Let’s Learn The Important NFT Terminologies! 

Are you a noob when it comes to talking about cryptocurrencies and NFTs? Well, don’t be ashamed, we have been there too. Whenever you are starting out in a new domain like crypto, you might come across as someone not-so-smart to be able to strike meaningful conversations about a particular topic for instance NFTs or Trading bot like crypto robo. But gathering some information about it can actually help you get a grasp of the basics of cryptocurrency. 

Cryptocurrency

A decentralized, digital, encrypted form of currency is known as a cryptocurrency. There is no central organization that controls and preserves the value of a cryptocurrency, unlike the US dollar or the euro..

 

While you can purchase conventional products and services with cryptocurrency, most investors invest in cryptocurrencies similarly to how they would in traditional assets like stocks or precious metals. Even though cryptocurrencies are a new and interesting asset class, investing in them can be risky because you need to do a considerable amount of research to fully grasp how each system operates. This means that it could become tedious if you evaluate the market trends manually, or you can use AI algorithms like crypto robo to do it for you. 

What Are Non Fungible Tokens(NFT)?

To put it simply, non fungible tokens refers to all digital and physical assets that are different from each other based on their unique features and qualities. NFTs are assets on blockchain that hold great value and are not interchangeable. This means that NFTs can not be exchanged for equivalent amounts like cryptocurrencies. 

Staking

One of the most significant NFT concepts is staking, which refers to the process by which owners of an NFT temporarily “lock up” their collection in order to maximize their return on investment.

 

Similar to the fixed deposits that banks provide, this. Assets are locked in decentralized finance (DeFi) systems in this instance. Rewards are determined by the quantity of NFTs staked and the annual percentage yield (APY), which is essentially the true rate of return on an investment over the course of a year while taking compound interest into account. Holders are able to profit from NFTs using this investing approach without having to sell them.

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PFP

PFP is short for profile photo. Simply said, a PFP token is an NFT token that resembles a profile image. The most notable PFPs are the apes and CryptoPunks of BAYC.

 

CryptoPunk by LarvaLabs was the initial PFP-based NFT project. All CryptoPunks are pixelated identities that their owners may use as their social media profile images. BAYC and MAYC both share this circumstance.

 

It’s interesting that collectors have become obsessed with PFP-type NFTs. On February 13, 2022, CryptoPunk #5822 was sold for 8,000 ETH, which, at the time of sale, was equivalent to almost USD 23.7 million. For a CryptoPunk, it was the highest price ever paid. In fact, CryptoPunks make up four of the top ten most expensive NFT artworks.

Decentraland

A decentralized 3D virtual reality platform called Decentraland has 90,601 land parcels. NFTs, or virtual properties, are available for purchase in Decentraland and can be purchased using the Ethereum-based money MANA. The non-profit Decentraland Foundation is in charge of it, and it first opened to the public in February 2020.

Doge meme

A 2013 Internet meme called Doge gained popularity. The meme often features an image of a Shiba Inu dog with multicolored writing in the foreground that is in Comic Sans typeface. The material is intentionally written in a type of broken English, acting as a kind of internal monologue.

Beeple

An American digital artist, animator, and graphic designer by the name of Michael Joseph Winkelmann goes by the name Beeple. He is renowned for employing a variety of media to produce humorous, fantastical works that make political and social criticism while referencing icons from popular culture.

Enjin

A blockchain-based gaming platform called Enjin focuses on producing player-owned digital goods like “NFTs” (non-fungible tokens). They provide means of producing tokens that may be used in a variety of video games as well as on different computing systems, ranging from PC to mobile. Players can exchange their in-game stuff with other players both within and outside of the game thanks to Enjin NFTs, which give them actual item ownership.