The term NFT stands for Non-Fungible Token. Fungibility refers to the ability of an item to be replaced by another identical item. To understand what this means exactly, just think about most things you own. Your car, your laptop, your cell phone, etc. Anything you can sell on the Internet from your individual possessions falls under the category of non-exchangeable items, or NFT for short.
You can buy NFTs on any existing NFT marketplace. Most NFTs are sold on the Ethereum blockchain and therefore you need some Ethereum to buy an NFT. First, you should buy Ethereum on any cryptocurrency exchange such as Coinbase, Binance or Kraken and send it to any crypto wallet. Connect your MetaMask wallet to OpenSea or any other NFT marketplace. Once you fund your account, start searching the market!
Usually you buy NFTs on online marketplaces. The most popular platforms are OpenSea, Binance, Rarible or SuperRare. OpenSea is the largest marketplace for digital items, including digital art and other digital assets, traded on the Ethereum blockchain.
Minting refers to the process of publishing a digital artwork or collectible on the blockchain for the first time, making it purchasable or available for purchase.
GAS fees are transaction fees within the Ethereum blockchain. When you perform any form of transaction, such as transferring cryptocurrencies from one cryptocurrencies from one wallet to another or buying an NFT, you will incur transaction fees in the form of GAS fees.
NFT stands for Non-fungible Token. Fungible means that they are mutually interchangeable. NFTs are unique digital items that cannot be replaced by an equivalent. They therefore serve as digital proof of ownership or authenticity.
NFT mining describes the birth of an "NFT" by converting a digital file into a crypto-collection object. A digital object or the file stored on a blockchain cannot be deleted, edited or modified.
A wallet is no different than a virtual wallet where you can store your coins, such as Bitcoin or Ether.
A token is another term for crypto asset or cryptocurrency.
ETH is the abbreviation for Ether. The cryptocurrency that is traded on the Ethereum technology based blockchain.
A blockchain is a distributed, public database. It enables information to be transmitted in a tamper-proof manner using a decentralized database shared by many participants, so that copies are ruled out.
Transactions on the Ethereum Blockchain always incur fees, known as gas fees or network fees.
Discord is an app for messaging, chatting and video calling. It has similar functions to WhatsApp and can even do more. In the field of NFTs, it is the most important communication platform between the creator, the team and the community.
Floor-Price stands for the current lowest price of an NFT of the Collection on an NFT marketplace, e.g. Opensea.
ERC-721 is a token standard that is unique and therefore not interchangeable.
The term cryptocurrency refers to digital assets that also function as a medium of exchange.
Metamask is a crypto wallet that supports all types of Ethereum-based tokens.
The metaverse stands for a collective 3D space/world that combines virtuality and reality.
Ethereum is a decentralized platform based on blockchain technology.
Opensea is one of the most popular NFT marketplaces where buying and selling of NFTs takes place.
A smart contract is a digital contract based on blockchain technology. Here, the terms of the agreement between the buyer and sales are written directly into lines of code. They are self-executing contracts, which means that they come into effect independently upon certain pre-determined events and do not require human supervision.