• marti mcginnis

NFT Glossary

A list of definitions of much of the lingo you will encounter on your journey into the world of non-fungible tokens. I will add terms as I become aware of them.



Beeple

...is mike winkelmann the guy who sold that first crazy-priced NFT collage as a jpg March 2021. This sale blew the top off NFT awareness! His NFTs are HIGHLY COLLECTIBLE

From his website:

he makes a variety of art crap across a variety of media. some of it is ok, but a lot of it kind of blows ass. he’s working on making it suck less everyday though so bear with him... :)

Bitcoin

a type of digital currency in which a record of transactions is maintained and new units of currency are generated by the computational solution of mathematical problems, and which operates independently of a central bank. It was among the first. Learn more.

Blockchain

a system in which a record of transactions made in bitcoin or another cryptocurrency are maintained across several computers that are linked in a peer-to-peer network.


How a blockchain works from your device, through the decentralized information system of the blockchain to the transaction's device or system

Bored Ape Yacht Club

One of the first BIG NFT collections. They created an edition of 10,000 NFTs of these ape drawings with various expressions, hats, colors and backgrounds - some more rare than the others. Still HIGHLY COLLECTIBLE and have several other editions released.

Follow them on Twitter.

Crypto or Cryptocurrency

is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend.

CryptoPunks

The CryptoPunks are a collection of 24x24, 8-bit-style pixel art images of misfits and eccentrics. There are exactly 10,000 of them, each with their own ostensible personality and unique combination of distinctive, randomly generated features. Learn more.


Some of the first 10,000 CryptoPunk NFTs

Crypto Wallet

Crypto wallets keep your private keys – the passwords that give you access to your cryptocurrencies – safe and accessible, allowing you to send and receive cryptocurrencies like Bitcoin and Ethereum. They come in many forms, from hardware wallets like Ledger (which looks like a USB stick) to mobile apps like Coinbase Wallet, which makes using crypto as easy as shopping with a credit card online. MetaMask is one such waller that works with your browser as an extension and is popular among newbies to the world of NFTs like you and me.

Decentraland

Decentraland is an open source 3D virtual world platform. Users may buy virtual plots of land in the platform as NFTs via the MANA cryptocurrency. This is one of the potential ways you'll be able to use or display your NFTs. Here's their site,

and here's where you can read up on it.

DeFi

Decentralized Finance. Decentralized finance (DeFi) is an emerging financial technology based on secure distributed ledgers similar to those used by cryptocurrencies. The system removes the control banks and institutions have on money, financial products, and financial services.

Read up.

Discord

A popular voice, video and text discussion network for gamers initially and more lately everything to do with NFTs and the coming metaverse. Here's some background info. You can use Discord on pretty much any device you own — there are dedicated Discord desktop apps for Windows and Mac as well as iOS and Android apps for chatting and calling on the go.


Digital Asset

A digital asset is anything that exists in a digital format and comes with the right to use. Data that do not possess that right are not considered assets. Of course there may be some limitations to the use of the digital asset, like you may not be able to print an NFT you purchase onto a bunch of items to sell, but you'd be able to get one made for yourself usually.

Drop and Drops

An NFT drop is the release of a non-fungible token project. A drop refers to the exact date, time, and generally the minting price of the NFT. Many NFT drops have purchase limits that apply to the number of NFTs you are able to mint in one transaction. Purchasing at drop time is a great way to save money as well.

Ethereum or ETH

Ethereum is a decentralized, open-source blockchain with smart contract functionality. Ether is the native cryptocurrency of the platform. Amongst cryptocurrencies, Ether is second only to Bitcoin in market capitalization. Ethereum was conceived in 2013 by programmer Vitalik Buterin Because of the Smart Contract aspect it has become the crypto of choice for NFTs and other digital assets.

Fiat

inconvertible paper money made legal tender by a government decree. You know, cash bills and its many representations. It's the stuff you're familiar with already. Lean more.


Good old fashioned fiat or cash. Your PayPal account has fiat in it too, and you owe fiat to your credit card company

Fungible

Something (such as money or a commodity) of such a nature that one part or quantity may be replaced by another equal part or quantity in paying a debt or settling an account Money is an example of something that is interchangeable or fungible.

Gamefi

...also known as “play-to-earn” — is the marriage of gaming and blockchain-powered financialization. Whether through quests, trading, or other mechanisms, GameFi allows gamers to earn digital assets for their in-game efforts. It's how some are earning crypto to spend on NFTs to add to their in-game experience. This is super trending right now. Gonna keep growing.

Gas Fees

Gas fees are payments made by users to compensate for the computing energy required to process and validate transactions on the Ethereum blockchain. "Gas limit" refers to the maximum amount of gas (or energy) that you're willing to spend on a particular transaction. Learn more. See also Polygon.

Metaverse

A metaverse is a network of 3D virtual worlds focused on social connection. In futurism and science fiction, the term is often described as a hypothetical iteration of the Internet as a single, universal virtual world that is facilitated by the use of virtual and augmented reality headsets.

This is a trending topic so you can google it and come up with a large reading list, including this article from Time.

Meta

Facebook has rebranded itself as Meta in an attempt to own the metaverse, This alone, though, tells us the concept of the metaverse is becoming more mainstream and valuable every day.

Read more



MetaMask

The Metamask wallet is basically a crypto wallet that provides support for ETH-based tokens such as ERC-721 and ERC-20 tokens. It is available as a browser plugin that you can install easily, just like any other browser extension. Interestingly, you can enjoy a seamless connection to any Ethereum-based marketplace after installing the Metamask Chrome extension or Firefox extension. Does not work with Safari.


The Metamask Fox will become a very friendly figure to you

Mint

To mint an NFT. Minting an NFT is how digital assets becomes a part of the Ethereum blockchain–a public ledger that is unchangeable and tamper-proof. Similar to the way that metal coins are minted and added into circulation, NFTs are also tokens that get “minted” once they are created.

NFT

Non-Fungible Token.

  • NFTs are unique cryptographic tokens that exist on a blockchain and cannot be replicated.

  • NFTs can be used to represent real-world items like artwork and real-estate.

  • "Tokenizing" these real-world tangible assets allows them to be bought, sold, and traded more efficiently while reducing the probability of fraud.

  • NFTs can also be used to represent individuals' identities, property rights, and more.

Non-fungible

More or less means that it's unique and can't be replaced with something else making it Unique or one-of-a-kind, or part of an identifiable limited edition or series.

Non-fungible Token

A non-fungible token (NFT) is a unique and non-interchangeable unit of data stored on a blockchain, a form of digital ledger.

P2E Games

Play to Earn online Games

Video games and virtual worlds that gamers play for crypto token rewards. Some games require an investment in tokens or NFTs, while others allow people to earn crypto by playing. As of 2022, some of the most popular P2E games are Axie Infinity, Zedd Run and Gods Unchained. Coin Hunt World rewards players with Bitcoin and Ethereum tokens rather than the crypto created for the game.


Polygon

An Etheruem alternative. It's a crypto that's still connected to ETH but runs far more eco-friendly than ETH and thus has lower gas fees. It's not as popular as running a pure ETH sale, but gaining ground every day because of those features just mentioned.

Learn more.

Transactional Keys

Public and private transactional keys are an integral part of Bitcoin and other cryptocurrencies. They allow you to send and receive cryptocurrency without requiring a third party to verify the transactions.

You may share your public keys in order to receive transactions, but your private keys must be kept secret. If anyone has access to the private keys, they will also have access to any cryptocurrency associated with those keys. Learn more.

Twitter

The social media platform that is super popular in the NFT world.

Follow me @HappyArtMarti


I will add terms as I become aware of them.



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