What are the most commonly used terms in NFT lingo?

3 answers

• Jan 01, 2022 · 3 years ago
  Sure! Here are some commonly used terms in the NFT world: 1. NFT: Stands for Non-Fungible Token, which represents a unique digital asset. 2. Minting: The process of creating and issuing an NFT on a blockchain. 3. Marketplace: An online platform where NFTs are bought, sold, and traded. 4. Gas fees: The transaction fees required to perform actions on a blockchain network. 5. Royalties: A percentage of the resale price that goes to the original creator of an NFT. 6. Wallet: A digital storage for NFTs and cryptocurrencies. 7. Rarity: The uniqueness or scarcity of an NFT. 8. Smart contract: Self-executing contracts with the terms of the agreement directly written into code. 9. Metadata: Additional information attached to an NFT, such as the creator, description, and image. 10. OpenSea: One of the largest NFT marketplaces. I hope this helps you get started in the world of NFTs!
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• Jan 01, 2022 · 3 years ago
  No problem! Here are some terms you should know: 1. NFT: Non-Fungible Token, a unique digital asset. 2. Minting: Creating an NFT on a blockchain. 3. Marketplace: Where NFTs are bought and sold. 4. Gas fees: Transaction fees on the blockchain. 5. Royalties: Percentage of resale price for creators. 6. Wallet: Digital storage for NFTs and crypto. 7. Rarity: Uniqueness or scarcity of an NFT. 8. Smart contract: Self-executing contract on the blockchain. 9. Metadata: Additional info attached to an NFT. 10. OpenSea: Popular NFT marketplace. Hope that helps! If you have any more questions, feel free to ask!
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• Jan 01, 2022 · 3 years ago
  Absolutely! Here are some commonly used terms in the world of NFTs: 1. NFT: Non-Fungible Token, a unique digital asset. 2. Minting: The process of creating an NFT on a blockchain. 3. Marketplace: An online platform where NFTs are bought and sold. 4. Gas fees: Transaction fees on the blockchain network. 5. Royalties: A percentage of the resale price that goes to the original creator. 6. Wallet: A digital storage for NFTs and cryptocurrencies. 7. Rarity: The uniqueness or scarcity of an NFT. 8. Smart contract: Self-executing contracts with predefined terms. 9. Metadata: Additional information attached to an NFT, such as the creator and description. 10. OpenSea: One of the most popular NFT marketplaces. I hope this helps! If you have any more questions, feel free to ask!
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