What’s a ‘Rug Pull’? Here’s Kenny Schachter’s Handy Glossary of NFT Terms for Newbie Crypto-Art Converts – artnet News

What’s a ‘Rug Pull’? Here’s Kenny Schachter’s Handy Glossary of NFT Terms for Newbie Crypto-Art Converts – artnet News

For all you luddites (including me, only a few months ago) who are new to the world of crypto art, here is a partial glossary of NFT terms—one that will undoubted need updating before this is even posted.

Terms

Dry powder = cash

Alpha = new information

A3 = highest res

ETH “plumbing” = the application standards for Ethereum that include token standards, name registries, library/package formats. Two such standards are ERC (Ethereum Request for Comments) and EIP (Ethereum Improvement Proposals)

ERC 20, ERC 21 = standards for NFT smart contracts

IPFS = the InterPlanetary File System, a peer-to-peer computer network for storing and sharing data in a distributed record-keeping system

Breadcrumbs = a digital trail on the blockchain reflecting the history of transactions

ENS = the ETH Name Service, which allows you to name your wallet address something other than a seemingly endless string of numbers and letters

Maker DAO Project = an ETH linked to a CDP (Collateralized Debt Position), which is a stable coin pegged to one US dollar, utilized to hedge your crypto

Metaverse = Why not just go the full digital and never leave your house? You can move to the metaverse, where just like in the “real” world you can buy property and construct buildings all using crypto money in the form of NFTs. Like in New York City, it’s all about location, location, location, where you want to be the best-situated and build a Larry G.-scale gallery (though that will set you back beaucoup bucks)

Hash = in mining crypto miners compete against each other to solve complex mathematical problems

Hashmasks =
Source…