NFTs have been on the rise for a long time now. With great popularity comes a lot of new information. It is important to get familiar with the generic terms used in NFTs so that you can be well-informed about upcoming events and trends in this industry.
NFTs, or non-fungible tokens, are cryptographic tokens that exist on the blockchain. They are one-of-a-kind and can be bought and sold or kept as a collectible. In recent years, the popularity of these digital collectibles has been extremely high, with many of them selling for millions of dollars on dedicated trading platforms.
The NFT terminology evolved primarily from cryptocurrencies. They are technologically similar because they both exist on the blockchain. Many of the terms used in the NFT market are social media acronyms and lingo. Several other terms with similar meanings to those used in social media are also used. Furthermore, some terms are related to the current world of buying and selling but have slightly different meanings.
It is obviously not possible to summarize every piece of information related to NFTs in a single document but the above mentioned terms will set you up for a good run in the NFT community.
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