NFT Glossary


NFT Glossary By acoNFT

The tokens, cryptocurrencies, or new NFTs are automatically distributed to your wallet as a value or promotion against purchasing digital assets.  This is exercised to gain attraction or pay attention to a specific brand.

In NFT terminology, alpha is any information you can gain and take action earlier than the majority of people prevalent in the NFT market.

Ape-ing to anything means you are willing to purchase irresponsibly, not looking in-depth into what you buy, or usually do this out of ‘FOMO’.

An asset is another name for a token or a digital collectible.

Michael Joseph Winkelmann with the Professional name Beeple is an American digital artist, animator, and graphic designer. Beeple is known for his comic works that create social and political commentary.

The digital currency with no central bank or intermediaries, and you can send it to another user on a decentralized network.

It is a distributed database that stores data in digital format electronically. Blockchain manages decentralized records of transactions. It doesn’t encourage a third party but guarantees the safety and security of a record.

The tokens or projects that have high stability is called blue chip. Cryptopunks is a popular blue chip NFT project.

The script or software built to perform automated actions is a bot. The bots are prevalent in identity verification, trade execution, etc. 

This is an open-source, decentralized, and public blockchain platform. With Cardano, you can initiate peer-to-peer transactions using internal cryptocurrency.

This physical device stores the crypto assets offline. They appear like crypto drives but are secure in keeping the NFTs or cryptocurrencies offline.

Coldie is a mixed media artist and won awards in stereoscopic 3D art. Those artworks have been featured in live auctions, exhibitions, and cryptocurrency events. 

Colored coins define as a group of methods that represent and manage real-world assets over the Bitcoin Blockchain.

The most pricey video of Beeple.

Cryptocurrency is a digital currency that utilizes cryptography to safeguard financial transactions and manage the emergence of new coins.

This is an Ethereum-based blockchain game that lets players buy, gather, breed, or resell virtual cats. 

This is a collection of 10,000-pixel art images with unique generated characters.

This is the artwork of an alien crypto punk, the only one wearing a mask. With the global invasion of NFTa, crypto punks have gained more popularity.

Crypto Twitter is a cluster of tech founders, developers, influencers, economists, and speculators who usually tweet on topics like crypto scams, cryptocurrency, decentralization, blockchain, and much more.

An English artist and art collector, Damien Steven Hirst is the richest living artist in the UK as per the records, with wealth in 2020 corresponding to 384 million USD.

This 3D VR decentralized platform incorporates NFTs that can be bought. Being open since February 2020, it is managed by the non-profit Decentraland Foundation.

An acronym for degenerate, Degen means the people who usually create bets that involve risk. It includes the people who make investments in NFTs without performing due diligence. 

The process of canceling the NFT listing when it is for sale in an open market. 

Derivatives are the new projects you derive from the original project, which got initially popular through various alternative punk varieties. 

This is a short term for Developers.

Discord is a chatting platform developed for a group of gamers. However, it evolved later into a platform to encourage every community, specifically NFT projects. 

The meme on the Internet became popular in 2013. It includes a picture of the doge and multicolored fonts. The text was an internal monologue that was presented in broken English. 

This is a blockchain-based platform for gaming that aims at creating NFTs and related digital items. The tokens can be used in various platforms and games for PC and mobiles. It enables the players to own the in-game assets and trade them with co-gamers and people outside.

A token standard you can see on Ethereum Blockchain.

The upgraded version of the Ethereum network focuses on enhancing the network’s scalability and security. 

An analytics and block explorer platform exclusively for Ethereum you can use to track the balances, transactions, value of tokens, etc.

The 5000 image collage Winkelmann had created for his artwork series ‘ Everydays’. NFTs of this series were sold in 2021 for 69.3 million USD, the highest cost ever in any NFT trade.

Exchange is a platform meant to buy, sell, and trade cryptocurrency or purchase using credit cards. 

Fidenza Line from Artist Tyler Hobb has Art blocks that define patterns of vibrant rectangles and squares generated through an algorithm. The artwork Fidenza #313 was sold for about 3.3 million dollars value at the point of transaction.

It involves buying or selling a token or NFT quickly to reap profits. 

The floor price or the floor for a project is the best minimum possible price at which you can purchase an NFT from the secondary market collection.

NFTs that the original owner splits into smaller pieces. NFTs can be split into billions or as low as 2 pieces. Anyone can partially purchase the iconic NFTs similar to the CryptoPunks. After fractionalization, NFT pieces enter into smart contracts.

Stands for spreading Fear- Uncertainty- Doubt— a term especially used in the media.

The tradable tokens like BTC or ETH are interchangeable or fungible. 

The short name for Frederic Duquette— one of the most sought-after NFT artists who make waves by selling an art piece for 25 ETH. This self-taught artist has expertise in beaming future landscapes, great architectural geometry, and precise crystalline patterns. Featured in SuperRare and Nifty Gateway.

These are the decentralized apps that include NFTs or rewarding tokens while the players accomplish game-specific tasks like mining game tokens, winning battles, etc. This act is also called P2E or Play-to-Earn technique.

Most NFT trading platforms charge an NFT gas fee. This is paid to perform a transaction or implement a contract across the blockchain platform. The gas prices in Ethereum could be determined by the calculation of network traffic and the computational power required to carry out a transaction. 

This is the art created with an autonomous system. It needs minimum to no human involvement and can determine the characteristics of an artwork. 

The cryptocurrencies that depict the major utility token concerning the Defi protocols and various blockchain projects are called governance tokens. The holders of these tokens have voting power to analyze the future of the project.

GPU or Graphics Processing Unit is the processor required to mine some types of cryptocurrencies like Ethereum.

These are the sources of offline storage to store the private keys and critical transaction-specific information of the user in a safe hardware device.

The rate of speed with which the GPU can be used to mine crypto tokens.

The digital paintings created by a global team comprising 70 artists give consumers complete control of the art. Every holder can contribute to the artwork completion, assigning the name they prefer with a Name Change Token, ie. NCT.

The online currency wallet is accessible digitally and streamlines the crypto transactions between the owner and the user. Metamask is one such popular hot wallet. Others include Fortomatic, Coinbase, Walletconnect, etc. Since they are accessible on the Internet, they are more prone to attacks than what we name Cold wallets.

ICO or Initial Coin Offering is a funding method that the development team uses to sell digital assets to the early adopters of cryptocurrency.

IDO or Initial Dex Offering lets the launch of new NFTs through a decentralized liquidity exchange. It uses a fundraising strategy for upcoming NFT or crypto projects.

IGO or Initial Game Offering gives the participants prior access to the NFTs with support to the development of the game at an early stage.

This is a source to store NFT data rather than storing it on HTTP gateway URLs. With an IPFS address, users can fetch a piece of content whenever anyone on the network hosts it.

The first ever Tweet of Jack Dorsey, CEO of Twitter & Square, sold as NFT for 2.9 million USD.

A public verification and digital record-keeping system that stores information about crypto transactions.

NFT Minting determines how digital art turns into a part of the blockchain. It is converting digital art into a crypto collection recorded in the blockchain. Identical to the method through which the metal coins are added to the circulation, NFT tokens get minted after they are created.

Singapore-based NFT platform, that strives at present to become the largest NFT marketplace in the world. It catalogs every NFT minted ever on Ethereum being a part of the main platform upgrade.

NFT or Non-Fungible Token is a non-interchangeable data unit stored in a blockchain. They can be associated with the audio, video, or photos, ie. the reproducible virtual files. They use digital ledgers to offer a public authenticity certificate or ownership proof, however, don’t restrict the copying or sharing the digital documents. While taking blockchain crypto like Bitcoins and NFTs, the distinguishing factor is the interchangeability.

A platform to facilitate the transactions of P2P loans by using your NFTs as collateral.

An online auction platform to streamline non-fungible token transactions. This has sold NFTs of LOGIK, Beeple, Grimes, and most followed NFT artists.

A marketplace to initiate peer-to-peer transactions like selling or buying digital art, gaming items, and various other goods backed by blockchain.

Crypto-based blockchain record-keeping system that manages the identities of participants, but anonymously. It also keeps a record of every genuine transaction and the cryptocurrency balance. 

A code with an array of both black and white squares, which is machine-readable. The best way to send Ethereum or NFTs is if you transact using a mobile wallet that is QR-scan compatible.

The in-game NFTs and digital tokens appear in various rarities like uncommon, common, legendary, rare, mystic, etc. They are assigned a particular edition number with metadata and unique IDs.

These are the programs stored in blockchains and run once certain pre-set conditions are satisfied. They can automate the agreement execution to let participants be certain about the outcome without the involvement of an intermediary or loss of time. Also, you can enable workflow automation to trigger the consequent actions. 

NFT creators and the P2E games own them generally to identify who has eligibility to access airdrops at a specific point in time. For example, all the owners who have X values of NFT in their wallet at the XY Snapshot period get free NFT Y worth airdrop the subsequent week. 

It is a digital bank account where you manage cryptocurrency. With a wallet, you can send, receive and manage coins.

This is an NFT marketplace where you can collect or trade distinct and single-edition artworks. 

A community-specific decentralized gaming platform that houses artists and designers to share, build and monetize the NFTs across the blockchain. It has collaborated with numerous industry giants with great gaming experiences.

The combination of two words ‘token’ and ‘economics’. It includes the quality, statistics, and data related to the token that can attract investors.

The synonym for digital assets.

Utility-focused NFTs are the broad group of NFTs with specified practical use cases. Similar to any other NFTs, they are particularly created using smart contracts and are distinct. They have properties such as transparency, immutability, and security.

The utility token is a fungible token that offers specific applications under a particular ecosystem. They are needed to give certain functionality of a smart contract system or accomplish some action for a mentioned network.

A vault is a smart contract that stipulates the collateral and monitors the value of the collateral.

Also called a crypto wallet. It is an interface that helps you interact with the blockchain assets. They incorporate the private key to a specific location on the blockchain that determines whether you gain access to the crypto. They are broadly categorized into hot wallets and cold wallets. While hot wallets store those keys to cryptocurrencies through an Internet-based app, cold wallets manage them online, away from the Internet.

Whitelist or “WL” is a unique list that can earn early access to the NFT drop right before the common public.