NFTs are on the rage of late. The google search trend for NFTs is at an all-time high. NFTs are trending even more than Bitcoin and crypto. NFT trade volumes have hit $4 billion on Opensea, the largest NFT marketplace. New collections are being released every day. Here are some most common terms used across NFT communities that you need to know
NFT
NFT means a Non-Fungible token. Tokens exist on the blockchain and cannot be duplicated. NFTs can be an image, video, audio, or even a representation of a physical object.
Also read: What are NFTs and how do they work?
Mint
Minting is the process of interacting with the smart contract to generate the token by paying the price for the NFT along with some gas fees. When you mint an NFT, you will get the NFT in your wallet.
Mint Date
The date on which the NFT collection will be launched. On the mint date, you will be able to mint the NFTs. After minting the NFT, you will be able to sell the NFT in a secondary NFT marketplace.
Mint Price
The price for which you will be able to mint the NFT. The mint price will be decided by the creator of the NFT collection. The mint price will be priced in native tokens of the blockchains on which they are being mint. ETH, SOL, MATIC for example.
The mint price of Bored Ape Yacht Club was 0.08 ETH.
Public Sale
The sale in which anyone interested in the NFT collection will be able to mint an NFT. You may or may not be able to get to mint an NFT due to high gas fees, as many people will try to mint in the public sale.
Whitelist
Whitelist guarantees you the ability to mint an NFT from a given collection. To get a whitelist, you have to perform some tasks set by the creators of the NFT.
The tasks include but are not limited to inviting people to their Discord server, reaching higher activity levels in Discord, being helpful to the community, following them on their social media, climbing Mount Everest(just kidding), etc.
Pre-Sale
Whitelisted members will be able to get access to a pre-sale or private sale. Pre-sale happens before the public sale. If you are whitelisted, you will be able to mint an NFT during the time allocated for pre-sale without high gas fees.
Floor Price
Floor price of a collection is the least price at which an NFT from the given collection is selling, in the secondary marketplace.
If you list your NFT below the floor price, the floor price will be updated to the price for which you have listed your NFT.
Rarity
Rarity is how unique an NFT from a collection is. If an NFT has more unique properties than other NFTs in its collection, then it is said to be rarer than other NFTs.
Rare NFTs often sell at a price higher than the floor price. The rarer the NFT is, the higher it is priced. Rarity.tools provide rarity ranks for popular NFT collections.
Max Supply
Max Supply is the maximum number of NFTs that exist in a given collection. Max supply is coded into the smart contract and it cannot be changed after a collection is released.
The max supply of Bored Ape Yacht Club is 10,000.
Max Mint per Wallet
Max Mint is the maximum number of NFTs you will be able to mint during the pre-sale or public sale. Max mint is also coded into the smart contract. It is decided by the creators of the NFT collection.
Opensea
Opensea is the largest NFT marketplace on the Ethereum blockchain. NFTs can be bought and sold on Opensea. Opensea had an NFT trading volume of $4 billion in January 2022.
Feel free to comment below if I have missed something. I would be glad to add it. Thank you.
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