23 NFT Terms You Need to Know – TechMoneyCulture

1. 10k project

A 10k project is an NFT collection consisting of approximately 10,000 avatars. This type of NFT was arguably pioneered by the CryptoPunks collection in 2017 with many raw ones following since then. They don ’ metric ton all have precisely 10,000 avatars though, but the condition is used to refer to this type of solicitation rather than the accurate number of avatars .

2. Airdrop

When you receive an ‘ airdrop ’, you mechanically get a certain measure of a specific cryptocurrency or a new NFT dropped into your wallet for free. It ’ s hanker been a common commit in the cosmopolitan crypto space but has besides become a popular means for NFT projects to reward their early adopters with raw artworks, for case.

3. Apeing (into something)

not affiliated with the Bored Ape Yacht Club or any of the other ape-themed 10k projects, to ‘ copycat into ’ something means buying something in an irresponsible manner, out of FOMO, with besides much money proportional to your explanation size, and/or without having done your proper due diligence .

4. Avatar project

An avatar project is basically the same as a 10k project, i.e., a collection of a few thousand NFT ‘ avatars ’ like the CryptoPunks, Bored Ape Yacht Club, Cool Cats, Gutter Cat Gang, etc .

5. Burn

To burn an NFT basically means to destroy it. If entirely 5,000 NFTs are sold in a collection that was intended to consist of 10,000, for case, the team may decide to ‘ burn ’ the remaining 5,000. other projects let their owners ‘ burn ’ two NFTs to receive a new and more rare one .

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6. DAO

DAO stands for Decentralized Autonomous Organization. When you own an NFT from a project like Head DAO, you and all the other owners have voting rights and control over the future actions and overall management of the project. many NFT projects are setting up like structures to become more community-driven and fasten ongoing support .

7. Diamond hands

‘ Diamond hands ’ is one of the most democratic slang terms in the global of crypto and NFTs. It ’ sulfur become its own meme, its own emoji, and even the subject of whole NFT projects. A person with diamond hands is a person who holds on to an asset through price volatility, negative news program, poor market opinion, and whatever kind of FUD ( another abbreviation we ’ ll covering below ) you ’ ll meet in this space .
Diamond hands can besides be used as a verb : “ She diamond-handed bitcoin through the 2018 give birth market. ”

8. Floor

The ‘ shock ’ or ‘ floor price ’ of a project is just the lowest price at which you can buy an NFT from that undertaking on the secondary coil market. It ’ s the most popular measured for tracking a project ’ s operation over time and its relative success compared to others .

9. FUD

‘ FUD ’ stands for Fear, Uncertainty, and Doubt. The term is used in crypto and NFTs alike to describe negative news stories, tweets, Discord messages, etc., that are either inaccurate or wholly fake. You ’ ll frequently see people point to FUD as the cause behind bombastic price drops in cryptocurrencies or NFTs .

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10. Gas

The price for making a transaction on a blockchain is called ‘ gas ’. When buying NFTs on a blockchain like Solana, gas is negligible. On Ethereum, however, a $ 50 accelerator tip is about the lowest you can hope for, and it all depends on the natural process on the network. low activity, first gear fees. high activeness, high fees. Which leads me to the adjacent term you need to know…

11. Gas war

Oh, the fear accelerator wars ! These are a common occurrence on Ethereum and reasonably of a ritual of passage for newcomers. When a democratic NFT collection launches, with 100,000 people fighting for 10,000 NFTs, you need to increase your accelerator fee and outbid the others ’ for your transaction to go through. This is what ’ s known as a natural gas war .

12. Generative art

generative art deserves a draw more attention than I ’ m able to give it here and there ’ s enough of good material available on the subject. It ’ s arguably one of the key innovations in the earth of digital art and collectibles in holocene years, used to create all the major collections like Bored Ape Yacht Club, Cool Cats, Sup Ducks, Pudgy Penguins, etc .

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Category : Coin

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