Those who are new to NFTs may find some unfamiliar words used to discuss the latest 'drop' on social media. If you're just starting your NFT journey, here are the terms you should know to better understand the NFT market.
The various features that distinguish NFTs within a collection. NFT collectors often sort NFTs by attributes to determine their rarity and value. For example, only nine CryptoPunks are aliens – therefore, CryptoPunks with alien traits tend to be more expensive than CryptoPunks with human traits.Taking a real-world, tangible asset and converting it into digital form for trading. Things such as land deeds and physical goods can be tokenized via NFTs.
Short for “We All Gonna Make It," an optimistic term used in the NFT space. Conversely, NGMI is short for “Not Going to Make It” and refers to a pessimistic outlook on an NFT project.Refers to the buying and selling of an NFT between two buyers who are the same or are colluding together in order to manipulate trading data.Refers to clothing or accessories sold as NFTs that can be worn by playable avatars in blockchain-based games.
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