Overview
Last updated
Last updated
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ADA(₳) is the native cryptocurrency of the Cardano blockchain platform that was launched in 2017 by Charles Hoskinson, co-founder of the Ethereum network.
Arguably the most well-known cryptocurrency, Bitcoin is a digital currency that is decentralized. This means that it can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries such as a central bank.
Cardano is an open-source, public blockchain platform with consensus achieved using proof of stake. It can facilitate peer-to-peer transactions with its internal cryptocurrency, Ada (₳).
The floor price is the lowest entry price listed for an NFT project.
Gas fees are the fees that most NFT marketplaces charge when conducting a sale. The gas fees on the Cardano blockchain are 0.17 ADA, but may fluctuate depending on market supply and demand.
Hold On for Dear Life. The volatility of the crypto market has made this one of the most often-used expressions in the space.
Short for “Interplanetary File System”, IPFS is a peer-to-peer (P2P) storage network that can store files, kind of like Google Drive, but decentralized and more secure. In the NFT space, IPFS uses content-addressing to identify unique files in a global network by linking the NFTs metadata, or description of the art, to the place where the artwork is stored.
KYC or “Know Your Customer” is usually an identifying procedure which places like centralized exchanges require new users to submit their personal information to comply with regulations.
Much like the caption card that accompanies traditional art pieces, the metadata of an NFT describes the details of the work such as the name of the piece, who the artist is, what number of the collection it is as well as what traits or attributes the artwork contains.
The policy ID is the unique identifier that links a collection of art to the artist, proving ownership of the artwork, and is usually made publicly available for buyers to verify a project’s authenticity so anyone can differentiate replicate NFTs from the original work.
'Too Long, Didn't Read.' Most of us have short attention spans in this info-overload era. We don't have time to read lengthy reports or research papers on a particular crypto or NFT project, especially when they just slow us down from minting more NFTs!
'We are all going to make it.' When NFT traders are convinced that a project has what it takes to make them rich, WAGMI becomes the oft-repeated expression on crypto Twitter and Discord.
“Burning” an undesirable NFT simply means to remove it from circulation by sending it to a black hole address (a digital wallet that is owned by nobody) which destroys the token. Why burn when you can earn?
If you wish to buy cryptocurrency with fiat money (dollars, euros, pounds), then . Unlike decentralized exchanges, these exchanges are regulated and coordinate cryptocurrency trading on a large scale much like a traditional stock trading platform.
is a physical device that looks like a USB drive that stores your crypto assets like cryptocurrency and NFTs offline, making it safer and more secure than storing on an online hot wallet — just don’t lose it or you can say goodbye to your portfolio.
Decentralized exchanges (DEX) allow for peer-to-peer (P2P) transactions rather than going through a centralized or third-party platform that is run by an intermediate.
A group-chatting platform similar to Slack (for all the white-collar workers out there) with channels that the crypto community has adopted for NFT project launches and daily updates on the project.
Drop calendar sites help artists list their upcoming NFT projects and promote the musing featured ads to build hype and hopefully lead to more sales.
A hot wallet is a digital currency wallet that can be accessed online using the internet. Like cold wallets, users can store cryptocurrency and NFTs using their digital wallets, but hot wallets are more vulnerable to online attacks and potential loss of funds.
Similar to the way that metal coins are minted and added into circulation, NFTs are also tokens that get “minted” once they are created. .
A non-fungible token or “NFT” is a unique and non-interchangeable unit of data that is stored on a digital ledger or blockchain. NFTs come in the form of digital files such as photos, videos, and music or audio tracks. Thanks to the transparency of the underlying technology used to store NFTs, NFT owners are able to prove ownership of their assets with a policy ID, even if others try to copy and replicate the original work. Want to learn everything there is to launching your own NFT collection on Cardano?
An NFT project is a collection of art that is minted on the blockchain to ensure the uniqueness and ownership of the artwork which is then listed and sold on marketplaces. Many NFT projects go beyond simply creating digital art and use the created assets in games for users to showcase or use in virtual reality, or to provide real-world utility by offering NFT owners discounts for merchandise or access to exclusive parties or events.
Proof of Stake (PoS) is a mechanism used to verify crypto transactions on the blockchain and is utilized by Cardano. By holding onto or staking one’s ADA as collateral for a certain period of time in a stake pool to help approve transactions, users are rewarded with more ADA. Like 'mining,' this process also requires some computing power and electricity usage, but it is deemed more eco-friendly, faster, and safer than Proof of Work verification.
Rarities refer to the scarcity of specific traits or attributes of digital artwork, collectibles and in-game NFTs. Rarity can also refer to a limited edition or supply of a specific collection, making the asset more sought after and valuable.
The rating system used for compensating recycled NFTs: 0 - STGNOC: These include fakes, copies, and mass-produced NFTs. Any collection with more than around 20,000 items is likely to be in this category. 1 - SPAFN: NFTs with pretty-much zero artistic merit as well as airdrops from worthless projects. 5 - VABSAF: These are not complete eyesores, but there is nothing special about them. 10 - ACTTHR: Every so often, great NFTs end up in the recycling depot. These are them.
Royalties refer to the money an NFT creator can earn through the resale of the artwork. When the collection and policy ID are created, a royalty percentage can be set so that the original artist can receive consistent commissions when they list their work across different marketplaces.
When a team behind a seemingly legitimate project absconds with all the money raised immediately after an NFT collection launch, this is known as a 'rugpull.' Investors may still receive an NFT, but the asset will likely be worthless as there will be no future development of the project. Are you a victim of a rugpull?
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Once an NFT is minted, it can be sold or purchased on a secondary market.
Staking refers to the process of locking up tokens in a wallet and staking or delegating those tokens to a stake pool for a certain amount of time. This is used in Proof of Stake blockchains like Cardano where users stake their ADA to verify transactions and get rewarded every 5 days or per Epoch. The more tokens one stakes to a pool, the more rewards one is eligible to claim as it is based on a pro-rata share of the entire amount of tokens staked.
The traits or attributes of an NFT are the unique properties of that NFT in its greater collection. These may come in the form of different backgrounds, colors, or items included in each NFT which also makes certain pieces in the collection rarer.
