NFT Terminology
Mint - To purchase an NFT from the project’s direct website or contract for its initial “Mint” price. Essentially creating the NFT.
FUD - Stands for Fear, Uncertainty, Doubt. You will often hear this term used when a project looks to be a rug pull or if there are suspicions about the project not being legit. Sometimes people will create false FUD to try to scare people away from minting so that it will be easier for them to mint! Other times projects will actively remove or silence people that have genuine questions and brush them off as FUD.
FOMO - Stands for Fear of Missing Out. You will see this term used when people buy into projects without doing proper research or when a project is pumping on the secondary market people will often “FOMO” into picking one up as they are scared to miss potential profits the pump may bring. It is important to know when to FOMO and when to not, often you FOMO for the wrong reasons and this can cause you to be the exit liquidity of sellers.
NFT - Non Fungible Token. See our guide on what NFTs are!
GWEI/Gas - When you send a transaction in the Ethereum network you will be charged a fee for sending that transaction often referred to as gas fees. Ethereum gas fees are measured in “GWEI”, the amount of GWEI you use in a transaction depends on the size of the transaction and the timing.
ETH — Referring to Ethereum
Floor — Floor refers to the entry level price of an NFT collection that has already been minted. If the lowest listing for an NFT collection is 1 Ethereum, this means the “floor” price is 1 Ethereum.
Smart Contract — Smart contracts are a program on the Ethereum network, users can interact with a smart contract by submitting transactions that execute a function defined on the smart contract.
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