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What are the most common NFT terminologies used in the cryptocurrency industry?

avatarbelén piñaDec 31, 2021 · 3 years ago1 answers

Can you provide a list of the most commonly used terminologies related to NFTs in the cryptocurrency industry? I'm looking to expand my knowledge in this area.

What are the most common NFT terminologies used in the cryptocurrency industry?
NFTs
Cryptocurrency
Terminologies

1 answers

  • avatarDec 31, 2021 · 3 years ago
    Certainly! Here are some of the most common NFT terminologies used in the cryptocurrency industry: 1. NFT: Non-Fungible Token, a digital asset that represents ownership of a unique item. 2. Gas: The fee required to execute transactions on the Ethereum blockchain. 3. ERC-1155: A multi-token standard on the Ethereum blockchain that allows for the creation of both fungible and non-fungible tokens. 4. Wallet: A digital storage solution for cryptocurrencies and NFTs. 5. IPFS: InterPlanetary File System, a decentralized protocol used for storing and sharing NFT data. 6. OpenSea: The largest NFT marketplace where users can buy, sell, and discover NFTs. 7. Rarity.tools: A website that provides analytics and insights into the rarity of NFTs. I hope you find this helpful! Let me know if you have any more questions.

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