Important terms for NFT Beginners

Starting your NFT Journey, these terms important terms for NFT Beginners before you start

Introduction.

Ever since Jack Dorsey (Twitter CEO) sold his first tweet the term NFT became the new sensation and cool term on the internet. With its rise, several new terms related to the NFT universe started getting hype on the internet.

Important terms for NFT Beginners

Basic Terms

1. Minting – First time your NFT becomes part of the blockchain.

2. Gas Fees – The Fees paid to create a Blockchain Transaction – Usually High for Ethereum.

3. PFP – Profile Picture Project – ex BAYC (Board Ape Yacht Club), MAYC (Mutant Ape Yacht Club).

4. PTE – Play To Earn – Gaming project that by which you can earn by playing – Ex Axie Infinity.

5. FTP – Free To Play – Gaming projects that are free to play.

6. Whitelist – Refers to getting a free spot to buy an NFT from a collection.

7. Rarity – The state or quality of being rare, more rare the NFT more is its value.

8. Blue Chip – A performing collection usually which seels for great prices – ex BAYC.

9. AirDrop – Distribution of NFT to wallets for free.

10. FP – Floor price – Lowest price at which NFT can be bought.

11. Roadmap – A strategy for the NFT project.

12. Chibi Version – A cute little version of NFT Collection.

13. DYOR – Do your own research.

Slang Terms

1. To The Moon – This means a project skyrockets.

2. OG – Original Gangster- Refers to a person who is pro-rated in a field.

3. Deets – Details.

4. Being Bullish – Keep up your expectation from a particular project or collection.

5. ATH – All-Time High.

6. FOMO – Fear of missing out.

7. OG – Original Gangster.

Blockchain Terms

1. DApps – Decentralised Apps.

2. DeFi – Decentralized finance.

3. Proof Of Stake – Proof-of-stake (PoS) is a cryptocurrency consensus mechanism for processing transactions and creating new blocks in a blockchain.

4. Proof Of Work – Proof-of-Work (PoW) is a form of cryptographic proof in which one party (the prover) proves to others (the verifiers) that a certain amount of a specific computational effort has been expended.

5. DAO – Decentralized Autonomous Organization – The DAO was an organization created by developers to automate decisions and facilitate cryptocurrency transactions.

6. DEXs – Decentralized Exchange – Peer To Peer marketplaces where transactions occur directly between Crypto Traders.

7. Wallet – Web3 software in which you can save your crypto tokens.

8. TPS – Transaction Per Second.

9. LP – Liquidity Pool – A user deposits crypto into a smart contract that programmable facilitates a liquidity pool.

Financial Terms

1. Staking – Locking up NFT tokens on a platform or protocol in exchange for staking rewards and other benefits.

2. APR – Annual Percentage Rate – The interest percentage you’ll receive at the end of the year on the amount invested.

3. APY – Annual Percentage Yield – A way to measure how much your money may grow over time as you earn interest on your deposits.

4. ATH – All-Time High.

Gaming

1. AAA Rating – Signify high-budget, high-profile games that are typically produced and distributed by large, well-known publishers.

2. RPG – Role Playing Game – ex God of War.

3. Crab games – Mini games usually organized by NFT collections for free whitelist spots.

4. RNG – Random number generator.

Check out the guide to getting a whitelisted Guide.

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