The NFT space had just become as crazy as other communities, more particularly with its own slang. Yes, it’s exciting for some, but as a total NFT aspirant, these tons of crazy words could really mess you up. And we’ve got you covered as we explore the meanings of these NFT terms.
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Moreover, at the end of this article, you’ll see the NFT term that you should always watch out for, and when you find out what it means, you’ll surely be thankful that we reminded you. Well, without further ado, let’s get started
The first word you might have heard everywhere in the NFT. And this is an important one, as it means that you’re buying from a direct source, in it’s the actual project website. So that means you’ll save more money compared to when buying them on resale platforms like OpenSea.
Now that we mentioned it already, this means a collection of NFT artwork that could probably have a utility or not, and it would depend on how things would turn out.
Then, that’s where Polygon comes in. Actually, you could assume Polygon as an add-on to the Speaking of Project, when you heard about the 10k Project, this means that this entire collection had then thousand unique avatars of NFTs. And this started way back with CryptoPunks, where the Larvalabs created 10 thousand CryptoPunks in its collection.
Well, Polygon claims to handle up to 65,000 transactions per second, whereas Ethereum could only Well, this determines the minimum price where you could buy NFT in a Project or Collection.
Literally means how the Project would go on in the next month, years to come. It’s a strategic plan that would make either a Project great or questionable. So it’s highly advised that you always check a Project’s Roadmap in case it caught your interest.
This speaks a lot about the economics of how the NFT market works. Though it generally just means how much Etherium you’ve got in your wallet. This is actually a crucial step in making your first purchase of NFT. Since you only have limited Liquidity to spend, so use it wisely.
Another important term you’ve got to look out for in every NFT Project’s Roadmap. As this means that you could perhaps automatically get a free NFT or some sort of crypto token by just being one of the NFT owners on that Project.
Well, Polygon claims It’s quite a technical term, but you need to understand it as this is beneficial when you’ve already got your first NFTs. As Delisting means you’ll remove your listing of NFT in the OpenSea as the Floor is going up. Knowing this would let you take opportunities like growing your NFT price.
One of the most talked-about words in NFT communities. A person with Diamond Hands would be the one who would hold on to his NFT regardless of the negative news about it.
In contrast, these people would right away sell their NFTs in any circumstance that they heard a negative sentiment about it. So oftentimes, they wouldn’t hold NFTs for a long time.
This literally stands for ‘Fear, Uncertainty, and Doubt.’ And people would say this to describe how they anticipate that an NFT might tremendously go off. So, they’re scared to purchase it.
Polygon claims to handle up to 65,000 transactions per second, whereas Ethereum could only Well, this determines the minimum price where you could buy NFT in a Project or Collection.
The people who could literally decide how the NFT market could shift. Well, this is not empirical, but they do have the means to move an entire project as they got a lot of Liquidity on their doorsteps. This means that they got at least 1000 Etherium to be called a Whale.
Then, here’s another technical term that describes what happens when a very popular NFT project is launched. And like, for instance, you’ve got hundreds of thousands of people minting at the same time for only a thousand NFTs. Which, in the process, would skyrocket the gas fees.
Remember, this slang term means that someone is making a purchase of NFT just out for irrational reasons, such as getting hyped-up, getting excited or worst, just to feel not being left behind.
Basically, it’s an irresponsible way of investing in an NFT, literally without any background check or diligent research about the said project. So, make sure to avoid doing this now that you know what Aping means.
READ MORE: NFTs for BEGINNERS – Explained
To be continued…