60 must-read terms for the currency community. After reading this, you will have a good understanding of NFT jargon.

Entering the world of currency circles is inseparable from a grasp of industry terminology. This article provides 60 must-know terms, covering basic knowledge, NFT related, market dynamics, community culture and technology fields. Mastering these terms will significantly enhance your communication and understanding abilities in the cryptocurrency community, allowing you to gain an in-depth understanding of NFT topics and seize industry opportunities.

60 terms that the currency community must understand

When entering the currency community, it is important to understand industry terms. Here are 60 must-have terms to help you gain a deeper understanding of the NFT topic.

Basic Terminology

• Blockchain: Distributed ledger technology used to record transactions.
• Cryptocurrency: Digital assets based on blockchain technology.
• Decentralization: The network does not rely on any central organization.
• Non-Fungible Token (NFT): A unique and irreplaceable digital asset.

NFT related terms

• Minting: The process of converting digital assets into NFTs.
• Metadata: The information contained in an NFT about its properties and origin.
• On-chain: Data or assets stored on the blockchain.
• Off-chain: Data or assets stored outside the blockchain.
• Scarcity: NFTs are issued in limited quantities.
• Utility: NFTs can provide practical uses such as access or ownership.

Market Terminology

• Airdrop: A token or NFT distributed for free.
• Staking: Hold inactive cryptocurrency to earn rewards.
• Exchange: A platform to buy and sell cryptocurrencies and NFTs.
• Liquidity: The ease with which NFTs can be bought and sold.
• Floor Price: The lowest NFT price available in a given collection.

Community terminology

• DAO: Decentralized autonomous organization, governed by the community.
• DYOR: Do your own research before investing.
• FOMO: The fear of missing out.
• HODL: Hold cryptocurrencies or NFTs for the long term.
• Whitelist: List of people allowed early access to NFT minting.

Technical terms

• EIP: Ethereum Improvement Proposal.
• ERC-721: The Ethereum standard for creating NFTs.
• Smart Contract: Code that automatically executes an agreement on the blockchain.
• Web3: A new vision of the Internet based on blockchain technology.

Mastering these terms will greatly enhance your interaction and understanding in the cryptocurrency community. By continuing to learn and engage, you can navigate the NFT space and take advantage of its full potential.

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