Twenty keywords to get to know this world better

Among the whirlwind of neologisms and strange words repeating themselves especially over the past couple of years, there is one that is revolutionizing the web but not only. We are talking about NFTan abbreviation forNon-Fungible Code.but what exactly?

It is located around digital business It is unique and cannot be modified in any way. They are contained in the blockchain, resulting in a real one for those who created them Unified and approved exclusive right. This is part of people’s daily life, as well as of businesses, but it is primarily a part of the world of entertainment and art. Many felt the need to read the gist of the NFT, specifically with the goal of understanding what it was. Not knowing it can in fact amount to a cut-off from the many opportunities that this region could consequently hold.

A well-known digital entrepreneur is precisely to lend a helping hand in this sense, avoiding that people can be deprived of very interesting opportunities Mick Cosentinothe pioneer of NFT in Italy, chose Select some keywords related to this region. In this way, it may be easier for everyone to understand its dynamics and possibilities.

Mik Cosentino helps understand NFT with two key words: Here they are explained

Blockchain: A digital record whose information is immutable and can be constantly checked by users because the data is stored in cipher blocks that form an immutable, immutable and traceable chain, with full respect for privacy.

wallet o “Wallet”: an application that allows you to store and transfer cryptocurrencies, smart contracts and NFTs between users.

Ethereum: Web 3.0 decentralized platform for creating and deploying smart contracts. The related cryptocurrency, Ether, ranks second in capitalization after only Bitcoin.

smart contract: It is a token registered on the blockchain and confirms, after paying a predetermined amount, that the recipient grants the unique ownership of the NFT to the buyer.

holder / Hodler: slang to refer to those who buy coins or NFTs with the intent to hold them for the long term, rather than sell them immediately thereafter, instead hands / paper fin to generate he won.

Mint / mint: The stage at which the creators of the NFT project allow users the ability to purchase one or more tokens from the pool. Mintare is the same as buying. This stage is followed by a statementAndThis is when you can see your NFT ID. Each “token” will be unique and will have unique properties. NFTs are assigned “randomly”, ensuring complete transparency and equal opportunity.

Discord channel: An application (similar to a social network) used to create the community associated with each individual NFT project. It allows multiple users to interact, privately or with founders, through Likes – The acronym Ask Me Anything – which is equivalent to “Questions and Answers”.

Whitelist: that it A queue that guarantees, at the minting stage, selected users priority access to purchase. This happens because the number of NFTs that make up a group (the display) is always much less than the number of users who are subscribed to the channel and are interested in buying.

Access to the list is associated with certain actions, such as bringing a certain number of people to the channel, number of interactions, etc.

auction: The stage at which even those who are not part of the whitelist can purchase NFTs.

Gas fee: that it The exact commission required for transactions made on the blockchain. It’s the fuel that makes an entire ecosystem work. If a large number of people are interested in “mining” a few of the available blocks of “tokens”, gas fees can reach very high values, higher than the price of the NFT itself. Gas fees do not have a fixed amount, so they vary depending on the flow of transactions. For this reason, it is preferable to be whitelisted when minting the NFT.

mint price: The purchase price indicated in the initial sale stage by the creators of the NFT project. Later he said the price of various tokens lowest priceit may increase or decrease depending on how closely the community feels connected to the project or not.

open sea: An online platform that allows you to buy and sell NFT, based on Ethereum (the “currency” of the exchange). Anyone interested in buying an NFT for a specific project, but the mintage is over, can check if it’s for sale on OpenSea.

To be able to purchase NFTs on this platform, you must have an account on Metamsk (a wallet to buy and sell NFTs with Ethereum) and create an account on OpenSea.

Average: An online portal where news about the world of crypto and the world of NFT is shared.

the bet: Block NFTs on the platform to receive rewards and other perks. This allows NFT holders to earn passive income while retaining ownership of their NFTs.

to cheat: Translated from English “scam”. As it happens in the real world, even in the NFT world, it may happen that users, who “pretend” to be others, request our personal tokens, to own the tokens in our wallet. Or they may make you think you’re buying the NFT of your interest, when you’re not. To protect yourself, it is necessary to be wary of those who send links in private and only use official links for various projects by looking directly at official channels of contention.

Seed phrase: Password to protect your wallets from unwanted access. It is a string of 12 or 24 words that will be used to transfer your tokens from one device to another.

It is necessary not to lose and not to give the sequence to anyone, another one will not be created, there is no way to restore the account.

AirDrop and Raffle: Marketing strategies in which the creators decide to award one or more tokens to some users, or in the case of a raffle, they create a sweepstakes where the winners will either get access to the whitelist or will earn a token.

Usually specific actions are required to be able to win the prize: make the project known on different social networks, increase shares, etc.

Genesis Birdies: is the initial noun of the main project, if this includes suffix inflections, the latter will take a noun Baby Beards.

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