NFT & Crypto Knowledgebase

NFT

Non Fungible Token

Did anyone use the word "Fungible" before 2020?

Fungible means something is transferable. It has equal value no matter who is in possession or it.

For example, if there are 2 x one dollar bills, these are fungible. The value is the same regardless of who is holding it.

Non Fungible means the value is not transferable. For example, cell phones! If we all put our cell phones on the table, they are in all fact phones, BUT the value is different for each and only the real owner can extract the full benefits and value of their own phone.

Cell phones are non-fungible tangible examples. Non Fungible TOKENS are digital assets like jpegs, music files, videos, QR codes, passcodes and more. Anything that can be digitzed can be an NFT. Imagine if your NFT contained a jpeg of rare art as well as a confirmation code to a plane ticket that allowed you to fly to Paris to view the unveiling of the original art. So cool!

NFTs have many uses and utilities in art, gaming, fashion, healthcare, education and more. NFTs are game changing for every industry and drive real world benefits to consumers, investors and creators.

Wallet

Digital wallets: Metamask, Coinbase Wallet, Ledger, Rainbow, Trust Wallet

To purchase NFTs you will need to send crypto from your crypto exchange account to a crypto wallet like Metamask. You can use your wallet to make NFT purchases. This is also where your NFTs will be stored after you buy them.

When you open your wallet, you will receive a 12 word seed phrase. NEVER reveal this phrase to anyone. This is private for you to record, keep and hide somewhere so that you have access to it, but no one else does. If you lose your seed phrase you will not be able to get back into your wallet.

If you share your seed phrase, other people will have full access to your wallet and can take your funds and NFTs.

Please note, your wallet should never email you. If you get an email from Metamask or any others, it is a phishing scam. Do not click the link or enter your seed phrase. Delete it immediately.

Metamask and Coinbase Wallet are the two most common and are secure. These live on your phone and you download it from the app store.

Ledger is a hardware wallet that you can purchase (only purchase from Ledger, not a reseller) and your assets will be transferred to this hardware instead of living on your phone.

Stay safe out there!

How to open a crypto wallet (Coinbase)

Intro to secret recovery phrases (MetaMask)

Crypto

Crypto is short for crypto currency.

There are many types of crypto currency, the two most common are Bitcoin and Ethereum: BTC or ETH.

You will need crypto currency if you want to buy NFTs.

ETH

"I need more ETH!"

ETH is short for the cryptocurrency Ethereum which is what you need to purchase NFTs on several NFT marketplaces like Opensea.

You can trade your USD or local currency from your online bank account for ETH on crypto exchanges like Coinbase.com or Crypto.com.

Gas

"Gas prices are changing"

NFTs are built on blockchain. Blockchain is managed by a decentralized network of computers, run by people. Those people work together to verify information to put on the blockchain. Gas fees are the prices consumers pay to put information on the blockchain.

Gas prices are variable, they surge when there is high demand and they are reduced when demand is low.

For example, consumers pay gas fees when they want to purchase and sell NFTs. That's because those actions require people in the decentralized network to verify those transactions and record them on blockchain. They charge a gas fee to make that happen.

POAP

Proof of Attendance Protocol

Think of POAPs like an NFT that gives you bragging rights to show you were at a sold out concert or a cool festival. POAPs in your crypto wallet show you are part of an exclusive community.

POAPs can be used across events, travel and more. It proves the owner of the POAP was in attendance of an experience or event.

PFP

Welcome to your new profile picture!

Notable PFP examples include World of Women, Cryptopunks and Bored Apes. There can be any number of PFP NFTs in a collection, it common to see 10,000 or 8,888 NFTs.

Each PFP NFT in the collection is unique and contains different combinations of features: some features are more rare than others. As a general rule, the NFTs with the most rare features, are the most valuable in that PFP collection.

NFT collectors use PFP NFTs for their social media profile pictures. This is part of building your digital identity.

Floor Price

"The floor price is spiking!"

Floor price describes the lowest price you can purchase an NFT for in a collection.

For example, when there are announcements about an NFT the floor price usually goes up as owners increase the price they are willing to sell their NFTs for and the value of the overall NFT collection goes up. Similarly, the floor price can go down if there is negative news or low activity for a collection.

HODL

"I not going to sell my ETH, I'm going to HODL."

HODL: A term used to to say you are "holding" on your crypto currency or NFT trades. It was originally a misspelling that has caught on and is used widely for HOLD.

WAGMI

"We All Gonna Make It"

A term used in Web3 to signal comradery. It's a hashtag that signals you support an all-inclusive community who will collaborate, support one another and thrive in NFTs, Crypto and Blockchain.

#WAGMI

DYOR

"Do Your Own Research"

Everyone has different objectives when it comes to investing and creating in Web3. Find the resources you trust and figure out the best plan that works for you. DYOR

LFG

"Let's F*cking Go!"

Use among NFT and crypto communities in social media and chat across Discord and other platforms, LFG signals excitement and support for a collection or a person. You can also use it as a hashtag #LFG