Nft, what it is: the 20 keywords to learn about non-replaceable symbols

NFTs, non-fungible tokensthey are now An inseparable part of our daily life. From companies to show business personalities, from the art world to the restaurant world, everyone standing
embracing NFTs
and multi The opportunities they offer to build loyalty and create direct contact with the public and customers.

Not knowing the basics today amounts to being cut off from the many opportunities it contains.

Mik Cosentino, a well-established digital entrepreneurand the The first businessman in Italy to believe strongly in NFTs. His first project NFT of Italian Cinema, linked to the film “Occhiali Neri” by Dario Argentowhose collection sold out within just 24 hours of its release.

Mik identified keywords related to the world of NFT that are key to understanding its dynamics and potential. “You have created a glossary Which comes from my first-hand experience in the field and I want to educate all those interested in approaching NFT, presenting the right basic knowledge, to avoid falling into unpleasant inconveniences”, says Mick Cosentino.

Let’s start by explaining what NFTs are. Non-fungible tokens are digital, unique, non-modifiable, and registered on the blockchainIt is unique and certified property.

  • 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 string, 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 contractA token registered on the blockchain that 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 of holding them for the long term, rather than selling them immediately thereafter, as Paper Hands/Flipper does for a profit.
  • SC/Minter: The stage at which the creators of the NFT project allow users to purchase one or more tokens from the pool. Mintare is the same as buying. This stage is followed by detection i.e. 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 Chanl: An application (similar to a social network) used to create a community associated with each individual NFT project. It allows various users to interact, privately or with the founders, through the AMA – short for Ask Me Anything – which is the equivalent of “Questions and Answers”.
  • whitelist: A queue that guarantees, during the minting phase, to some selected users priority purchase access. 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: A specific 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. Then the price of the various tokens, called the floor price, may go up or down depending on how much the community itself 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 buy NFTs on this platform, you need to have an account on MetaMask (a wallet for buying and selling NFTs through 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.
  • Staking: Ban NFTs on the platform to receive bonuses 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.

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