Twelve Terms You Need to Know in the NFT World

Hello everyone! We know that there are a lot of people who want to participate in the NFT world, but they are afraid of the world due to the strange words and terms. Hence, in the article, we would like to acquaint you with some significant terms and words of the NFT world.

Probably, everyone knows what is an NFT and what is its function, but even so we want to explain the term. NFT refers to non-fungible token, and it is a kind of digital authenticity certificate. NFTs are unique assets that have a monetary value, and they can be found as a picture, video, GIF, music file, and so on. Generally, NFTs present real-world items, such as real estate and artwork. These items are found on a blockchain system, like WAX Blockchain or Ethereum Blockchain. You can earn money and analyze art in the NFT world, so you should join in the world immediately!

The second term from the NFT world that should be known by individuals is NFT game. As you know, there are lots of games from traditional ones to modern ones, like Super Mario and God of War. Also, in the NFT world, you can encounter amazing online games in which smart contracts and blockchain ledgers are used for recording every transaction and authenticating unique digital collectibles. For playing the games, people should have some digital items, such as a character NFT card or weapon NFT card. In other words, you can use your NFTs in specific NFT games, so you should search the NFT games in your favorite blockchain before purchasing NFTs.

After learning NFT game term, you should understand ‘play-to-earn’ term. The term is used for particular NFT-based games in which people can earn real money by playing and performing other services. You should not forget that using cryptocurrency is mandatory in the NFT-based gaming environment because people should buy NFTs for the games by using various cryptocurrencies. Now, you can start to earn money by playing! If you have questions about which NFT-based game to play, you can find the appropriate answers to your questions by browsing the articles we wrote about the games on the WAX Blockchain.

The fourth term from the NFT world that should be known by people is burning an NFT. The circumstance is erasing an NFT; you can eliminate your NFTs, so the burned NFTs go out of the blockchain. The process is safe for individuals because burned NFTs are transported to a verifiably inaccessible and nonexpendable address, and the transaction cannot be withdrawn. Generally, people burn their NFTs for fixing errors and encouraging the buyers to hold onto their NFTs as they become more valuable.

Another term that should be known by people in the NFT world is minting NFTs. People can change a digital file to a crypto collectible or digital asset recorded on a blockchain system, and the situation is called ‘minting an NFT’. The process is applied because people can sell their NFTs on an open NFT market after minting the items. In other words, individuals can create their NFTs and sell them on NFT-based marketplaces with the help of minting. If you are confused about ‘marketplace’ term, we would like to explain this term as well. NFT marketplace is a blockchain-based platform in which you can sell your NFTs and buy NFTs. Furthermore, you can advertise and auction NFTs in proper NFT marketplaces, like NeftyBlocks and AtomicHub.

The seventh term from the NFT world that should be known by people is AMA. We think that you saw an ‘AMA’ event from our weekly schedule, so we would like to explain the term to engage you into the NFT world in a good way. AMA is an abbreviation for ‘ask me anything’, and a lot of NFT-based projects, such as Worlds of Dr. Hems, carry out AMA sections for answering the questions of NFT holders and developing the communication with these individuals.

The eighth and ninth terms from the NFT world are Discord and Telegram. We think that lots of people know what are Discord and Telegram, but we want to explain their importance in the NFT world. Discord is a social media platform in which people can communicate with each other in voice, text, and video. Also, Telegram is another social media platform in which individuals can communicate with each other, like WhatsApp. You should know and use these social media platforms for participating in the NFT world because most NFT-based project informs their holders/players through these social media platforms. Hence, you should join in the Discord and Telegram chats of your favorite NFT-based projects with the help of the proper invitation links.

Another term that should be known by people in the NFT world is whale. Yes, the word stands for a marine mammal, but it is used for some people in the NFT world. Whale refers to a person who has a lot of money, and he or she is ready for investing or already invested in a high-value NFT project. These people are very important in the NFT world because they can change NFT markets by buying or selling an NFT collection. You can encounter one or more whales in any blockchain.

The eleventh important term from the NFT world is floor price. As you understand from ‘floor’, the term is used for the lowest price at which you can buy an NFT from an NFT-based project on the secondary market. You can use the term to compare the success of an NFT-based project with other projects in the NFT world.

The twelfth and last important term from the NFT world is staking an NFT. If you stake your NFT, you locked up the rare item on a platform or protocol in exchange for staking rewards and other benefits. By staking your NFTs, you can earn passive income, and the circumstance can strengthen the processing ability of a blockchain.

We hope that we have been able to explain the terms of the NFT world well. Now, it is time to deal with amazing NFT-based projects!

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