Basic Art NFT Terminology
Here are some basic terms to know in order to understand the NFT community in general.
NFT — NFT stands for non-fungible token. In this doc, it refers to a media file (like a .png or .mp4) that is a part of a cryptocurrency blockchain. Non-fungible means that you can’t automatically trade 1 NFT for a different NFT because they may have totally different values.
Minting — this is a bit of an oversimplification, but basically, minting is the process of uploading media files and turning them into blockchain tokens.
Wallet — a wallet is a place to store your crypto and NFTs.
Master Edition — your master edition is the original mint of your NFT and a wholly unique piece that you can choose to make prints of or sell as-is.
Prints — prints function in concept the exact same way they function in the traditional art world. A creator can make a set of digital prints, each one a unique NFT like how each physical print would be a unique physical object.
Galleries — much like prints, galleries are roughly equivalent to their traditional-art counterpart, only digital. Galleries are typically interactive sites where users can go to view NFT collections and possibly participate in auctions.
Community Terms / Jargon
Rug — a rug or rugpull is a scam or cash-grab (similarly, to be rugged means to be scammed or taken advantage of by a shady NFT project). We’ll talk about how to spot rug projects later on.
Floor Price — floor prices are the lowest offer available for an NFT, rather than the average price. For example, if on average an NFT is worth 10 SOL on average and has 100 offers, but the lowest offer available is 8 SOL, then the floor price is 8 SOL rather than 10.
gm — stands for “good morning”! A common greeting in SOL spaces to let people know you’re online and engaging! Similarly, gn is “goodnight”!