10 NFTs Terms You Should Know
Welcome to our “Do You Speak Crypto?” series!
At DIFX, we’re constantly looking for ways to raise awareness and improve knowledge within the crypto industry to lower the barriers to entry and drive mass adoption. Therefore, we’ve prepared a series of articles for you in which we’ll discuss common terms in different sections of the blockchain and crypto industry together.
Episode 14: NFTs
Non-Fungible Tokens or NFTs can be named as one of the most innovative byproducts of blockchain technology. NFTs are unique digital items that derive their value from their uniqueness and rarity. You might get surprised by how expensive some of them are sold:
The Merge: $91.8 million
The First 5000 Days: $69.3 million
Clock: $52.7 million
In this episode of the “Do You Speak Crypto?”, we’re going to talk about 10 common terms you may come across when dealing with NFTs.
1. NFT Marketplace
A digital platform where you can discover, sell or buy NFTs. OpenSea is the world’s first and largest NFT marketplace where you can view various NFT collections and crypto collectibles. At the beginning of this year, OpenSea announced that its value surpassed $13B after raising $300M in a new investment round.
2. NFT Collection
A unique collection of NFTs that are valued based on their level of rarity. For example, CryptoPunks is one of the most famous NFT collections which consists of 10,000 items and was launched in 2017.
3. NFT Artist
The creator of an NFT collection. An NFT artist can be a digital artist, focusing only on digital art, or a regular artist who opts to sell their work as NFTs. Beeple is an NFT artist who created “The First 5000 Days”, the second most expensive NFT in the world.
4. NFT Wallet
A form of cryptocurrency wallet which allows you to store your NFTs alongside your crypto tokens. MetaMask is one of the famous crypto wallets which supports NFTs as well.
5. ERC-721
An Ethereum standard that allows you to implement NFTs using smart contracts. With this standard, you can simply track and transfer NFTs on the Ethereum blockchain.
6. SoulBound Token (SBTs)
Non-transferable tokens that are uniquely created based on a person’s traits, characteristics, and accomplishments. We can have an SBT to represent ourselves in the era of web 3.0 and the decentralized society that comes along with it.
7. Mint
The process of creating an NFT is called “Minting” in which you essentially record your work on a blockchain network. Based on the platform that you choose, you may need a small amount of crypto to pay for the minting fee.
8. Floor Price
The lowest price you can pay to buy an item within a specific NFT Collection. For instance, the floor price for the Bored Ape Yacht Club is 94.1 on the OpenSea marketplace.
9. Crypto Collectibles
Another name for Non-Fungible Tokens (NFTs).
10. Cryptokitties
Founded in 2017, Cryptokitties is one of the most well-known NFT games built on the Ethereum blockchain. Go ahead and take a look at its NFT collection, floor price, and other attributes on the Opensea marketplace.
Didn’t find the terms you were looking for? No worries. Let us know in the comments so we can cover it for you in our next episode.
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The Nomination Program is another unique feature of DIFX that allows users to manage the future of their crypto assets by passing them on to their families and loved ones. Recently, the company unveiled its Futures trading platform in an attempt to further improve financial inclusion and freedom through innovations offered by blockchain technology.
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