NFT Quick Start Guide: 20 NFT Terminology and “Slang” You Need to Know

It has been a year since Beeple sold its sky-high $69.3 million NFT works, and it took only a year for NFTs to go from “obscurity” to “up-and-coming”, and now to “mainstream”.

The whole world seems to be joining the crypto craze. The NFT market is slowly moving towards rationality and maturity from the initial chaos. At the same time, the vitality of the market continues to attract more and more crypto newcomers.However, in the face of the rapid development of NFT, many NFT “little whites” may not be able to keep up quickly, or even be at a loss.

So today’s article will introduce 20 common NFT words to you. After reading this article, you will quickly advance! Let’s look down together~

01. 1: 1 NFT

It can also be said that 1/1 or 1 of 1, there is only one such NFT, there is no identical with it, so it is unique.

From another perspective, 1/1 NFT can only be owned by one person. If I had you, I wouldn’t have it, and if you had him, I wouldn’t have it.

For example, Beeple’s Everydays: the First 5000 Days is a 1:1 NFT. Because of its rarity and uniqueness, such NFTs are usually expensive.

NFT Quick Start Guide: 20 NFT Terminology and "Slang" You Need to Know

Beeple, Ocean Front , 1: 1 NFT

02. 10K project

Usually refers to an NFT project consisting of 10,000 unique avatars. In a 10K project, each image is different and has its own characteristics. The Boring Ape Yacht Club (BAYC) and CryptoPunks that we know are all 10K projects.

However, it is worth noting that with the development of NFT projects, 10K project does not only refer to such projects with a number of just 10,000, but also refers to this type of NFT projects, and sometimes the number may not be 10,000.

03.PFP/Avatar project

The meaning of 10K project is basically the same. PFP stands for Profile Pics, which is a profile picture, which is a collection of multiple avatars (virtual images), which is an avatar class NFT. Usually, 10K project is also a PFP project.

NFT Quick Start Guide: 20 NFT Terminology and "Slang" You Need to Know

Clone X, a PFP project by RTFKT studio and artist Takashi Murakami

04. Airdrop

Airdrop originally refers to an “airdrop” function on Apple’s mobile phone, which allows users to quickly transfer data, pictures and other content. In the field of encryption, Airdrop is used to indicate that platforms or organizations give people free cryptocurrencies or NFTs.

The word corresponding to Airdrop in Chinese is what we often call “airdrop”. On different NFT platforms, we can see that many platforms will hold NFT airdrop activities from time to time. After users perform some operations according to the specified content of the event, they can get it for free. An NFT.

05. Mint

Mint is minting, NFT is a digital asset stored on the blockchain, “Mint” also refers to the process of converting digital files into NFT, a digital asset, through a series of operations.

Although NFTs are based on digital files, not all digital files can be used as NFTs. The “minting” process can also be said to be the “on-chain” process, and all the data of the digital file after the final chain will be recorded on the blockchain.

06. Burn

The opposite word to Mint is Burn, which means destroying NFTs. When you don’t want your NFT anymore, or an NFT project has remaining unsold after the official launch, the project developer may choose to destroy the remaining unsold NFT.

It is also possible that an NFT project has “new equipment”, allowing the original NFT holder to destroy the original NFT, thereby “upgrading” the original NFT to an NFT with “new equipment”.

For example, the sports brand Champion previously launched digital clothing, and these digital fashion products were presented to 888 randomly selected holders of the NFT project Non-Fungible People. Those who received these gifts could choose to “upgrade” their NFTs, and also It is to destroy the original NFT, re-cast, and the “upgraded” NFT will be equipped with a new image wearing the Champion digital costume.

NFT Quick Start Guide: 20 NFT Terminology and "Slang" You Need to Know

The upgraded NFT wears the Champion costume

07. Gas Fee

Gas Fee, also known as “gas fee” or “gas fee”, is a fee that needs to be paid to the blockchain network to perform various transactions.

On the blockchain, whether you mint, buy, sell or destroy NFT, you need computing resources to execute, so you need to pay a gas fee to the “miners” of the blockchain network, and the “miners” can perform specific operations. Gas Fee is also called “miner fee” for this reason.

The gas fee is affected by the traffic on the blockchain and the size of the NFT, if the network is congested, or the file is too large, the gas fee will be higher.

There are also differences in the gas cost of different blockchain networks. For example, due to the extremely high gas cost of the Ethereum network, more and more people are turning to other blockchains. Solana is an emerging public chain, compared with Ethereum. , transaction fees are very low.

08.Gas War

A gas war occurs when the minting demand for the same item exceeds the transactions that the blockchain network can handle in a single block/unit of time. That is to say, when an NFT project is snapped up by multiple people at the same time, the higher the cost, the faster the chance to be minted, which will make the gas fee of the entire blockchain network higher, so that you can finally get the NFT you want. , this is the gas war.

Generally speaking, this situation often occurs in relatively popular NFT projects, so if you only prepare “just right” funds, you may not be able to grab it.

The situation in China is quite different. Generally, what is the selling price of NFT, we can buy it at any price, but this is the time to compare the hand speed and the network speed.

09. Floor Price

Floor Price refers to the floor price, which is the reserve price. As the literal meaning shows, the floor price also refers to the NFT with the lowest price in an NFT project.

For example, on OpenSea, the floor price of the Boring Ape Yacht Club at the time of researcher editing is 110.69 ETH, which is about $360,000, which is the price of the boring ape No. 7656.

NFT Quick Start Guide: 20 NFT Terminology and "Slang" You Need to Know

10. White List

WL for short, this refers to the white list of NFT projects, which means the list of lists that can mint NFT or buy NFT in advance, so that you don’t have to “scramble” with a lot of people when the NFT project is officially released. A gas war can be avoided. This is similar to the priority purchase list launched by some domestic NFT platforms.

So how to join the whitelist? Generally speaking, each project has its own set of whitelist joining rules. What you need to do is to find some projects that have not yet started or will be started as early as possible, become an early follower of the project, and join the official project community. And follow the project rules to get the whitelist qualification.

11.Discord

Referred to as DC, this is a community communication software. Many NFT projects will establish their own official communities on Discord.

12. FOMO

That is, Fear of Missing Out, which refers to the phobia of missing out. In the field of NFT, it means that people are afraid that they will miss the popular NFT.

13. Ape in

When we see Ape, we may think of Bored Ape, but in fact this phrase has nothing to do with Bored Ape, but refers to the act of rushing to buy NFTs without doing enough preliminary research on NFT projects. Such behavior is actually related to FOMO emotions.

14. DAOs

DAO is actually the abbreviation of Decentralized Autonomous Organization, which means “Decentralized Autonomous Organization”.

A DAO is an organization run by a group of people without a typical corporate leadership background who establish their own rules and make decisions based on smart contracts on the blockchain. People with the same interests and goals come together, the community manages the operation of the organization, and decisions are made bottom-up and through voting.

At present, more and more NFT projects have established their own DAOs. For example, the NFT project Meebits has its own DAO, which is established by members of the Meebits NFT project community. The community goal is to build a Metaverse for these avatars through MeebitsDAO. To this end, the organization will use all funds raised to purchase virtual lands in various Metaverses.

15. P2E

This is the abbreviation of play-to-earn, which refers to the popular “play while making money” model in the gaming industry. Games in this mode are based on blockchain, and players can earn money by acquiring NFTs. Axie Infinity is currently one of the most popular and earliest P2E games, and it is affectionately called “A Crab” by domestic players.

NFT Quick Start Guide: 20 NFT Terminology and "Slang" You Need to Know

16. Rug pull

That is, the “Rug Pull” scam, in NFT, mainly refers to the sudden abandonment of the project by the NFT project developer, swept away investors’ funds without warning.

A Rug pull scam happened recently. The U.S. “Frosties” project promoters made about $1.1 million by selling the project’s NFTs, however, after selling the NFTs, they quickly shut down the project and moved the funds to a series of separate crypto wallets, making the project Unable to deliver on the original reward promise. The two project sponsors were also arrested by the police.

17. Roadmap

Roadmap, in the NFT field, refers to a series of project plans designed to add value to the community, usually related to PFP projects, and many popular NFT projects have their own roadmaps.

NFT Quick Start Guide: 20 NFT Terminology and "Slang" You Need to Know

Roadmap published by the Boring Ape Yacht Club

18.Generative Art

This refers to the art of algorithmic generation, and many popular 10K projects are generative projects. Through the algorithm to add uniqueness to the project, different features are randomly combined, and finally a collection of NFTs with unique attributes is obtained. BAYC, Cool Cats and other projects belong to the generation project. For another example, the Chromie Squiggle series of projects is a typical generative NFT project.

NFT Quick Start Guide: 20 NFT Terminology and "Slang" You Need to Know

Chromie Squiggle #1696

19.  IRL

This is the abbreviation of “In real life”, which is opposite to the virtual world and refers to the real physical world in which we live. In NFT-related situations, IRL is often mentioned.

20. Whale

A giant whale refers to a person who has invested a large amount of money, or has invested in a large number of NFT projects and has multiple NFTs. Whale buys or sells specific collectibles in large numbers, thereby driving the market in both directions, and there are many people watching Whale’s wallet to see what they buy or sell next as an indicator of their future investment decisions.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/nft-quick-start-guide-20-nft-terminology-and-slang-you-need-to-know/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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