Essential NFT Terms

Learn the ropes before you begin trading NFTs!

NFTs - Short for non-fungible tokens β€” which are cryptographic tokens existing on the blockchain. They are unique and can be traded or simply kept as collectibles.

Ethereum / Cronos - Minted supports NFTs across the Ethereum and Cronos blockchains.

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.

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