NFT - CRYPTO GUIDE
What are NFTs ?
NFT token (non-fungible token) - a unique digital certificate that is stored in the blockchain, guarantees the originality of the item and gives exclusive rights to it.
Simply put, each record in the blockchain is called a token. In an open blockchain, all tokens are like coins of the same monetary value, equal and interchangeable. That's how cryptocurrency money works: for example, one bitcoin can be easily replaced by another, and nothing will change.
Like cryptocurrency, NFTs are created in a blockchain, which acts as a database to record all transactions. The blockchain guarantees the authenticity of non-fungible tokens. Thanks to this system, any user can verify the original and history of a particular NFT through the blockchain.
NFT tokens are sold in marketplaces on the Internet. The creators or owners of non-fungible tokens put them on marketplaces and wait for offers from buyers.
NFT technology was created in 2017 based on Ethereum smart contracts. The first artwork turned into an NFT token was a black-and-white work by the artist Banksy, a 2007 stencil called Morons (White). The creators or owners of non-fungible tokens put them on marketplaces and wait for offers from buyers.
▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
What is the web 3.0 ?
You may often see or hear this in cryptospace, it doesn't sound as scary as you may think, it's quite simple and I will explain it to you now.
First, to know what web 3.0 is, we first need to know WEB 1.0.
The technologies, site-building features and user behavior of the World Wide Web (WWW) characteristic of the 1990s and early 2000s are commonly referred to as ''Web 1.0''. During this period, static sites dominated the WWW. Such sites were intended mainly for reading, receiving information; apart from hyperlinks, they contained almost no interactive elements, multimedia, did not allow users to dialog, exchange files, etc.
This is followed by WEB 2.0.
With the advent of high-speed Internet access on the World Wide Web, multimedia information (video, music, graphics) has become popular. Web 2.0 is marked by the emergence of new web services, the development of web-programming, improved design and usability of sites, and a decrease in the user's ability to be anonymous. In spite of the clear advantage of Web 2.0, we have to note the appearance on the World Wide Web of a great deal of low-quality information, including misinformation. Therefore, regardless of the technology underlying the creation of the site, in the first place its information content is valued. Today it is not so easy to find qualitative information in the network among the huge amount of it.
Now let's find out what WEB 3.0 is
Web 3.0 is the coming third generation of the Internet, in which websites and applications will be able to process information almost like humans, using technologies such as machine learning (ML), big data, decentralized registry technologies (DLT), and others.
Another way to imagine Web 3.0 is that data will be linked together in a decentralized way, which will be a huge step forward from our current Internet generation (Web 2.0), where data is mostly stored in centralized repositories.
Web 3.0 will be born from the natural evolution of the old generation Web tools, combined with advanced technologies such as artificial intelligence and blockchain, as well as the interconnection between users and the increasing penetration of the Internet. Thus Internet 3.0 is an upgrade of its predecessors: Web 1.0 and 2.0.
Now you're ready to find out what's so magical about WEB 3.0.
▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
CRYPTO/NFT VOCABULARIES:
DAO refers to Decentralised Autonomous Organisation. Many up-and-coming NFT and metaverse projects are setting up DAOs, in which the teams developing such spaces are not governed by one single person or entity.
Diamond Hands refers to someone who has high-risk tolerance for high volatility assets. No matter how dramatically the value of their NFT increases or decreases, Diamond Hands don’t sell their assets in panic.
FLIPPING is used frequently in the context of buying and selling NFT, flipping refers to buying NFTs at low prices and selling them quickly for a profit.
FUDstands for “fear, uncertainty, and doubt”. The acronym is usually thrown around when the price of an NFT project drops, or when there is some sort of negative news or rumours around it. People tend to sell their assets hastily when there is FUD.
P2E stands for play-to-earn games. These are blockchain-based games that use tokens or NFTs to reward players, such as Axie.
RAIDS is a term describing NFT projects that conduct flash campaigns on social media to keep communities engaged and promote their NFTs. Community engagement is key to keeping an NFT project going, since collections are released in phases over durations of time.
RUG PULL is not too far off from a scam, a “rug pull” refers to a scenario when a team behind a seemingly authentic NFT project abandons it and runs away with investors’ funds.
FOMO stands for Fear Of Missing Out. When you hoard a specific token anticipating returns or to gain exclusivity, you FOMO into buying it. In the NFT space, you might also FOMO into buying an expensive NFT artwork, fearing that you might miss out on the next big thing.
ALPHA Within the NFT space, Alpha-ing means having access to important insider information that is not known by everyone.
Airdrop is a term mostly thrown around by Apple users to describe the wireless transfer of files via WiFi or Bluetooth. In the crypto and NFT world, “airdrop” refers to sending cryptocurrency, tokens, or NFTs for free to different wallet addresses (user accounts).
“Ape in” is used to describe the action of hastily purchasing a new NFT without doing enough prior research to understand the project. Meanwhile, “degen” (short for “degenerate”) describes a person who makes these risky and bad bets.
BTD is short for “buy the dips” while BTFD refers to “buy the f*cking dips”. It means to purchase an NFT after its price has dropped. This is often considered a bargain as the asset is likely to recover or increase in value over time.
When someone Burns an NFT, they’re essentially eliminating it. The NFT is removed from circulation by sending it to a black hole address (a wallet owned by nobody), effectively destroying the token.
Copy cats in the NFT realm refer to a knock-off project which copies another more popular project, which isn’t unheard of in the art world either. Consequently, a lot of plagiarism claims are thrown around in the NFT space, but other than the removal of fakes from official NFT marketplaces, there doesn’t seem to be any other workaround for the moment.
Delisting refers to the action of taking down or cancelling a listing of an NFT’s sale. This can happen when a copyright claim is issued to the NFT creator on the basis that their designs look too similar to a character in popular media. When this happens, holders of the NFT are typically left with a dead resale market for their collection, unless the NFT gets relisted.
Floor price means the lowest entry price listed for an NFT project.
When someone uses the phrase, “sweep the floor” in the NFT realm, it’s meant to encourage members in the community to buy the NFTs at their floor price to hopefully raise the value of the project.
Gas is a fee one needs to pay to a blockchain network to perform all kinds of transactions. This fee is paid to the “miners” of a blockchain network to compensate for the computing energy required to process and validate transactions. Gas fees differ from network to network, and are volatile.
Generative art is the method used by popular NFT projects such as the Bored Ape Yacht Club, CryptoPunks, Pudgy Penguins, PhantaBear, and even local ones like Chapfans, and more, to create their collections.
Short for “Interplanetary File System”, IPFS is a peer-to-peer (P2P) storage network. Essentially, it is a filing system that can store files and track their versions over time. It also defines how files move across a network, making it convenient to share information and files among users on a network in a controlled and authorised way.
GMI is short for “gonna make it”, WAGMI represents “we’re all gonna make it”, while NGMI stands for “not gonna make it”. This is to describe the future state when investments are (or aren’t) going to succeed and deliver great returns.
Metadata describes the details about a digital asset such as the name of the file, length of the video, and the images that make up its individual frames.
NFT minting is the process of publishing a non-fungible token (NFT) on the blockchain and making it available for purchase.
The saying, “To the moon!” is often used in the crypto and NFT space, and is a term to describe that the price or value of something is going to skyrocket. Similarly, if something is “mooning”, that means the price of a coin or NFT is experiencing a spike.
