Essential NFT Terms
Learn the ropes before you begin trading NFTs!
NFTs - Short for non-fungible tokens — which are cryptographic tokens existing on the blockchain. They are unique and can be traded or simply kept as collectibles.
ERC721 / CRC721 - Token standards that allow for the creation of unique NFTs. Minted supports these two standards.
Decentralised platform (self-custody) - This means that you’re in complete possession of your NFTs at any given point in time.
Floor Price - The lowest price for an item in an NFT collection.
Gas - Fees that you will need to pay to complete a transaction on a blockchain. Gas is used to compensate blockchain miners for their computing energy which ensures that transactions are genuine.
Royalties - A percentage of the sale price paid to the original NFT creator through the NFT’s resale.
Smart Contract - Digital public contracts that are stored on a blockchain. Smart contracts are executed automatically when certain predetermined terms and conditions are met. Blockchain transactions are encrypted and recorded on a distributed ledger without intermediary involvement, which assures trust and transparency. You will be able to interact with smart contracts on Minted by creating a new collection or buying NFTs.
Wallet - Specifically, a cryptocurrency wallet allowing you to store NFTs and cryptocurrencies in it. It also needs to support the cryptocurrency that you will purchase NFTs with, like ETH or CRO.
Last modified 8d ago