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NFT Terminology: 40+ Terms You Should Know in 2023



You might be wondering What’s the meaning of GM, Airdrop, NGMI and LFG? If you have spent a considerable quantum of time in the Web3 and NFT space, you’re veritably likely to have come across this language. But seriously, what do these NFT terms indeed mean? If you’re planning to enter the vast Web3 world, knowing the popular NFT language is a must-have. For a newbie, it may sound alien or inviting without an NFT companion to words and language. 

But rest assured with our NFT wordbook, we’ve made effects much easier for you. In this companion, we’ve curated a list of the most common NFT terms and shoptalk you must know in 2022. 

  1. Non-fungible token (NFT): A non-fungible token (NFT) is a type of digital asset that is unique and indivisible. Unlike cryptocurrencies like Bitcoin, which are interchangeable and can be divided into smaller units, NFTs are one-of-a-kind and cannot be replicated or divided. NFTs are often used to represent digital art, collectibles, and other types of digital assets that are unique and valuable.
  2. Fungibility: Fungibility refers to the property of a good or asset that can be easily exchanged or substituted for another good or asset of the same type. For example, currencies like the US dollar are considered to be fungible because one dollar is interchangeable with another dollar. In contrast, NFTs are non-fungible because they are unique and cannot be exchanged or substituted for another NFT.
  3. Ethereum: Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference. These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property.
  4. Cryptocurrency: a digital or virtual currency that uses cryptography for security and is decentralized, meaning that it is not controlled by any government or financial institution. Bitcoin is the most well-known cryptocurrency, but there are many others, including Ethereum, which is used as the underlying platform for NFTs.
  5. Blockchain: a decentralized, distributed ledger technology that is used to record and verify transactions on a network. A blockchain is a secure and transparent way to track and manage digital assets, and is used as the underlying technology for NFTs and other cryptocurrencies.
  6. Smart contract – a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code
  7. Digital art – artwork that is created using digital technologies and is often displayed or distributed in a digital format
  8. Collectible – a rare or unique item that is sought after by collectors
  9. Digital asset – a file or piece of data that has value and can be traded or sold digitally
  10. Tokenization – the process of converting real-world assets into digital tokens that can be traded on a blockchain platform.
  11. NFT marketplace – a platform or website where NFTs can be bought and sold
  12. NFT wallet – a digital wallet that stores NFTs and allows users to manage and trade them
  13. NFT creator – an individual or group who creates and mints NFTs
  14. NFT investor – someone who buys and holds NFTs as a form of investment
  15. NFT celebrity – a well-known individual who has endorsed or created NFTs
  16. NFT project – a collaborative effort to create and distribute a specific set of NFTs
  17. NFT community – a group of individuals who are interested in NFTs and actively engage with the NFT ecosystem
  18. NFT airdrop – a distribution of NFTs to a large number of users for free or at a discounted price
  19. NFT staking – the process of holding a certain amount of NFTs in a wallet in order to earn rewards or interest
  20. NFT farming – the process of using computational power to mint or produce new NFTs, often in exchange for a reward.
  21. NFT mining – the process of using computational power to mint or produce new NFTs, often in exchange for a reward (Note: this term is often used incorrectly, as most NFTs cannot be mined in the same way that cryptocurrencies like Bitcoin can be mined)
  22. NFT minting – the process of creating new NFTs and adding them to the blockchain
  23. NFT liquidity – the ability of an NFT to be easily bought and sold on a marketplace or exchange
  24. NFT interoperability – the ability of NFTs to be used and traded across different blockchain platforms and protocols
  25. NFT standards – a set of rules and guidelines that define how NFTs should be created, managed, and traded
  26. NFT taxonomy – a system or classification of NFTs based on their properties, characteristics, and use cases
  27. NFT ownership – the right to control and use an NFT
  28. NFT scarcity – the limited availability of an NFT, which can affect its value and desirability
  29. NFT provenance – the history and origin of an NFT, including its previous owners and transactions
  30. NFT authenticity – the verifiability and trustworthiness of an NFT, including its origin, ownership, and scarcity.
  31. NFT rarity – the relative scarcity of an NFT, which can affect its value and desirability
  32. NFT rarity score – a numerical rating or measure of an NFT’s rarity, which is often determined by algorithms or market data
  33. NFT liquidity pool – a pool of funds or assets that are used to provide liquidity to a marketplace or exchange, allowing users to easily buy and sell NFTs
  34. NFT auction – a public sale of an NFT where buyers bid on the item, with the highest bidder winning the auction
  35. NFT sale – a transaction in which an NFT is bought and sold for a specific price
  36. NFT transaction – a transfer of ownership or control of an NFT from one party to another
  37. NFT transfer – the process of sending an NFT from one wallet to another
  38. NFT wallet address – a unique identifier that is used to send and receive NFTs on the blockchain
  39. NFT collectible game – a game that involves collecting and trading NFTs as part of the gameplay
  40. NFT digital art museum – a virtual museum that showcases NFT-based digital art.

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What is Baby AGI: A Comprehensive Guide For Beginners




Artificial Intelligence (AI), an omnipresent force subtly weaving through the fabric of modern life, has ushered in a new era of innovation and automation. From virtual assistants like Siri and Alexa to the sophisticated recommendation engines driving platforms like Netflix and Amazon, AI’s impact is unmistakable. A groundbreaking stride in AI’s evolution is the emergence of Baby Artificial General Intelligence (AGI), an advancement poised to reshape our existence by automating a diverse spectrum of tasks. This article delves into the essence of Baby AGI, its mechanics, and the boundless vistas it opens for application.

Introducing Baby AGI: Pioneering Autonomy and Efficiency

Laying the foundation for an era of self-sustaining AI, Baby AGI is a groundbreaking autonomous agent meticulously crafted using the Python programming language in tandem with the OpenAI and Pinecone APIs. This innovative entity possesses the prowess to independently initiate and execute tasks, effectively revolutionizing workflow dynamics. Much akin to its human counterparts, Baby AGI demonstrates the capacity to learn, comprehend, and execute tasks spanning a myriad of domains, distinguishing itself from the narrower confines of specialized AI.

Exploring Baby AGI’s Boundless Potential

While the infancy of Baby AGI’s journey is undeniable, the scope of its applications is nothing short of prodigious. From crafting literary marvels to orchestrating intricate travel plans, Baby AGI promises the ability to undertake tasks demanding a human-like grasp of context and nuance. Crucially, it is imperative to grasp that Baby AGI doesn’t supersede human intellect; rather, it serves as an invaluable tool for task automation, driving productivity gains across domains.

Embarking on the Journey: Navigating the Prerequisites

Utilizing Baby AGI mandates a trifecta of essentials:

  1. Adequate Hardware: While specific hardware prerequisites remain nebulous, a computer boasting a minimum of 4GB RAM is advised to ensure seamless operations. Optimal hardware guarantees expedient task execution.
  2. API Key Activation: Empowering Baby AGI necessitates procuring API keys from OpenAI and Pinecone. This entails simple steps for key generation.
    • OpenAI API Key Generation:
      • Access, then log in or establish an account.
      • Click the profile icon, selecting “View API Keys.”
      • Create a new secret key with a designated name.
    • Pinecone API Key Generation:
      • Visit and access your account or create a new one.
      • Navigate to “API Keys” on the left-hand side, then proceed to generate a new API key.
  3. Stable Connectivity: Unlike offline AI tools, Baby AGI thrives on an unwavering internet connection, underscoring the need for dependable connectivity.

A Comprehensive Guide to Harnessing Baby AGI’s Potential

The journey commences by embracing the steps outlined below:

Step 1: Python Installation

Begin by installing Python, an essential programming language requisite for executing Baby AGI. Visit, acquire the latest version of Python, and follow platform-specific installation guidelines.

Step 2: Acquiring Baby AGI Files

Through your terminal (Mac/Linux) or Command Prompt (Windows), input “git clone” and press Enter. This directive triggers the download of imperative Baby AGI components from the designated GitHub repository.

Step 3: Package Installation

Within the downloaded directory, execute “pip install -r requirements.txt” in the terminal or Command Prompt. This single command orchestrates the installation of essential packages, forming the bedrock of Baby AGI’s operational architecture.

Step 4: Configuration Precision

Upon successful package installation, locate and rename the “.env.example” file to “.env”. This configuration file is instrumental in establishing the operational context for Baby AGI.

Step 5: Enabling API Integration

Edit the renamed “.env” file using a text editor to input your OpenAI and Pinecone API keys. These keys imbue Baby AGI with the prowess to interact with external services, accentuating its capabilities.

Step 6: Igniting Baby AGI

Within your terminal or Command Prompt, input “python” and hit Enter. This catalyst sets Baby AGI in motion, ushering in its active presence and potential for interaction.

Step 7: Catalyzing Interaction

Elevate Baby AGI’s prowess by offering input that encapsulates your AI agent’s designation, the focal domain, and the inaugural task you seek to delegate. This framework defines its mission, enabling adept execution guided by your specifications.

A Glimpse of Baby AGI in Action

Illustrating Baby AGI’s potential, envision a scenario where it functions as a cyber insurance underwriter, identifying vulnerabilities primed for cyber insurance claims. Tasked with grasping cyber insurance nuances and dissecting potential issues, Baby AGI exemplifies task automation at its zenith.

Navigating Current Usage and Future Trajectories

Though yet to infiltrate commercial applications, Baby AGI captivates researchers and pioneers. Yohei Nakajima’s Baby AGI project harnesses machine learning and reinforcement learning, mirroring human growth patterns. Foreseeing the dawn of advanced educational tools and more sophisticated chatbots, the path forward entails overcoming challenges of safety and ethics.

Concluding Remark

Baby AGI crystallizes the zenith of AI evolution, steering us towards the realization of AI agents mirroring human cognition. Pioneering the realm of task automation, this nascent marvel harbors potent potential. Though in its infancy, Baby AGI pledges to empower and reshape the landscape of productivity.

(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of Forbes.)

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What is Wrapped?




red and white gift box with ribbon bow

Wrapped is a term used in the cryptocurrency industry to refer to a digital asset that represents another asset or currency on a different blockchain. This allows users to trade or use assets on one blockchain, while still retaining the value of the asset on its original blockchain.

For example, the Wrapped Bitcoin (WBTC) is an ERC-20 token that represents Bitcoin (BTC) on the Ethereum blockchain. When a user wraps their BTC into WBTC, they receive an equivalent amount of WBTC on the Ethereum blockchain. This allows them to use BTC in Ethereum-based decentralized applications (dapps) or trade BTC on Ethereum-based decentralized exchanges (DEXs) without needing to transfer the actual BTC to the Ethereum blockchain.

The process of wrapping an asset involves locking the original asset on its blockchain and minting an equivalent amount of the wrapped asset on another blockchain. The wrapped asset is then pegged to the original asset’s value, usually through the use of a smart contract. When a user wants to redeem their wrapped asset for the original asset, the wrapped asset is burned, and the original asset is released back to the user.

Wrapped assets are useful because they allow for interoperability between different blockchains and can increase liquidity and trading volumes for certain assets. They can also enable new use cases for assets that were previously restricted to a specific blockchain.

In addition to WBTC, there are many other wrapped assets, including Wrapped Ether (WETH), Wrapped Litecoin (WLTC), and many others.

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What is Wash Trading?




Free person in washing machine

Wash trading is a practice that involves buying and selling a cryptocurrency asset for the purpose of creating the impression of greater market activity and trading volume than actually exists. It involves a trader simultaneously buying and selling the same asset to manipulate the price and create a false sense of demand and liquidity.

In the context of cryptocurrencies, wash trading is a fraudulent activity that can deceive investors and traders into thinking that a particular asset is more popular and valuable than it really is. This can lead to an artificial price increase, which can be exploited by the traders involved in the wash trading scheme.

Wash trading is typically used by unscrupulous traders and market manipulators who want to artificially inflate trading volumes or prices to attract other investors or traders to buy the asset. It is also sometimes used to manipulate prices to trigger stop-loss orders or liquidations, which can cause panic selling and create opportunities for the wash traders to profit.

Wash trading is illegal in traditional financial markets, and many jurisdictions have laws against it. In the crypto industry, some exchanges and regulators have taken steps to crack down on wash trading, including implementing monitoring tools to detect and prevent it.

Investors and traders should be cautious of assets with unusually high trading volumes, as they may be subject to wash trading. It’s important to do your own research and use reliable sources of information before investing in any cryptocurrency.

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Disclaimer: ATHCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.