March 1, 2022

Written byJimmy McPherson

NFT Terminologies: A Complete Guide To Metaverse Terms and Phrases

With the digital age approaching faster, you're going to have to know what an NFT is. Read on to be equipped with all the digital future knowledge you'll need.

NFTs have been taking markets by storm, and they’ve also joined the sneaker market. NFTs and the Metaverse are confusing ideas, and we̵7;re here to help. Continue reading to understand everything you need to know and understand about this new digital age.

NFT/Metaverse Terminologies:

NFT: Non-fungible token. This means an asset that is one of a kind and totally unique. NFTs are digital collectibles that cannot be recreated or copied, which is what gives them so much value.

SFT: Semi-fungible token. Digital assets that are produced in mass quantities and are exactly the same. This is a much less used term and you shouldn’t really worry about differentiating the two.

ETH: Ether, a digital currency that is used to both buy and sell digital assets and collectibles on the Ethereum blockchain.

Discord: Discord is probably the biggest Metaverse platform around. Discord plays a huge role in buying and selling assets and a lot of groups are created for people to discuss and chat about NFT projects. Our own Winner’s Circle, a group built for reselling sneakers, takes place on Discord!

FOMO: Fear of missing out. You will hear a lot of people talk about FOMO with the recent surge in digital assets and NFTs. You will definitely have FOMO when everyone’s NFTs are rising in value but yours, but don’t worry, FOMO goes away!

FUD: Fear, uncertainty, doubt. A lot of people will use FUD to describe a digital project that seems sketchy or possibly a total scam. It’s always good to ask questions and do research; you have to be really careful in this space.

Scam: Scams are really easy to find in the NFT world, especially as people have taken the markets by storm. Just like in the sneaker world, scams are always present and you’ve got to be aware.

Mint: Minting an NFT is to buy it at the pre-release date price. People mint NFTs in the hopes that the price will rise and they can resell for a profit. Others mint assets to be the first to receive them and possibly receive extra benefits.

Pumping: Pumping is how you describe a rapid rise in an NFT project that is being advertised by celebrities. A lot of celebrities will use their platform to inflate the price of an NFT, just so they can sell theirs and make a hefty profit. Be very careful when purchasing an NFT that is being advertised by a celebrity.

Floor: The floor represents the lowest price of an asset or the minimum amount that you need to purchase an asset. The floor is very representative of the general public opinion of a project and can be important to understand when deciding to purchase or not.

NFT Twitter: NFT Twitter is a huge community in which millions of people talk about the biggest and most popular projects on the internet. People are constantly putting out information and opinions which are incredibly important when deciding if purchasing a project is a good move for you.

Why Should You Know These?

The possibilities are truly endless. We’ve seen brands and big companies release NFT projects recently and they’re not stopping.

StockX, Cult and Rain, and Gucci are among some of the brands starting to develop in the Metaverse.

One important factor to take note of within this article is security. The reason people are so attracted to this new digital age is the security and trust that is built. The end goal is no more fake sneakers, no more scammers, and just sneakerheads who love sneakers.

This is the future and you are definitely going to want to be a part of it!

Frequently Asked Questions

Author

Jimmy McPherson

Jimmy is the former founder of Midwest Soles, a sneaker and streetwear reselling company. He's a current business student with a continued passion for sneakers and sneaker reselling.