WTF is a NFT?!
If you want to get literal, it’s a Non-Fungible Token. Which helps not at all. Basically, “fungible” means something is transferable. Its value doesn’t change, regardless of who has possession of it. Take dollar bills, for example; these are fungible. They will always be worth one dollar each, whether they’re hanging out in your wallet with the chewed gum you’re saving for later or raining from the sky at Diddy’s White Party. Easy.
“Non-Fungible” means the value is not transferable. For example, roller skates! If we all plunk our skates down in the middle of the rink, they are definitely all skates, BUT the value is different for each pair—every skater customizes their skates’ fit, wheels, trucks, etc., to their tastes and to enhance their performance on the track. So only the real owner of each pair can extract the full benefits and value of their skates.
So. Non-Fungible TOKENS are essentially digital assets: jpegs, music files, videos, QR codes, passcodes, vouchers, artwork, etc. Anything that can be digitized can be an NFT. Imagine if your NFT contained a copy of an ancient curse as well as a digital plane ticket that allowed you to fly to Stonehenge, where your curse’s power would be amplified tenfold. How sweet would that be? Maybe not for your mortal enemies…*rubs hands maniacally*
NFTs are blowing up the art scene, for sure—but also have huge potential for gaming, fashion, music, healthcare, education, and more. NFTs are game changers for just about every hustle there is, and their value is determined by—and unique to—each individual consumer. Now get your sticky mitts off my skates.
HODL HUH? DEGEN WHO? FUD WHAT? CAN I GET A GLOSSARY?
Yes! Look below for a list of acronyms and what they mean. LFG!
A blockchain is a decentralized digital ledger of transactions. Blockchain records information in a way that makes it virtually impossible to hack, change, or cheat. Transaction info is stored in batches called blocks (OK duh) which are then chained together (double duh), forming a chronological, immutable truth-bomb for your data. Pretty damn dope.
A crypto wallet is a digital device or program that allows you to purchase and store crypto currency and/or NFTs. Kinda like your physical wallet that holds your cash, cards, and crucifixes. The most widely used wallet is MetaMask; Coinbase is also popular—both are secure and live on your phone or desktop browser once you download them through the app store on your device. Hardware wallets offer added security by transferring your assets away from your phone/browser/desktop and into the hardware itself. The cost of these hardware wallets (like Ledger NanoS or NanoX) starts at about $60 and, due to the possibility of tampering, should always be purchased directly from the company—NOT Amazon. Not today, Satan.
When you open a crypto wallet, you’ll be assigned a unique digital address. Your address is a super-secret code consisting of a string of letters and numbers that you will use to send and receive crypto virtually. Like an email address for your crypto shenanigans. You can also think of your wallet address sorta like a regular bank account number that you use to send and receive money on the reg. Just way more metal.
If your crypto wallet address is your virtual bank account number, your seed phrase is your account password and/or pin. The seed phrase will be generated by your crypto wallet and is your private key to access your wallet or crypto account. This phrase will typically consist of twelve words in an exact order, and ***We Cannot Stress this Enough*** should NEVER be shared with ANYONE. Seriously. Not even your favorite possessed Victorian doll. Write it down, get a safety deposit box, and put it in there. Store it in several secret, secure places accessible only to you. Because crypto/NFTs live on a decentralized blockchain, there is literally NO WAY, NO HOW, NO HOPE to access this phrase if you lose it. Your crypto? Poof. NFTs? Gone. So be vigilant and protect it the way you do your bank account passwords and pin numbers. Keep. That. Shit. Close.
The term “gas” can be confusing. Basically, it’s a transaction fee paid to the human (also called a miner) who records your crypto/NFT transaction on the blockchain. Gas fees can fluctuate—surging and dipping in response to demand (because capitalism) and reflect what consumers are willing to pay to have their info entered onto the blockchain. Since it’s crucial that blockchains remain on decentralized networks, your transaction information must be verified and recorded by the miners who enter it. And yes, this whole bloody enterprise still requires the occasional use of humans to do our bidding. Lame.
In the simplest terms, a miner is one of the humans who processes, records, and enters your crypto transactions onto the blockchain. Miners do their thing on the peer-to-peer networks that make up blockchains by confirming crypto transactions, and they play a critical role in the maintenance of blockchains’ digital ledgers. The mining itself is done by a sophisticated piece of hardware whose job it is (along with the miner) to solve complex, brain-melting math problems; miners compete each other to find out which nerd can solve the problem first. That nerd is then rewarded with crypto tokens for their mad problem-solving skills; miners also earn crypto coin for completing blocks of transaction data that are added to the chain. Miners are essentially tax auditors with much cooler jobs—they keep the blockchains legit and prevent evil-doers from double-dipping in the crypto guac. Got it? Good.
Actually means it’s probably important
A scam project. When the founders/team abandon the project and run away with all the funds
“Good Morning” and “Good Night”