This Glossary shows the definition of some terms use in DOTSAMA NFT space.
1. Accessories: These can be glasses, backgrounds, clothing, and weapons stored as NFTs that can be added to the base NFT to change the look or make it more valuable.
2. Blue-Chip NFTs: These are high-value NFTs with low risk, stable prices, and growth that have shown themselves as leaders in the space. An example is the Moonsama collection.
3. Composability: This means that various NFTs can be composed into one. With this, other NFTs can be added to an NFT. The composability of NFTs allows different accessories to be added to the base parent NFT.
4. Carnage: A community event for Moonsama holders on Minecraft where players can mine or battle for NFT resources which have significant value.
5. Cross-chain authentication (XCA): This technology by InvArch ensures an NFT collection is plagiarism resistant and notifies the team when NFTs with similar properties are created.
6. Decentralized Autonomous Organizations (DAOs): This is a central entity without central leadership, as every DAO member contributes to making decisions. NFTs are frequently used as access to DAOs. An example is the YoudleDAO, where one must have a Youdle NFT to be a member.
7. Diamond hands: This describes owners of an NFT who mint from the beginning and never trade their NFTs. It sometimes gives an idea of how loyal the community is to the project.
8. Doubloons: These are tokens players of the Damned Pirates Society game receive as rewards for various activities within the game.
9. Fear Of Missing Out (FOMO): This is an intense feeling that you are missing out on an NFT mint or purchase at the current price. FOMO usually follows due to hype in a project.
10. Forge: This is a term used by the Awesome Ajuna Avatars to describe the process of sacrificing one or more avatars to increase the value and rarity of another avatar, which receives the soul points of the sacrificed ones.
11. Floor price: This is the lowest price of all the listed NFTs in a collection.
12. Fear, Uncertainty, and Doubt (FUD): This psychological method stimulates negative sentiments and emotions towards an NFT project. It usually causes holders to dump their NFTs at cheaper costs because they fear the project will go belly-up.
13. Kingpad: This serves as a platform for raising funds to participate in the seed and private funding of innovative projects. It is accessible only to holders of an NFT from the Kusama Kingdom. Talisman and Ajuna are some projects funded through the Kingpad
14. Metaverse: This is a virtual, interoperable, open space akin to the internet. It is a simulated digital environment that can be used for various purposes, including business, social connections, advertising, and more. Skybreach and Bit.Country are examples of metaverse projects in Dotsama.
15. Minting: This is the process of publishing your art, music, and images as a token on the blockchain. Minting stores the NFT on a blockchain and allows utilization in sales and transfer. It effectively turns your art and images into a token on the blockchain, which can be sold.
16. Mint price: This is the price to mint a project’s NFT. The team arbitrarily sets the minting price.
17. Non-fungibility: This means that an asset is unique and non-divisive.
18. Paper hands: This describes people who sell an NFT below or slightly above the minting price before the price of the NFT vigorously rises.
19. Play to Earn (P2E): This system integrated into blockchain games allows players to earn rewards in tokens or NFTs for completing missions, progressing through different levels, or beating an opponent. The rewards earned have value IRL.
20. PlayervsPlayer (PvP): This gaming mechanic stages a real player against another.
21. PlayervsEnviornment (PvE): This gaming mechanic stages a player against a non-playable character (NPC).
22. Rarity: This defines how scarce or common an NFT is in a collection by considering the traits surrounding it.
23. RMRK standard: This allows developers to create NFTs that can evolve, grow, act as base parents, and own other NFTs that can be equipped.
24. Re-fungibility: This is a concept by the Unique Network to make non-fungible tokens fungible. This allows for fractional ownership of an NFT as the NFT can be broken into smaller pieces and shared.
25. Singular: This is an NFT marketplace on Polkadot and Kusama.
26. Soulbound: These are non-transferable NFTs representing an individual’s identity reputation in an ecosystem.
27. Total supply: This is the total number of NFTs in a collection.
28. Utility: This is a use case for NFTs other than collectable artworks. Utility in an NFT can make it more valuable, especially if it rewards the owner.
