While exploring this very exciting NFT space, I noticed that there are many new words to learn, and without them, you won’t get very far.
It can be confusing and overwhelming to see terms like KYC, HODL, and others.
However, those terms are the foundation for digital communication and simply belong in this world.
In this upcoming blog series on my website, I’ll explain what each word means and what you can do with it in simple terms.
Every blog contains an explanation, useful links, and a YouTube link for more information.
Short, sweet, and straightforward!
You can always have one place to go to learn everything you need to know when you first start, just like I do now, to truly understand what every word means!
From A-Z, NFT Lingo explained!
What Is an NFT?
Let’s see what Wikipedia says:
A non-fungible token (NFT) is a unique digital identifier that cannot be copied, substituted, or subdivided, that is recorded in a blockchain, and that is used to certify authenticity and ownership. The ownership of an NFT is recorded in the blockchain and can be transferred by the owner, allowing NFTs to be sold and traded. NFTs can be created by anybody, and require few or no coding skills to create. NFTs typically contain references to digital files such as photos, videos, and audio. Because NFTs are uniquely identifiable assets, they differ from cryptocurrencies, which are fungible.
So, in simple terms:
It is basically a token or collectible, such as a JPEG or a ticket, as shown in the examples below.
My personal views on NFTs:
A NFT is a ticket for an artist or entrepreneur to get more publicity and be more creative in their promotion and marketing,
to make a lot more sales than before!
It is a wonderful discovery for all of the artists I know who are active in the NFT community to discover that they can connect with insanely talented artists from all over the world!
That is such an honor!!
Many people make friends, and the communities within the NFT space begin to feel like a digital family.
You will soon realize that all NFT artists are not only extremely talented, but also open-minded and eager to learn more about the fast-paced world we live in, that they are innovative, and that they have a warm, soft spirit.
It goes far beyond the stereotype that NFTs are scams or pictures of monkeys (Bored Apes Yacht Club).
That you can steal NFTs by “right clicking and saving.”
When you dip your toes into the NFT galaxy, you will quickly discover that it is a vast, complicated technical world that is expanding by the day.
From learning your new lingo to determining the best market platform to sell on, there is a steep learning curve.
To establish your digital security and locate your tribe.
You will be invited to entertaining metaverse parties in Decentraland, Spatial, and a plethora of Twitter Spaces.
Every day, you will be exposed to inspiring arts that will make your jaw drop.
You enter exciting giveaways, and when you buy an NFT it makes you feel like you’re part of a digital family and, most of the time, comes with a fun utility.
How can I possibly explain this in a single sentence to someone?
You must feel, experience, and fully comprehend what it is like to own and make NFTs.
Examples of NFT usage
- Digital Art, from:
3D artists like Kris and Milagrose,
to abstract art from DortheJOC,
AI art with Cryptox
to digital sketches like Yola who combines pencil art with digital art.
- Physical Art (bundled with a digital art piece), take a look at Tat rosso selling digital art and raffles her psychical pieces among collectors.
- Digital photographs, like mine, Lauren McDonagh and Akiimoo
- Collectibles like
celebrity merchandise. Adidas “Into the metaverse” is an example like that.
Or Digicaps where you can collect digital caps!
- Generated art pieces like Bored Apes Yacht Club or RedLions
- History pieces like memes, history pieces being sold and more. CNN already did it.
- Entry tickets to:
The most famous example is of course Bored Apes Yacht Club
- Music songs,
support of local artists.
I know multiple DJ’s like Stoney Eye, DJTrax, Mr.SWE and
an upcoming music artist Herheroism.
- In game items with true ownership. See this incredible game already doing so called Age of Rust and the first NFT game ever, Axie Inifity.
- Support to charities via NFT profits.
An example is SuperSexy.NFT supporting local orphans
- Education platforms. Tokyo launched a way to learn Japanese or teaches children via this platform.
- Short films/movies tickets, like Mila and Ashton did.
I see in the near future this growing to insurances, buying a house, a certificate of birth/wedding/death/an important personal date/event.
How does this translate to Crypto and the NFT world?
In my opinion, the possibilities are limitless.
We can be very creative when it comes to promoting and selling NFTs.
For the time being, you can buy, make, and sell an NFT.
It will primarily be promoted on Twitter and sold on marketplaces such as OpenSea or Rarible, Voice, Foundation, and many other NFT platforms.
I read daily news articles about large corporations testing marketing strategies, purchasing plots of land in metaverses, and seeing what works.
This is more prevalent in Telegram channels and on Twitter than in mainstream news.
This way, it appears that there is now a low in the NFT space (December 2022), but I see the hype gradually building up.
I’m hoping to see them become more mainstream in the near future.Because it is still early, purchasing them is currently difficult.
This, I believe, will improve in the future.
Like building websites, editing videos and pictures is simple and accessible to almost anyone.
But it was a steep learning curve back then, and few people could handle it.
I believe the same will happen with NFTs.
I hope you enjoyed this fun NFT Lingo blog, I really had tons of fun creating this one. It is strange that I haven’t wrote the NFT one sooner, it is basically what I do!
But I noticed many have trouble explaining their non web3 friends or family, what a nft exactly is. Or why many people see it as a scam is beyond me. In each branch there are scammers, but in this field, there are more hardworking, entrepreneurial humans I am blessed to come across.
Stick around for many more NFT Lingo or read one of my beginner guides! For example, I already did a beginners guide to Twitter Spaces, web3, Twitter itself and Decentraland.