Nft terminology

D art has won many awards.

Colored Coins: Describes a class of methodologies for managing, and representing assets.

Collectible: A physical or virtual object that has scarcity, a unique value, or a rarity piece.

Collection: Portfolio of NFTs with a unifying common theme sold on an auction platform.

Collector: Investor who buys NFTs for art, and/or, for the purpose of market speculation.

Community Designated Seller: Those investors who set up their addresses with fees set specifically for other investors looking for services to sell their assets for them.

Consensus Mechanism: The methodology of authenticating, and validating a value or a transaction on a blockchain without the need to trust or rely on a central authority.

Nft terminology

So instead of buying WeddingDress.jpg, she buys an NFT of the file, which Cyril has put up for auction on a digital NFT marketplace like this one, under the username is Oldsoandso.

Without getting too much into the tech, what the princess has purchased isn’t the file itself. What’s she’s purchased instead is basically a digital certificate of authenticity that says, in code: “Oldsoandso transferred the ownership of this file to me on this date for this much money.” That receipt, which was “minted” on the blockchain, where it cannot be deleted, duplicated, or messed with, is the non-fungible-haute-couture token and thing of value.

Nft terminology list

LEGOs or sneakers.Community Designated Sellers (CDS)People who set up wallet addresses with specific purposes and fees for others looking to sell their assets.CryptoShort for cryptocurrencies.CryptocurrencyType of digital currency (e.g. Bitcoin, Ethereum etc) that uses cryptography to secure financial transactions and control the origination of new coins.Crypto Twitter (CT)Subculture of developers, tech founders, economists, influencers and speculators that frequently tweet about cryptocurrency, blockchain, decentralization and crypto scams.Decentralized apps (dApps)Apps, or crypto projects, that are built to run on decentralized networks such as Ethereum, BSC and Solana.Decentralized Autonomous Organization (DAO)DAOs are member-owned communities without centralized leadership, which means that they are not governed by one single person or entity.

Nft terminology guide

Originated through the ‘apes together strong’ meme. It is, however, always advised not to ape in any projects without having proper research and understanding on what you’re buying! Unless you are a true degen (see below what degen is)!

  • Bot

Bot refers to the automated software that performs specific actions. Some examples are: to conduct trades and execute transactions on behalf of human investors and to offer a range of customizations for Discord servers, including answering frequently asked questions, offering mini-games to their communities, spitting out memes on a daily basis, etc.

  • BSC

BSC refers to Binance Smart Chain.
It provides an alternative to Ethereum. Some DeFi platforms like PancakeSwap use BSC, benefiting from much lower transaction fees.

Depending on the game mechanics, this reward pool is kept balanced and refilled through various sink features that’ll typically require players to reinvest in the game.Ring SignatureA type of digital transaction that can be performed by any member of a set of users that each have the keys. It also lets the sender know someone signed it but not who, which means they can’t spend funds unless another signer provides their approval as well.RoadmapThe set of activities or development plans for an NFT project or P2E game.

A project with a solid roadmap is generally viewed to have more potential, sustainability and designed to stay for the long haul as compared to one with no foreseeable updates.RoyaltiesMoney earned by an NFT creator through the token’s resale. Some NFTs automatically pay these commission each time an NFT is traded.

People don’t always realise that NFTs are not only used as digital art but a large proportion of NFTs are used in P2E games.

Probably Nothing

Probably Nothing is Discord terminology and is an ironic way of saying that something has happened that is really fantastic.

Project

A project is a collection of NFTs that have been created by an artist or graphic designer.

Right Click Save As

‘Right Click Save As’ refers to a common insult made by people who don’t understand what a NFT is. When someone says ‘right click save as’ they are referring to the fact that a NFT is a picture that can be copied.

Disclaimer: This page is not financial advice or an endorsement of digital assets, providers or services. Digital assets are volatile and risky, and past performance is no guarantee of future results.

Potential regulations or policies can affect their availability and services provided. Talk with a financial professional before making a decision.

Finder or the author may own cryptocurrency discussed on this page.

The ultimate NFT glossary

We break down formal NFT terms from A to Z. Plus, we cover NFT slang, abbreviations, intentional mispellings and Twitter terminology to give you a full look at the language around NFTs.

TermDefinition1:1 ArtA unique NFT art piece that only exists in one edition.10k projectAn NFT collection of approximately 10,000 avatars, which was arguably pioneered by the famous CryptoPunks collection.

IPFS addresses allow users to find a piece of content so long as someone on the network is hosting it.

Metadata – The collection of data that defines ownership and differentiates one NFT from another. Metadata can be on-chain or off-chain.

MetaMask – A wallet used as a gateway to NFT apps like OpenSea, Rarible, and Axie Infinity.

Metaverse – A virtual 3D world where people can interact.

Popular blockchain-based environments that comprise the metaverse include Decentraland and The Sandbox, virtual gaming worlds where users can buy and sell land as NFTs.

Minting – The process by which an NFT becomes part of the blockchain.

For example, one may say “This freshly launched NFT collection just hit No.1 in trading volume on OpenSea. Probably nothing.”PumpingMeans the price or value for a token or digital asset is skyrocketing.RektSlang term for “wrecked”.

Often used in the online gaming community to refer to someone (or something) who has been totally ruined or destroyed. In the crypto space, getting rekt usually means experiencing severe financial loss due to bad investment decisions.Right Click Save AsAn ironic expression used by non-believers in NFT.

Someone who mocks the NFT space by saying digital artwork can be easily attained on the internet through Right Click Save As.SnipeGetting a great deal. Such as being able to quickly buy an undervalued NFT before someone else, or before the floor price rises.WAGMIShort for “We’re all going to make it”.

  • A user deposits a piece of NFT into a smart contract in Network A.
  • The NFT is locked.
  • The user gets signatures from oracles that confirm the deposit to Network A.
  • The user then uses these signatures in Network B to call the smae smart contract and mint the duplicate NFT there.
  • The piece of NFT is now minted as a “bridged collection” in the Network B.
  • To put the original NFT back in Network A:

    • The user must send the duplicate NFT in Network B to the bridge.
    • The duplicate NFT is burned on the bridge.
    • The oracles return new signatures to verify this happened.
    • The user uses the new signature to call the smart contract in Network A where the original piece of NFT gets released.

    9.

    Gas fees – Fees that blockchain users pay to compensate for the computational resources used to execute transactions. Gas fees, which are largely specific to Ethereum, ensure that transactions will be genuine and discourages bad actors from spamming the network with a high volume of transactions.

    Hashmasks – Digital paintings made by a global team of 70 artists.

    Hashmasks are unique because consumers have some control over the art. According to the Hashmasks Manifesto, “Each holder has the ability to contribute to the completion of the art piece by giving a name of their preference to the Hashmasks they hold via the Name Change Token (NCT)”.

    InterPlanetary File System – A means of storing NFT data that is considered superior to storing on an HTTP gateway URL, since the latter is tied to a specific provider.

    Meanwhile, “degen” (short for “degenerate”) describes a person who makes these risky and bad bets.

    4. Axie

    I’m sure you’ve heard this before, or have friends who spend a rough 2 hours of their days playing this.

    Short for Axie Infinity, the play-to-earn game is reminiscent of Pokémon-style games with tradable pets and items that go to battle for you to earn tokens when you win. It is, without a doubt, currently the most popular NFT game around.

    5.

    BTD or BTFD

    BTD is short for “buy the dips” while BTFD refers to “buy the f*cking dips”.

    It means to purchase an NFT after its price has dropped. This is often considered a bargain as the asset is likely to recover or increase in value over time.

    6.

    Burn

    When someone burns an NFT, they’re essentially eliminating it.

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