# Essential NFT Terms

**NFTs** - Short for [non-fungible tokens](https://crypto.com/university/what-are-nfts) — 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](https://ethereum.org/en/) and [Cronos](https://cronos.org/) blockchains.

**ERC721 / CRC721** - [Token standards](https://crypto.com/university/what-are-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](https://crypto.com/university/crypto-wallets) 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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