Essential NFT Terms
Learn the ropes before you begin trading NFTs!
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.