Which NFT abbreviations should I be familiar with as a cryptocurrency investor?

1 answers

• Dec 27, 2021 · 3 years ago
  As a cryptocurrency investor, it's important to understand the various abbreviations associated with NFTs. Here are a few that you should be familiar with: 1. ERC-721: This is the Ethereum Request for Comments standard that defines the basic functionality of NFTs on the Ethereum blockchain. 2. IPFS: The InterPlanetary File System is a decentralized protocol used to store and retrieve NFT-related media files. 3. DAO: Decentralized Autonomous Organization. Some NFT projects are governed by DAOs, which allow token holders to participate in decision-making processes. 4. GAS: Gas refers to the computational effort required to execute transactions on the Ethereum network. When buying or selling NFTs, you'll need to pay gas fees. 5. PFP: Profile Picture. PFP NFTs are digital assets that can be used as unique profile pictures on social media platforms. 6. Rarible: Rarible is a decentralized marketplace for NFTs, where users can create, buy, and sell digital assets. 7. OpenSea: OpenSea is one of the largest NFT marketplaces, offering a wide range of NFTs for sale. By familiarizing yourself with these abbreviations, you'll be better equipped to navigate the world of NFTs as a cryptocurrency investor.
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