NFT Terminology

Solana - Solana is a public, open-source blockchain that supports smart contracts , including non-fungible tokens (NFTs) and a variety of decentralized applications (dApps).

NFT Marketplace - Where you can sell your nft’s or buy nft’s and trade NFT’s.

Mint / Minting - When a user is about to purchase an NFT image from a collection on either an NFT Marketplace or a private website which generates them a random Image from the collection.

Launch - When an NFT Collection is about to Launch .

Secondary Markets - i.e Magiceden, Digitaleyes, Solanart. Where NFT images are being resold after the Mint Phase. This is where you make money and profit from flipping or trading.

Wallet - This is where your tokens live while they’re not in use. Think of it like a house that you store all your digital collectibles in until you want to sell them or send them somewhere else. A wallet could be a cold storage wallet, but also any place where you can send and receive items from using something like Phantom Wallet.

Rarities - Items with different rarities get assigned with a certain number on the Solana Network. They’ll have unique IDs and metadata and get labeled as “Legendary” or “Mythic.”

NFT - Stands for Non-Fungible Token. It’s a unique, one-of-a-kind digital asset that’s stored on a blockchain. No other token or cryptocurrency can replace it.

FIAT - This is the name for currencies like USD, Euro, and GBP.

GAS - An amount required to perform cryptocurrency transactions on the blockchain.