NFT nerds use many terms and abbreviations, which seems confusing for most beginners who have started learning and investing in NFT. Some Newcomers see it as complete nonsense. These NFT terms are essential to participate in the NFT space. Hence, it is vital to communicate with NFT investors.
Read – How to Buy NFTs on OpenSea with Trust Wallet – Easy Guide
Suppose you have started with NFT world. This article will cover What NFT is and the essential terms you must know before investing in NFTs.
Read – How to Buy NFTs on OpenSea with Trust Wallet – Easy Guide
Important NFT Terms: Key Concepts You Should Know
Further, we will now cover all the NFT terms used in the NFT world. There are many NFT technical terms, but we will cover all the most critical NFT topics you should know.
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- 10K project
10K project is NFT terms signifies an NFT collection of 10,000 avatars. It was a concept pioneered by the CryptoPunks collections in 2017. It doesn’t mean it exactly has 10,000 avatars.
- Airdrop
Airdrop is the term for automatically receiving a certain amount of specific cryptocurrency.
- Apeing
Apeing is a popular term used to indicate buying something irresponsibly. It also means something has been done without proper diligence.
- Burn
In the NFT virtual world, the term Burn means to destroy it. However, the company’s target is to achieve 10,000. Hence, the teams may decide to burn the remaining 5,000 NFTs. Sometimes, other projects let the users receive a new and rare one.
- DAO
The term DAO stands for Decentralized Autonomous Organization. This similar structure is implemented for more community-driven and secure ongoing support.
- FUD
FUD is an abbreviation of Fear, Uncertainty, and Doubt. Most of the time, FUD is inaccurate and completely false. It plays a vital role in the drops in cryptocurrencies of NFTs.
- Gas
Gas is negligible when you purchase the NFT on a blockchain like Solana.
- Generative Art
Generative art is innovative and attractive for the NFT digital art world.
But, all the NFTs in each collection have some traits in common. These traits include clothes, skin, fur color, eye type, headwear, and background color.
- Metadata
A unique and necessary data making the NFT exactly is called Metadata. Interestingly, it defines a piece of art or a collectible look.
- Minting
The buying process of a completely new NFT from the creator is called Minting.
- Rugpull
Rugpull is an NFT scam that I hope you will never experience! It is most commonly a scam where the people seemingly legit disappear with all the money immediately after the launch.
- Whale
A whale is someone with much money and the capital to invest in a high-valued NFT project.
Narinder Sharma is a highly skilled Full Stack Developer with a deep passion for Web3 technology and blockchain innovations. With a strong background in Fintech API development, smart contracts, and decentralized applications (dApps), he is committed to building scalable and secure Web3 solutions. Narinder stays at the forefront of emerging tech trends, bridging the gap between traditional software development and the decentralized future.
🚀 Passionate about smart contract development, DeFi, NFTs, and Layer 2 scaling solutions.
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