and other community forums are a great way to get started with NFTs — but with so much awkward jargon, you might find it difficult to engage in dialogue and start learning
— Se Project, Mint, Gas etc.
If the latest cryptocurrency trend seems like a foreign language to you, this NFT glossary is your best friend.
There's a lot going on in the blockchain space right now, and NFTs are one of the biggest buzzwords. For a newbie, the jargon can be a lot to absorb. If you're just getting into NFTs and wondering what the heck this new language is, this is the article for you.
But wait! What are NFTs?
NFTs are digital assets in aBlockchainnetwork that are unique and distinguishable. They can be absolutely anything: a video, an image, a vector file of a game character. But if we already have these things on the internet, easily accessible, why do we need them?NFTs?
Because NFTs enable digital ownership and act as proof of authenticity for just about anything; So instead of just looking at your digital world, you can actively own and change parts of it, collaborate with communities, and build projects together. NFTs have had a huge impact on the creator economy and people are very excited about them.
But as an emerging technology with a young and highly engaged online community, the NFT ecosystem is shrouded in its own weird jargon and gibberish – which can make it intimidating and difficult to access. If you're new to the party and the music is too loud, here's an NFT glossary that will make your next room feel like home. So, as our friends say: LFG (Let's F****g Go).
Your NFT Glossary
Here are some key terms for NFT newcomers - enjoy the ride!
"So what projects are you involved in?" you will eventually be asked.
An NFT project is a collection of artwork or digital assets, all released as part of the same overall script or story. Good examples of current collections areFaerial worldEJack.
Typically, the artist or creators share a "roadmap" for their idea, intended to help them understand the scope, purpose, and direction of the underlying project. When you understand a project, you can decide if you are interested in participating in it. Always do your own research (DYOR) before investing in any project.
Speaking of which...pronounced DIOR, the brand reiterates that you should do your own research before giving in to FOMO. NFTs are sensitive and fledgling, you shouldn't give in to the Twitter roars and LFG chants (Lets Fing Go!), which are not all that uncommon when an NFT starts to receive criticism.
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NFT enthusiasts everywhere follow their favorite projects on Discord and find out when the latest NFTs are released. However, it's important to note that drops and airdrops are different things.
Airdrops are free collectibles or bonus NFTs offered by developers to generate interest in their project or to reward existing users. For example, an airdrop could be a reward for a project's existing community or in exchange for writing a social media post talking about the project. The effect is the same either way - you get NFTs for free if you meet certain criteria.
A drop is the first launch of a new collection or project. For example, RTFKT Studios recently released a collectible calledCloneXin a drop. But it's not free; its minimum price is fixed at 2.67 ETH. minimum price, right?
In the NFT market, the floor is the lowest current market price you can spend to acquire an NFT within a specific project. In other words, the lowest entry point. It is often used as a shorthand measure of the value of an NFT project. For example, a very successful NFT collection, Bored Ape Yacht Club, has a current reserve price of 44.89 ETH (at the time of writing these things change quickly of course) and this will change over time depending on how the project develops.
So you might find yourself saying, “I wish I had gotten into this project months ago when the terrain was more sensitive.” Which brings us to another important concept.
A common emotion: fear of losing! If you're hoarding a specific token to expect returns or gain exclusivity, buy it with FOMO. In the NFT space, you might as well buy an expensive NFT artwork for fear of missing out on the next big thing. Keep FOMO in check!
“No, I don't actually buy NFTs. I'll mint my own!" So about it!
Let's say you're an artist or someone with a digital asset you want to own or sell. You can circulate it on the blockchain (usually Ethereum) as an ERC720 token so it can be digitally “owned” and then traded as an asset – this is called coinage. Once the digital asset is in circulation, it can be bought, sold or collected. The embossing process can be confusing for creators unfamiliar with the space, but it can be done relatively easily on platforms like OpenSea and Rarible. And what do you need for this? Regardless of the platform, you need some “gas money” to mint an NFT.
Gas is the tax you pay to mint, buy or sell your digital assets on a blockchain network. Now gas prices can fluctuate according to supply and demand! For example, minting or buying an NFT on the Ethereum chain can be expensive, mainly due to the popularity and congestion of the network, while networks such as the Solana and Tezos networks often present a cheaper alternative.
WAGMI is the abbreviation ofWe're all gonna make it!which is expressed when there is good news..
Based on the asset we have, its price and the supply/demand ratio, we will get it or not. However, the term is not specific to any particular NFT. It can also represent the entire NFT community.
A flip is exactly what it sounds like: a quick change! By launching an NFT, you are quickly buying and selling it within a few days rather than holding onto it to try and make immediate profits. Pinball can make moolah in the short term, but in the NFT community, the keepers are the real OGs (Original Gangstas).
If youpull the rugon someone, you attract them and then you betray them! Also in the NFT field, “I became robust” or “you pulled the rug out” mean the same thing. When developers market a project to generate sales and then abandon it and keep existing profits, the value of the project (and its NFTs that you, the user, paid for) often goes to zero. So DYOR - you don't want to get caught on a carpet train!
Hey - have you seen JayZ's Twitter? He has his CryptoPunk PFP, an algorithmically generated profile picture unique to each owner. Be careful, it's not the same as an avatar - it's only designed to act as your unique profile picture, but you can't necessarily use it beyond that.
Within the NFT space, alpha-ing means having access to important inside information that not everyone is aware of. For example, I work with Ledger and I know they will be releasing the NFT Lexicon very soon - so I have alpha in Ledger Academy's plans for this month! OK, maybe not the information the world has been waiting for, but you get the point...
If you know, you know...
NFTs have their own culture and community, which is just one of the many reasons they are so interesting.
His creation isn't just about art and culture - it's part of a broader movement towardsdecentralizationThis allows communities to form in a collaborative spirit, rather than relinquishing control to a single person or entity at the top of the pyramid. Like its community, Jargon is really cool and creative; Now you're armed with your NFT and dangerous glossary, get out there and enjoy your own exploration!