- 1:1- Pronounced “one of one”, a 1:1 NFT is a unique, single edition NFT, as opposed to an NFT that’s part of a multi-edition collection.
- Airdrop - To send an NFT or NFTs to a wallet free of charge.
- Ape in- To heavily invest in a new project.
- Blockchain- A system where transactions are registered, as transactions of cryptocurrencies like Bitcoin or Ethereum.
- Blue chip- Stable, strong, and well-recognized projects.
- Burn- To burn an NFT is to effectively destroy it. While technically NFTs always remain on the blockchain, you can remove one from circulation by sending it to a wallet address that can't be accessed.
- Crypto/Cryptocurrency- Digital currency for an online transaction using blockchain technology, a decentralized system that holds the records and registration. Decentralized means it is not controlled by a single person or the government.
- DAO- A Decentralized Autonomous Organization (DAO) has no central leadership; it's transparent and encoded on the blockchain. As described by Ethereum DAOs are:
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- Member-owned communities without centralized leadership.
- A safe way to collaborate with internet strangers.
- A safe place to commit funds to a specific cause.
- Decentralization- The transfer of control from a single entity to a distributed network. For example: "NFTs are part of a decentralized economy."
- Delist- To remove an NFT from an exchange. Delisting an NFT incurs gas fees. NFT communities often encourage holders to delist NFTs before big announcements.
- Discord- An instant messaging platform and the go-to place for discussing NFTs.
- ERC-721 - A token standard that allows for the creation of unique, non-fungible tokens. It differs from ERC-20, for example, which is used to mint fungible tokens.
- Ethereum - A blockchain with smart contract functionality. Ethereum is currently the main platform for NFT projects.
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EVM Wallet - An EVM wallet is simply a wallet that can store custom Ethereum Virtual Machine (EVM) blockchains on it.
The EVM is the underlying operator on the blockchain that computes and processes everything users do over the Ethereum blockchain.
The EVM wallet benefits are many; for instance, using an EVM wallet, users can use the same cryptocurrency address on multiple chains. Further EVM wallet benefits include help for developers in deploying their smart contracts on different chains.
- Fiat- Fiat money is the traditional money as we know it. Cash with a specific value that has been established by the government or by a particular regulation. An example of fiat currencies is the Euro, US Dollar, and Singapore Dollar.
- Floor price - The lowest NFT price in a collection. To “buy the floor” or "floor sweep" is to buy the cheapest NFT in a collection.
- Floor sweep - To buy up the cheapest NFTs in a collection. Sweeps can be organized by an NFT collectors community to raise the project’s floor price.
- Fractional ownership - Partial ownership rights over an NFT. Sellers can sell percentages of work and buyers can buy what they can afford. Only on select NFTs and protocols that allow fractional ownership.
- Fungibility - Interchangeability Replaceability. Dollars are fungible because a dollar owed can be paid using any dollar in existence. Something that is non-fungible, like a painting or NFT, is one-of-a-kind.
- Gas fees - Fees that blockchain users pay to compensate for the computational resources used to execute transactions. Gas fees ensure that transactions will be genuine and discourages bad actors from spamming the network with a high volume of transactions.
- Gas wars- When the gas fee goes higher and higher, there's your gas war. Gas wars occur when many people try to make a transaction quickly at the same time, and the gas fee increases ridiculously.
- Holders- Owners—people who own and hold cryptocurrency, stablecoin, or NFTs in their Digital Wallets.
- Initial Coin Offering (ICO)- An initial coin offering (ICO) is the cryptocurrency industry’s equivalent of an initial public offering (IPO). A company seeking to raise money to create a new coin, app, or service can launch an ICO as a way to raise funds.
- InterPlanetary File System - A means of storing NFT data that is considered superior to storing on an HTTP gateway URL, since the latter is tied to a specific provider. IPFS addresses allow users to find a piece of content so long as someone on the network is hosting it.
- IoT Device- IoT devices are pieces of hardware, such as sensors, actuators, gadgets, appliances, or machines, that are programmed for certain applications and can transmit data over the internet or other networks. They can be embedded into other mobile devices, industrial equipment, environmental sensors, medical devices, and more.
- Liquidity- How easily an asset can become another asset without affecting its price. If your NFT has high liquidity, then you'll likely find a buyer.
- Metadata - The collection of data that defines ownership and differentiates one NFT from another. Metadata can be on-chain or off-chain.
- Metaverse - A virtual 3D world where people can interact.
- Minting - The process by which an NFT becomes part of the blockchain. Once an asset is put on the blockchain, it is “minted” as a token and cannot be altered.
- Mnemonic Phrase - Mnemonic phrase is a series of words that are generated automatically by your wallet when you set one up, so you can’t customize yours or change it later. This phrase grant access to your cryptocurrency wallet.
- Off-chain metadata - Metadata that is stored outside the blockchain.
- On-chain metadata - Metadata that is directly incorporated into a smart contract.
- Play-to-earn game - Games in which players can earn rewards, such as NFTs and cryptocurrency, that have real-world value and can be exchanged outside of gameplay.
- Rarity - An important measure of an NFT’s value. The overall rarity of an NFT is usually determined by calculating the scarcity of its individual traits, e.g. by averaging them or multiplying them together.
- Roadmap - A document that maps out the goals and next steps for an NFT project.
- Royalties - Money earned by an NFT creator through the token’s resale. Some NFTs automatically pay royalties each time an NFT is sold. An NFT can be hard-coded to pay an artist royalties forever, an interesting use case that has the potential to shake up the music industry.
- Rug pull - A classic scam in which a cryptocurrency or NFT project is promoted only for its creators and developers to disappear and run away with the money. A soft rug pull is a pernicious variation in which the developers reappear now and again to create the illusion that the project is legitimate.
- Shilling – Unwanted promoting, advertising, marketing. To shill an NFT or Cryptocurrency is to promote them unsolicited, i.e. without being asked or prompted to talk about it, especially in spaces that are specifically for discussions of other NFTs or Cryptocurrencies.
- Smart Contract - A self-executing digital contract. NFTs are composed of code written in smart contract programming languages like Solidity.
- Snapshot- A snapshot records the information in the blockchain ledger at a specific time. For example, the record includes fees and transactions.
- Solidity - A programming language for writing smart contracts. Solidity is a high-level language like Java and Python that is ideal for Ethereum, which hosts most NFTs.
- Token- A record on the blockchain that will allow you to make transactions, like receiving an amount of cryptocurrency for a specific asset, for example, selling your NFTs.
- Utility-focused NFTs - NFTs with real-world use cases. For example, NFTs can be used to improve event ticketing. Digital art can also have utility coded into it. E.g., ownership of a Bored Ape grants members-only benefits like access to a collaborative graffiti board.
- Wallet- It's your bank account for cryptocurrencies. But just like in the real world, there are a lot of wallets in the crypto world too.
- Whitelist - An exclusive list of users who get guaranteed early access to mint a new NFT collection at a specified date and time.
