If you're new to the world of NFTs, you might feel a little lost in all the jargon being thrown around. It's easy to feel like you've stumbled into a secret club with its own language.
But don't worry, we're here to decode that mysterious lingo, so that you can navigate the world of NFTs like a pro.
Here are some of the essential words and phrases you need to know to navigate the world of NFTs.
Airdrop An airdrop is a way to distribute free digital assets or tokens to a large group of people. It's like a company giving away free samples of a new product, but instead of physical samples, it's a digital asset that people can use or trade.
BAYC Bored Ape Yacht Club (BAYC) is a popular collection of NFTs featuring hand-drawn images of cartoon apes. The BAYC NFTs have become highly sought-after and valuable among collectors and investors.
Blue-chip In the world of finance, blue-chip refers to established, financially stable companies that are considered to be relatively safe investments. In the context of NFTs, blue-chip refers to NFTs that are considered to be of high quality, value, or prestige.
Drop A drop is an event where a new collection of NFTs is made available for purchase, often with limited availability or exclusivity. Drops can create excitement and hype among collectors and investors and can drive up the value of the NFTs.
Gas fee In blockchain networks, a gas fee is a small amount of cryptocurrency that is paid to the network in order to execute a transaction or smart contract. Gas fees help to incentivize miners to process transactions and maintain the network.
Gm/Gn Gm and Gn are shorthand ways of saying "Good morning" and "Good night," respectively. These terms are often used in the NFT community as a casual greeting or sign of camaraderie.
Mint Minting is the process of creating a new NFT by uploading a digital asset, such as an image or video, to the blockchain and creating a unique token that represents ownership of that asset.
Traits Traits are the characteristics or features that make each NFT unique. Traits can include things like color, shape, rarity, and other attributes that make each NFT distinct from all others.
Tokenize Tokenization is the process of creating a digital token that represents ownership of a physical asset, such as a piece of artwork or real estate. Tokenizing an asset allows for more efficient and secure transactions, and can enable fractional ownership and trading of the asset.
🎉 Congrats, you've now got a solid grasp on some of the essential jargon of the NFT world!
From the meaning of an airdrop to the traits that make each NFT unique, you're equipped to start exploring and understanding the world of NFTs.