Quick Advanced NFT Talk Manual

The world is boiling for encryption. After the DeFi craze has subsided, more attention has made the NFT market gradually mature. As a nerds or someone who may become an NFT enthusiast in the future, with the popularity of NFT projects, are you more and more concerned? Is it the in-depth contact and understanding, the more easily confused and troubled by the dazzling terminology? If NFT is the current craze, how can we calmly and calmly follow the trend? To increase the understanding of NFTs, it is essential to master the will of NFTs. Today, let’s take a quick step up like learning a foreign language, learn about the common NFT words, and write down the ones that you don’t know yet with a small notebook.

most common

Airdrop

Airdrop is translated as airdrop, which is used to indicate that each platform or project party distributes free NFT to some specific users who have designated behaviors to promote their market circulation in the early stage of issuance. The term airdrop is believed to be familiar to anyone who is not a novice in the currency circle. Airdrops for cryptocurrencies are also applicable to the issuance of NFTs.

Mint and Burn

Mint and Burn are a set of relative terms, minting and burning, which represent the process of NFT on-chain and destruction respectively. NFT is a digital asset stored on the blockchain. The digital file is converted into NFT through the “minting” operation and recorded in the On the blockchain, but with the popularization of NFTs, the casting process is being simplified and omitted, resulting in the continuous loss of the security and reliability of NFTs.

The term Burn originally refers to the holder or the project party. In the process of issuing NFT, part of the NFT is “destroyed” to make the rest appear more valuable. But now it is also used in the upgrade of NFT projects, because when the project party gives users a new image or function of the NFT held, they will require the holder to destroy one or more of their original NFTs to complete the upgrade behavior, after all No holder will actively destroy their NFTs.

Quick Advanced NFT Talk Manual

DAO

DAO is the abbreviation of Decentralized Autonomous Organization, which is translated as “Decentralized Autonomous Organization”. The organization’s operating model, and all decisions are made through voting. We have kept mentioning this word in past articles, because more and more NFT projects have established their own DAOs, and more and more DAOs have become the main driving force in the current Metaverse and encryption industry development, As a new organizational form, DAO is becoming more and more influential in terms of assets, execution, goals and energy.

Roadmap

Translated as a 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.

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.

Ape in/Apeing(into something)

Describes a person who has not done a good job of understanding, out of FOMO mood, and then spends money beyond the real financial capacity to buy cryptocurrency or NFT works.

P2E

The abbreviation of play-to-earn, translated as “play while earning”, is a model widely used in GameFi. The game of this model is theoretically based on blockchain technology, converting the original props, pets, equipment, etc. For NFT, players can generate income through such NFT transactions, and then based on this, P2W, P2M and other possibilities are derived.

Quick Advanced NFT Talk Manual

Project class

1: 1 NFT

Also written as 1/1, the common 1/1 of X is used to indicate how many in a set of NFT series, Punks is 1/1 of 10,000.Fidenzas are 1/1 of 999. It can also be said that 1 of 1, because this type of NFT is unique, which represents the scarcity and uniqueness of this type of NFT, and also represents the higher value it may have.

10K project

This usually refers to a certain “philatelic” item consisting of about 10,000 avatars. Common ones are the Boring Ape Yacht Club (BAYC), CryptoPunks, etc. The 10K in the term is used to refer to this kind of collection type of projects, not its specific number, so these projects may not be. All have exactly 10,000 avatars, or more.

PFP

It is short for “avatar” project, also known as avatar project, which is a collection of thousands of NFT ‘avatar’ such as CryptoPunks, Bored Ape Yacht Club, Cool Cats, Gutter Cat Gang, etc. 10K project also belongs to PFP project.

Reveal

Blind box NFTs, for new generated items, the artwork isn’t actually created until the NFT is minted, and you don’t know exactly what you’re getting until you buy it. In other words, artwork is only revealed after it has been purchased. It depends on whether the creators behind the series release it immediately, when the series sells out, or with a 24-hour or 48-hour delay.

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.

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.

Rug pull

It refers to a scam in one mode, which is mainly reflected in a seemingly legal and compliant NFT project developer who suddenly abandoned the project after the project was launched, and swept away investors’ funds without warning; or gave investment in return for an actual, worthless NFT that cannot even be traded on the secondary market. There are also people on Discord who simply write “rug”, usually to spread FUD in the community of a particular project.

transactions may encounter

Gas

Gas is also known as “gas fee”, which 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.

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 fees of different blockchain networks. For example, due to the extremely high gas fees of the Ethereum network, more and more people are turning to other blockchains with lower fees.

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.

Floor Price

Floor Price refers to the floor price, which is the reserve price. Literally, the floor price also refers to the NFT with the lowest price in a project. For example, on OpenSea, the floor price of the Boring Ape Yacht Club is 110.69 ETH, which is about $360,000, which is the price of the Boring Ape No. 7656.

Sweep

Translated as sweeping, it refers to buying the cheapest NFT in a project in large quantities on the secondary market.Sometimes teams do this, or communities ask members to do this for their own projects. If an address performs this operation, it is called a “whale”.

Whale

Translated as whale, the news is often replaced by a giant whale, which refers to people who have invested a lot of money, or who have invested in a large number of NFT projects and have 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.

Abbreviations

AWAY

It is the abbreviation of “ArtBlocks”, an NFT generative art platform, with three series of “Curated” (ABC), “Playground” and “Factory”.

DC

Short for Discord, a common community communication software in the industry, many NFT projects will establish their own official communities on Discord, similar software and telegram, etc.

IRL

The abbreviation of In real life, as opposed to the virtual world, refers to the real physical world in which we live. In NFT-related situations, IRL is often mentioned.

LL

Abbreviation for Larvalabs, the development company behind CryptoPunks, Autoglyphs and Meebits.

YOU

It is the abbreviation of OpenSea, a well-known NFT trading platform.

AND

The abbreviation of Original gangster also means the elders, that is, the “old people” in the NFT community.

Schn

Abbreviation for Season, referring to the market cycle. Cryptocurrency szns is an accelerated IRL cycle, NFT szns is an accelerated cryptocurrency cycle, usually 1 Szn may last 1-4 weeks.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/quick-advanced-nft-talk-manual/
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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