NFT Basics

ALT; ALTcoin

"Altcoin" refers to any type of cryptocurrency other than Bitcoin.

MC

Cryptocurrency market capitalization refers to the total value of all the coins that have been mined. You can calculate a crypto's market cap by multiplying the current number of coins by the current value of the coins.

PFP; NFT PFP

PFP, which stands for "profile picture" is one of the most popular types of NFTs

POAP, Proof of Attendance Protocol

POAPs Explained. POAP (pronounced poh-ap) is an acronym for Proof of Attendance Protocol. These NFT badges are given out to prove attendance of an event, whether it took place virtually or in the real world. Each badge is unique, meaning that the only way to get a certain POAP is to be at the event.

Shill; Shilling

Shilling/pumping refers to the practice where someone actively and maliciously promotes a cryptocurrency to inflate its value and lure new investors towards it.

Mint; Minting an NFT

When you mint an NFT you are storing a unit of data permanently to the blockchain. This permanent entry on the blockchain is referred to as "non-fungible token" or NFT for short. NFTs are ownable, meaning they be bought and re-sold. To mint an NFT you must upload the artwork which will represent the token, give it metadata and pay gas fees to complete the transaction. Once your NFT has been minted, you can list it for sale on any marketplace you choose. Some of the benefits of NFTs involve the alignment of incentives between creators and holders, the democratization of ownership as well as recurring royalties for the original creators and artists.

Floor Price

in the NFT market, floor price is the lowest amount of money you are able to spend to become a member of a project.

Decentralized Autonomous Organization; DAO

1. A decentralized autonomous organization (DAO) is an autonomous organization regulated through a set of rules embedded on computer programs, technically known as smart contracts. 2.(DAOs) are kind of like clubs for crypto enthusiasts, only they typically operate under a shared goal, give each member equal say in making decisions,

NFT

1. A non-fungible token (NFT), is a blockchain-based tokenization of a collectible item or art piece. 2. NFTs certify digital ownership and authenticity, stored publicly on the blockchain for quick verification. 3. An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.

Gas; Gas Fees

1. Gas in crypto refers to the computational effort required to execute operations. 2. You must pay a gas fee in order to make a transaction or execute a smart contract on Ethereum.

Ethereum (ETH)

1. a cryptocurrency. 2. a global virtual machine powered by blockchain technology. 3. use ETH to pay for work done on the blockchain. Ethereum is designed to be scalable, programmable, secure, and decentralized.

Web3

1. a new kind of internet service that is built using decentralized blockchains.

Mint Price

1.The Initial price of NFT from original seller. 2. A higher initial price means more revenue gets generated up front, assuming there is enough demand.