The Niftyist Blog
Notes from the web3 frontier
Category: The Nifty Dictionary
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DEFINITION Diamond hands is a term for someone who plans to hold onto an NFT long-term, with no concern about market conditions in the short term. The opposite of paper hands. EXAMPLE “I don’t mind that the floor price for this collection has gone down recently. I’ve got diamond hands, baby! My NFT will be…
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DEFINITION Paper hands is a derogatory term for someone who quickly sells an NFT, or sells in a panic when market prices drop. The opposite of diamond hands. Consequently, to paper hand an NFT means to sell it for a small profit, a wash, or a loss. CONTEXT A person is said to have paper…
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DEFINITION A 1/1, 1 of 1, or one of one, is an NFT that has been issued as a single, unique edition. One of ones are seen as more scarce and therefore more valuable, because only one person can own them at a time. CONTEXT When an NFT is minted, the creator can choose to…
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DEFINITION In the world of NFT art, an open edition is an NFT for which any number of editions can be minted. This contrasts with a limited edition NFT: one that is limited to a predefined number of editions. CONTEXT Open editions are generally seen as less rare or prestigious than limited editions, since they…
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Dropping is a slang term that means to debut or to become available for purchase. A drop is the release of one or more NFTs for purchase at a particular time and place. The phrase drop implies that there will be strong demand for the release – therefore, it’s often used by in marketing or…
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On the Ethereum network, gas is a fee that must be paid to the network in order to make a transaction. Gas is paid directly to miners to compensate them for their computational effort used to run the network. It’s called “gas” because of the easy analogy to driving: to go anywhere in a car,…
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DEFINITION Minting means creating a new NFT. Recall that NFT stands for non-fungible token. Just as a metal coin must be minted in the real world, a non-fungible token must be minted digitally. The token is minted on a blockchain such as Ethereum, a public database where it can be stored, traced, and traded. To…
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DEFINITION NFT stands for Non-Fungible Token, which is crypto jargon for a unique digital item. Non-fungible simply means that two items are not exactly interchangable, the way that two tickets to the same concert may not be interchangable (perhaps one ticket is for the front row and one is for the nosebleed section) even though…
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