Important Terminologies
- Shill: Convince someone to buy something (usually something you own or have vested interest in) - has a bad connotation most of the time.
- ATH: All time high (highest price sold for an NFT from an artist or project).
- Floor: Lowest price of NFT from an artist or project.
- Moon: An NFT artist or project that has their NFT price and volume go up high.
- Bear market: NFT market being at its worst and low NFT prices.
- Bull market: NFT market being at its top form and high NFT prices.
- Blue Chip: An NFT artist or project that is considered significant to the community.
All the terminologies above are very commonly used in the community.
- ETH: Ethereum.
- XTZ/TEZ: Tezos.
- MATIC: The currency for Polygon's blockchain.
ETH, XTZ and Polygon are types of blockchains currently available which are used by a lot of current anime NFT artists. There are more information about other blockchains available to read here.
- Mint: Create an NFT.
Each digital creation needs to be minted in order to become an NFT.
- One mint = One NFT (costs x1 gas fee)
- Ten mints = Ten NFTs (costs x10 gas fee)
- POW: Proof of Work.
- POS: Proof of Stake.
- Gas Fee: The fee you will need to pay in order for each transaction to be processed on the blockchain.Real life example: Paying for your car's gas in order to have it run.
Both POW and POS are the model of mechanisms used by blockchains in order to turn your digital creation into NFT.
ETH is currently in development to model ETH after POS. Their current plan is to have ETH2 implemented in 2022.
- GWEI: Gigawei.
GWEI is the measure unit for the gas price for all transactions on ETH based blockchains (including Polygon).
- High GWEI = High gas fee
- Low GWEI = Low gas fee
- Smart Contract: A program that runs on the blockchain.
Smart contract can let you mint new NFT(s) from a PFP project without the need for the team to manually upload each NFT(s) to the blockchain.
You can deploy your own smart contract on Foundation and Manifold for your own collection(s).
- Dutch auction: The price of a NFT starts at a starting price then dropped periodically until it hits the lowest price.Example: The NFT starts at 0.2 ETH and drops to 0 ETH after 2 days.
- Layer 2 (L2): A solution developing to resolve the issue of high gas fees and slow transaction speeds on ETH blockchain.
- Burn: Delete your NFT from the blockchain.
- WETH: You can wrap your ETH token into "Wrapped Ether" to be exchanged with other ETH-based tokens.
- Transaction: Any activity of selling, buying or trading occurs on the blockchain.
- ENS: Ethereum Name Service is a naming system based on the Ethereum blockchain which can replace your wallet address into a shortened registered name.Example: doraemon.eth