Ellen Britt

202 Posts
Jan
14
2022
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By Ellen Britt
NFT Glossary Deep Dive: Drop

NFT Glossary Deep Dive: Drop

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Ellen Britt for CNT #NFT You’ve probably heard the word “drop” used when a musical artist is about to release a new song. Or a new, limited edition of the latest big-name sneakers are about to hit the market. That’s a drop too. Well, the same thing applies in the NFT world, when a new NFT is about to be released to the public. Only this time, the drop is digital. Most NFT drops don’t just come out of the blue but are announced in advance so that as many people as possible will have a fair share at nabbing them. But there are many…
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Jan
13
2022
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By Ellen Britt
NFT Glossary Deep Dive: Fractional NFT

NFT Glossary Deep Dive: Fractional NFT

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Ellen Britt for CNT #NFTAs you might guess, a fractional NFT means that NFT is owned by a group of people, instead of an individual.  So what is the purpose behind this? Why would you want to own a fraction of an NFT? Fractionalization Democratizes NFT Ownership One of the reasons fractionalization, as it is called, is so attractive to some buyers, is that they can own a piece of a very valuable NFT for a low price.  Also, because so many people are participating in these transactions, fractionalization increases the liquidity of these high-value NFTs. That's A Glossary Wrap This closes out our NFT Glossary series.…
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Jan
12
2022
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By Ellen Britt
NFT Glossary Deep Dive: Open Edition

NFT Glossary Deep Dive: Open Edition

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Ellen Britt for CNT #NFT One of the things about many NFT collections that adds to their value is that they are limited in terms of the number that can be minted. But sometimes NFTs may be marked as an Open Edition, where the creator of the NFT does not limit the quantity.  At first glance, you would think this would bring automatically bring down the value of the NFT, but many NFT creators who choose to go with an Open Edition model will place other restrictions on the NFT. For example, a particular NFT collection may have a limited time…
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Jan
11
2022
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By Ellen Britt
NFT Glossary Deep Dive: PFP

NFT Glossary Deep Dive: PFP

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Ellen Britt for CNT #NFT PFP is an acronym that stands for profile picture, ever so slightly modified so it doesn’t sound…er…dodgy! Some examples of PFP NFTs are the popular CryptoPunks as well as the Bored Ape Yacht Club. Since your profile picture is the first thing you upload when you are completing your profile on any social media channel, having a PFP NFT is a way to make your account stand out, as this picture represents you. So you definitely do NOT want to leave your profile picture blank! PFPs Are Your Signal To The World If you have a…
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Jan
10
2022
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By Ellen Britt
NFT Glossary Deep Dive: Generative Art

NFT Glossary Deep Dive: Generative Art

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Ellen Britt for CNT #NFT We’ve been discussing a lot of different NFT terms in this Glossary Deep Dive. Today we are going to go into the various types of NFTs. One of these types of NFTs is known as generative art. Generative art is art, that is generated by a computer algorithm or even artificial intelligence. The art itself is usually generated at the time of minting. Yes, you could create an NFT with an actual physical piece of art, such as a painting, but generative art is created by a computer. A Random Walk In The Park Generative art…
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Jan
09
2022
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By Ellen Britt
NFT Glossary Deep Dive: Sweep The Floor

NFT Glossary Deep Dive: Sweep The Floor

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Ellen Britt for CNT #NFT Even if you hate to clean your house and dread sweeping the floor, you will definitely want to know how buyers and sellers use this broom to their advantage! Sweeping the floor means to purchase, in the secondary market, a large number of the lowest priced NFTs in a collection. And if you are confused about the term “floor” you can find a more in-depth discussion of the term right here. The Two Types Of Floor Sweepers There are two types of people who routinely sweep the floor: project owners and buyers. When project owners…
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Jan
08
2022
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By Ellen Britt
NFT Glossary Deep Dive: Floor

NFT Glossary Deep Dive: Floor

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Ellen Britt for CNT #NFT When you see the term “floor” as in the floor price of a collection, it means this is the lowest price for which you can purchase an NFT from that collection on the secondary market. A price floor is actually a term that was borrowed from the commodities market. In that case, a price floor is referring to the price controls that are set by various groups or governments to establish the minimum amount a seller can charge for a commodity, good, or service. Floor prices are set up to discourage a race to the…
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Jan
07
2022
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By Ellen Britt
NFT Glossary Deep Dive: Gas Wars

NFT Glossary Deep Dive: Gas Wars

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Ellen Britt for CNT #NFT Gas wars is the term given to the skirmishes that happen when too many people try to mint the same project all at once within a small time window.  Of course, the validators prioritize people who pay more for gas, which naturally leads to a bidding war. Prices are then driven ever higher as people try to get ahead of the line. Whales Have The Advantage The average person gets priced out of the action fairly quickly as gas prices rise higher and higher, but whales (meaning those with deep pockets) will not be affected…
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Jan
06
2022
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By Ellen Britt
NFT Glossary Deep Dive: Gwei

NFT Glossary Deep Dive: Gwei

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Ellen Britt for CNT #NFT We recently took a look at gas and gas fees and what those mean for both NFT creators and buyers. One of the terms we mentioned was gwei, the smallest base unit of Ether. Let’s explore gwei a bit more deeply. The Ethereum platform’s native currency is ether (ETH) but gas prices will often be expressed in Gwei. Each Gwei is equal to 0.000000001 ETH (10-9 ETH). This makes it easier for both buyers and sellers to talk about price. If your gas costs 1 Gwei, that’s a lot easier than saying or writing out…
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Jan
05
2022
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By Ellen Britt
NFT Glossary Deep Dive: Gas / Gas Fees

NFT Glossary Deep Dive: Gas / Gas Fees

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Ellen Britt for CNT #NFT Just like you pay for gas to fuel your car, you will need to pay for gas in terms of a gas fee to run the blockchain. These fees, which are required in order to process your transactions on the blockchain, pay for the energy required to complete those transactions. One of the differences between the Ethereum platform, which powers the NFT space, and other cryptocurrencies such as Bitcoin, is that the gas fees are used by miners to process transactions. The currency used by the Ethereum platform is ether (ETH) but the gas prices…
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