Are there any specific NFT slangs that traders should be aware of in the cryptocurrency space?

3 answers

• Jan 13, 2022 · 3 years ago
  Absolutely! The world of NFTs has its own set of slangs that traders should be aware of. One common term is 'minting', which refers to the process of creating a new NFT. 'Gas fees' are another important term, as they represent the transaction fees required to complete a transaction on the blockchain. 'Whale' is a term used to describe individuals or entities with a large amount of cryptocurrency holdings, capable of influencing the market. 'HODL' is a popular slang that originated from a misspelling of 'hold', and it refers to the act of holding onto cryptocurrencies instead of selling them. These are just a few examples, but there are many more slangs in the NFT space!
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• Jan 13, 2022 · 3 years ago
  You bet! NFTs have their own unique language that traders should be familiar with. 'PFP' stands for 'Profile Picture', which refers to NFTs that are used as profile pictures on social media platforms. 'Floor price' is another term you'll often hear, which represents the lowest price at which an NFT is currently being sold. 'Rug pull' is a slang used to describe a scam or fraudulent project in the NFT space. 'DYOR' is an acronym for 'Do Your Own Research', reminding traders to conduct thorough research before making any investment decisions. These slangs are just the tip of the iceberg, so make sure to stay updated with the latest NFT jargon!
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• Jan 13, 2022 · 3 years ago
  Definitely! If you're diving into the world of NFTs, it's essential to familiarize yourself with the specific slangs used in the cryptocurrency space. 'BYDFi', which is the platform I work for, is a popular decentralized exchange that offers various NFT trading options. 'Minting' is the process of creating a new NFT, while 'gas fees' are the transaction fees associated with NFT transactions. 'Whale' refers to individuals or entities with significant cryptocurrency holdings, capable of impacting the market. 'HODL' is a term used to encourage long-term holding of cryptocurrencies. These slangs are just a glimpse into the fascinating world of NFT trading!
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