Everything you wanted to know about NFTs but were too afraid to ask.
This will continuously be updated to help onboard new collectors.
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What is a NFT (nifty)?
Non-Fungible Tokens (NFTs) are tokens that are not exchangeable for each other. They are also known as “tokenized assets”.
NFTs can be used to represent many things, but they all have something in common: they cannot be exchanged for each other. That means that you can put anything into a NFT and there will always be one token that is different from the others.
There is no limit to the amount of things that can be tokenized with NFTs, which opens up potential use cases like virtual game items, artworks, or even real estate properties.
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What is web3?
Web 3.0 is the next generation of the current web 2.0, which is characterized by an increasing number of web applications and services where the data is not only stored on central servers but also on personal devices.
Web 3.0 has some unique features that set it apart from its predecessors, including new methods to store data, mechanisms for authenticating users, and ways to monetize content.
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What is Blockchain
Blockchain is an encrypted, decentralized, public ledger of transactions. It does not rely on one central authority but instead relies on its network of users. This means that it has no single point of failure and cannot be corrupted by any single individual or group. With blockchain you can know how much money comes in or goes out of your account at all times because every transaction is recorded in the public ledger.
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OpenSea (OS)
Opensea is a marketplace for the crypto-collectibles industry that integrates crypto-collectible trading, distribution, and marketing.
It is the first platform to offer a unified experience for players to buy, sell, and trade crypto-collectibles using any cryptocurrency or fiat currency.
Players can catalogue their collections on Opensea like art collectors might on an art auction house website such as Sotheby’s or Christies; they can also discover new items from other collectors; and they can track their items’ value over time as they grow in rarity and desirability.
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Coinbase
Coinbase is a safe and secure platform for trading cryptocurrency. It is a New York based company which was founded in 2012.
Coinbase is the world’s largest Bitcoin broker, operating in over 30 countries, and currently has over 20 million users.
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What is a wallet?
A cryptocurrency wallet stores the public and private keys which are used to get access to the cryptocurrency.
A crypto wallet is a software program designed to store, manage, and secure digital currency like Bitcoin or Ethereum. It can be used for other cryptocurrencies too.
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What are gas fees?
What are gas fees? Gas fees are a specific type of fee that is paid for every operation made on the Ethereum network. The gas fees are paid in ‘gwei’, where 1 gwei equals one billionth of a bitcoin.
Gas prices can vary from day to day, depending on the congestion on the Ethereum network, and the present price of gas is shown by hovering your cursor over the “transactions” box for Ethereum in etherscan.io.
Popular Terms
- GM : Good Morning (we’re still early)
- NGMI : Not Gonna Make It
- WGMI: We Gonna Make It
- WAGMI: We All Gonna Make It
- Ser : combination of Sir and Her
- FOMO :Fear of Missing out
- FUD: Fear, Uncertainty, and Doubt:
- IRL: In Real Life
- Rug Pull : When a project creator abandons or deletes the project
- POAP: “poe-app) Proof of attendance protocol. A free NFT usually given at virtual or IRL events