NFT Glossary: 112 Terms Every Creator and Collector Needs to Know

Airdrop

A free distribution of NFTs or tokens directly to wallet addresses, typically used to reward early supporters, build community, or generate attention for a new project.

Allow List

A pre-approved list of wallet addresses that receive early or discounted access to an NFT mint. Previously called a whitelist. Collectors earn allow list spots through community activity, competitions, or collaborations.

AML

Anti-Money Laundering. Regulations designed to prevent the use of crypto and NFTs to launder illegally obtained funds. Major marketplaces are increasingly required to comply with AML laws.

Arweave

A decentralised permanent storage network where NFT images and metadata can be stored with a one-time fee. Unlike IPFS, Arweave guarantees permanence without ongoing pinning costs.

Attributes

The individual trait properties listed in an NFT's metadata JSON file. Displayed on marketplaces as filterable characteristics — e.g. Background: Blue, Eyes: Laser. Also called traits or properties.

Avatar Project

A generative NFT collection where tokens depict unique characters or profile pictures (PFPs). Examples include Bored Ape Yacht Club and CryptoPunks.

Base

An Ethereum Layer 2 blockchain built by Coinbase. Offers low gas fees, EVM compatibility, and a fast-growing NFT ecosystem — one of the most active new chains for NFT projects in 2026.

Base URI

The root URL for an NFT collection's metadata, set in the smart contract. Each token's metadata is found by appending its token ID to the base URI — e.g. ipfs://CID/1.json, ipfs://CID/2.json.

Batch Mint

Minting multiple NFTs in a single blockchain transaction. More gas-efficient than minting one at a time, but requires the full gas cost upfront rather than spreading it across buyers.

Blockchain

A decentralised, immutable ledger that records every transaction and token. NFTs are minted and traded on blockchains including Ethereum, Solana, Polygon, and Base. The blockchain is the source of truth for NFT ownership.

Blue Chip

An NFT collection with a long track record, strong community, and sustained floor price. Typically refers to collections like CryptoPunks, Bored Ape Yacht Club, and Azuki. Similar to blue chip stocks.

Burn

The permanent destruction of an NFT by sending it to an unspendable wallet address. Used to reduce supply, enable token redemption mechanics, or retire unwanted tokens from a collection.

Buy Now Price

The fixed listing price for an NFT on a secondary marketplace, as opposed to an auction. Buyers can purchase immediately at this price without bidding.

Canvas Size

The pixel dimensions of the final generated NFT images. Common sizes are 1000×1000px, 2000×2000px, and 3000×3000px. All trait layers must share the same canvas size.

CID

Content Identifier. A unique cryptographic hash that IPFS assigns to every file uploaded to the network. Used to reference NFT images and metadata — e.g. ipfs://QmXxx.../1.png. The same file always produces the same CID.

Claim

The process of a holder actively collecting an NFT that has been allocated to them, as opposed to receiving it automatically via airdrop. Common in free mint mechanics where collectors pay only gas.

Cold Wallet

A hardware device that stores crypto and NFT private keys offline, disconnected from the internet. Significantly more secure than a hot wallet (browser extension). Examples include Ledger and Trezor.

Collection

A set of NFTs sharing a common smart contract, art style, and metadata structure. A generative collection produces thousands of unique tokens from a shared set of trait layers.

Compositing

The process of stacking multiple image layers on top of each other to produce a single final image. TheMintLab performs compositing entirely in the browser — your trait layers are merged into one PNG per token without uploading to a server.

Contract Address

The unique on-chain address of a deployed smart contract. Used to identify a collection on marketplaces and block explorers. Always verify a contract address before purchasing to avoid counterfeit collections.

CryptoPunks

One of the first and most iconic NFT collections, consisting of 10,000 unique 24×24 pixel art characters on Ethereum. Launched in 2017 and widely considered the origin of the generative PFP format.

DAO

Decentralised Autonomous Organisation. A community governed by token or NFT holders rather than a central authority. Many NFT projects use DAOs to give holders voting rights over treasury decisions and project direction.

Dead Wallet

A wallet address with no known private key, making it impossible to transfer assets out. NFTs sent to dead wallets are effectively burned. The most common dead wallet is 0x000...000.

Delayed Reveal

A mint mechanic where NFTs show a placeholder image at purchase time, with the actual artwork and traits revealed after the mint closes. Prevents rarity sniping and builds anticipation.

Delist

Removing an NFT from active sale on a secondary marketplace. Holders delist when they no longer want to sell at a given price or want to remove their token from the market entirely.

Diamond Hands

Slang for holding an NFT through price volatility rather than selling. Opposite of paper hands. Diamond hands holders are considered committed long-term believers in a project.

Drop

The launch event when an NFT collection becomes available to mint or purchase for the first time. Can be a fixed-price public mint, allowlist mint, Dutch auction, or free claim.

Duplicate Detection

A feature in NFT generators that ensures no two tokens in a collection share an identical combination of traits. TheMintLab runs duplicate detection automatically during generation.

Dutch Auction

A mint pricing mechanism where the price starts high and decreases over time until all NFTs are sold or a reserve price is reached. Used to find the true market price and reduce gas wars.

ERC-721

The Ethereum token standard for non-fungible tokens. Each ERC-721 token has a unique ID and is not interchangeable with other tokens. The most widely used standard for NFT collections on Ethereum and EVM-compatible chains.

ERC-1155

A multi-token Ethereum standard that supports both fungible and non-fungible tokens in a single contract. Used when a collection includes multiple editions of the same token, common in gaming and digital collectibles.

ETH

Ether. The native cryptocurrency of the Ethereum blockchain, used to pay gas fees and purchase NFTs. The most common denomination for NFT pricing on Ethereum mainnet.

EVM

Ethereum Virtual Machine. The computing environment that executes smart contracts on Ethereum and EVM-compatible chains including Polygon, Base, Arbitrum, and BNB Chain. EVM compatibility means the same tools and wallets work across all these chains.

Explorer

A block explorer is a website that lets you view all transactions, wallet balances, and contract activity on a blockchain. Etherscan is the most used explorer for Ethereum. Used to verify ownership, check contract details, and track transactions.

Feasibility Check

A pre-generation analysis that estimates how many truly unique token combinations are achievable given your layers, traits, and condition rules. TheMintLab runs a Monte Carlo feasibility check before generation to confirm your collection size is achievable.

Floor Price

The lowest listed price for any NFT in a collection on the secondary market. The floor is the most commonly referenced health indicator for a collection — a rising floor indicates demand, a falling floor indicates selling pressure.

Floor Sweep

Buying multiple NFTs at or near the floor price of a collection in quick succession, typically to accumulate a position or support the floor price.

Free Mint

A mint where collectors pay no NFT price — only the gas fee to process the transaction. Used to maximise reach and community size, but often attracts flippers rather than long-term holders.

Fungible

Interchangeable and identical in value. ETH is fungible — one ETH equals any other ETH. NFTs are non-fungible — each token is unique. See also: ERC-20 (fungible tokens), ERC-721 (non-fungible tokens).

Gas

The fee paid to blockchain validators to process a transaction. Gas prices fluctuate based on network congestion. High gas on Ethereum mainnet can cost $20–$100+ per transaction. Polygon and Base gas fees are near zero.

Gas War

Occurs when many collectors try to mint simultaneously, causing gas prices to spike as users outbid each other to get their transactions processed first. Common during high-demand drops on Ethereum mainnet.

Generative Art

Artwork created algorithmically by combining elements according to rules or randomness. Generative NFT collections use trait layers composed by a generator to produce thousands of unique outputs from a shared asset set.

Genesis Collection

The first NFT collection released by a creator or project. Genesis tokens often carry additional utility or status within a project's ecosystem and may grant holders access to future drops.

Holder

Anyone who owns one or more NFTs from a collection. Holder counts and distribution (how many unique wallets hold tokens) are key indicators of a collection's community health.

Hot Wallet

A software wallet connected to the internet, typically a browser extension like MetaMask. Convenient for frequent trading but less secure than a cold wallet. Should not hold large amounts of high-value assets.

Hype

The collective excitement and attention around an NFT project before or during a mint. High hype can drive fast sellouts and strong secondary prices; without follow-through it leads to a rapid floor price decline.

IPFS

InterPlanetary File System. A decentralised peer-to-peer file storage network used to host NFT images and metadata. IPFS addresses files by their content hash (CID) rather than location, making links permanent and tamper-proof as long as the file is pinned.

IPFS Gateway

A web server that provides HTTP access to files stored on IPFS. Allows standard browsers to view IPFS content via URLs like https://gateway.pinata.cloud/ipfs/CID. Useful for verifying your metadata after uploading to Pinata.

JPEG

Colloquial term for an NFT, often used dismissively by critics ("it's just a JPEG"). Within NFT communities it's used ironically and affectionately — "my JPEG" often means a valued NFT holding.

JSON

JavaScript Object Notation. The file format used for NFT metadata. Each token gets a .json file containing its name, description, image URL, and attributes array. Marketplaces read these JSON files to display token information.

Layer

A single category of artwork in a generative NFT collection — e.g. Background, Body, Eyes, Hat. Each layer contains multiple trait options (PNG files) that are composited in order to produce a unique token image.

Lazy Mint

A minting approach where NFTs are not recorded on-chain until they are purchased. The creator lists without paying gas upfront — gas is paid by the buyer at point of sale. Available on OpenSea for Ethereum and Polygon collections.

Listing

Placing an NFT for sale on a secondary marketplace at a specified price. Listings can be fixed price or auction format. A listed NFT remains in your wallet until sold.

Lore

The narrative backstory and world-building around an NFT collection. Strong lore gives collectors a reason to engage beyond price speculation and helps differentiate a project in a crowded market.

Magic Eden

The leading NFT marketplace on Solana, also expanding to Ethereum, Polygon, and Bitcoin. Known for low fees, fast trading, and a strong community of active collectors.

Marketplace

A platform where NFTs can be bought, sold, and traded. Major marketplaces include OpenSea, Blur, Magic Eden, and Tensor. Each charges a percentage fee on sales.

Metadata

The JSON file attached to each NFT that describes its properties — name, description, image URL, and attributes. Marketplaces read metadata to display trait information and enable filtering. See our full NFT metadata guide.

Metadata Tool

A utility for editing NFT JSON files after generation. TheMintLab's metadata tool lets you update IPFS CIDs, rename trait values, and fix fields without regenerating your collection.

Mint

The act of creating an NFT on a blockchain for the first time. Minting records the token permanently on-chain with a unique ID linked to its metadata. See our guide on how to mint an NFT.

Mint Price

The amount collectors pay to create (mint) an NFT during the primary sale. Set by the creator. Does not include gas fees, which are paid on top.

MATIC

The native cryptocurrency of the Polygon blockchain, used to pay gas fees. Polygon gas fees are near zero in MATIC terms, making it one of the cheapest chains to mint on.

NFT

Non-Fungible Token. A unique digital token recorded on a blockchain that represents ownership of a specific asset — artwork, collectible, game item, or other digital content. Unlike fungible tokens, no two NFTs are identical.

NFT Generator

A tool that combines artwork trait layers to produce a complete generative NFT collection — images and metadata. TheMintLab's generator creates up to 10,000 unique NFTs entirely in the browser. See our comparison of the best NFT generators.

Non-Fungible

Unique and not interchangeable. An NFT is non-fungible because each token has a distinct identity and value. Contrast with fungible tokens like ETH or USDC, where every unit is identical.

Off-Chain

Data or activity that exists outside the blockchain. NFT images stored on IPFS are technically off-chain — only the metadata pointer is on-chain. Off-chain data is cheaper to store but relies on the storage provider remaining active.

On-Chain

Data stored directly on the blockchain rather than referenced via an external URL. Fully on-chain NFTs are the most permanent — the artwork exists in the contract itself and cannot be lost if a storage provider goes offline.

On-Device Generation

NFT generation that happens entirely in the user's browser without uploading artwork to a server. TheMintLab uses on-device generation — your images never leave your computer, protecting unreleased IP.

OpenSea

The largest NFT marketplace by volume, supporting Ethereum, Polygon, Base, and other EVM chains. Allows creators to import any contract and list collections for secondary trading. Charges a 2.5% fee on sales.

Opensea Verified

A blue checkmark on OpenSea indicating a collection has been reviewed and confirmed as authentic. Helps buyers avoid counterfeit collections impersonating popular projects.

Paper Hands

Slang for selling an NFT quickly, especially at a loss or during a dip. Considered a sign of weak conviction in a project. Opposite of diamond hands.

PFP

Profile Picture. An NFT used as a social media avatar. PFP projects (like Bored Ape Yacht Club and CryptoPunks) are one of the most popular NFT formats — holders display their token as their Twitter or Discord profile picture as a status signal.

Pinata

A popular IPFS pinning service used to host NFT images and metadata. Pinata keeps your files accessible on IPFS by continuously pinning them. Free tier available. See our guide on how to upload to Pinata.

Pinning

The process of ensuring a file stays accessible on IPFS by keeping a copy on a node connected to the network. Without pinning, IPFS files may become unavailable over time. Services like Pinata and NFT.Storage handle pinning automatically.

PNG

Portable Network Graphics. The standard image format for generative NFT trait layers because it supports transparency (alpha channel). All trait files must be PNGs of identical dimensions for compositing to work correctly.

Polygon

An Ethereum Layer 2 blockchain with near-zero gas fees and full EVM compatibility. One of the most popular chains for generative NFT collections, with strong OpenSea support and a large collector base.

Primary Sale

The initial mint event where NFTs are sold directly from the creator's contract for the first time. Proceeds go to the creator. Contrast with secondary sale, where holders trade with each other.

Private Key

The cryptographic secret that proves ownership of a wallet and authorises transactions. Anyone with your private key controls your wallet completely. Never share it — not even with support staff.

Provenance

The verifiable ownership history of an NFT, recorded on the blockchain. Every transfer is permanently logged, creating an unbroken chain of custody from mint to current holder.

Rarity

A measure of how uncommon a specific NFT is within its collection, based on the statistical probability of its trait combination occurring. Rarer NFTs typically command higher prices on the secondary market. See our NFT rarity guide.

Rarity Score

A numerical score assigned to each NFT based on the combined rarity of its traits. Calculated by tools like Rarity Sniper and Rarity Tools. Higher score = rarer token.

Rarity Sniper

A popular tool for checking the rarity rank of individual NFTs within a collection. Widely used by collectors to identify underpriced rare tokens on the secondary market.

Reveal

The moment when placeholder NFTs are replaced with their actual artwork and traits. Can be immediate (at mint) or delayed (after mint closes). Delayed reveals build anticipation and prevent rarity sniping.

Roadmap

A public plan outlining a project's future development — upcoming features, community events, token utility, and milestones. A credible roadmap helps build trust with collectors, but failing to deliver on it destroys it.

Royalty

A percentage of every secondary sale that is automatically paid to the original creator via the smart contract. Typically 5–10%. Marketplace enforcement of royalties has become inconsistent — many now make them optional.

Rug Pull

A scam where project creators abandon a project after collecting mint funds, leaving holders with worthless NFTs. A major risk in the NFT space. Signs include anonymous teams, vague roadmaps, and unrealistic promises.

Secondary Market

The marketplace where NFT holders trade tokens with each other after the initial mint. Platforms like OpenSea, Blur, and Magic Eden facilitate secondary trading. See our guide on how to sell an NFT collection.

Seed Phrase

A 12 or 24 word recovery phrase that can restore access to a crypto wallet. Anyone with your seed phrase has full control of your wallet. Store it offline, never digitally, never share it.

Shuffle

Randomising the token ID order of a generated collection before minting. Without shuffling, rare trait combinations cluster at predictable token IDs. TheMintLab includes a one-click shuffle before export.

Smart Contract

Self-executing code deployed on a blockchain that automatically enforces rules — mint limits, royalties, token transfers. NFT collections are governed by smart contracts. No coding required to deploy one using tools like Manifold or ThirdWeb.

Snapshot

A record of all wallet addresses holding a specific NFT at a given point in time. Used to determine who qualifies for airdrops, allowlist spots, or token-gated access.

SOL

The native cryptocurrency of the Solana blockchain, used to pay gas fees and purchase NFTs. Solana transaction fees are typically around $0.01, making it one of the cheapest chains to mint on.

Solana

A high-performance blockchain popular for NFTs due to its fast transaction speeds and very low fees. Home to collections traded on Magic Eden and Tensor. Uses a different technical standard to Ethereum (Metaplex rather than ERC-721).

Supply

The total number of NFTs in a collection. Common collection sizes are 1,000, 3,333, 5,000, and 10,000. Lower supply creates stronger scarcity; higher supply enables larger community building.

Tensor

A fast-growing NFT trading platform on Solana, popular with active traders for its advanced analytics, portfolio tools, and competitive fee structure.

Token

A digital asset recorded on a blockchain. NFTs are tokens — specifically non-fungible ones. Each token has a unique ID within its smart contract that distinguishes it from every other token.

Token ID

The unique number assigned to each NFT within a contract. Token #1, Token #2, and so on. The token ID is used to look up metadata and ownership on the blockchain.

Token-Gated

Access or content that is restricted to holders of a specific NFT. Common uses include Discord channels, real-world events, merchandise, and software tools. Token gating is a primary utility driver for many collections.

Trait

A single visual property of a generated NFT — e.g. a specific background colour, eye style, or accessory. Each trait belongs to a layer. The combination of traits across all layers defines what makes each NFT unique.

Trait Count

The number of individual trait options available within a layer. More trait options per layer = more possible unique combinations. A layer with 10 traits contributes 10× more variation than a layer with 1 trait.

Trait Weighting

Assigning different probabilities to each trait in a generative collection to control rarity. A trait with a weight of 60 appears roughly 12× more often than a trait with weight 5. TheMintLab uses weight sliders with a live rarity distribution chart.

Transfer

Moving an NFT from one wallet to another. Transfers are recorded permanently on the blockchain. Can be a sale, a gift, or an internal move between your own wallets.

Treasury

Funds held by a project or DAO, typically derived from mint proceeds and secondary royalties. Used to fund ongoing development, marketing, team payments, and community initiatives.

Utility

The real-world or in-project benefits attached to holding an NFT — access to events, token-gated software, merchandise, future airdrops, or DAO voting rights. Strong utility gives collectors a reason to hold beyond speculation.

Vault

A secure wallet or smart contract used to store high-value NFTs with additional protections against theft or accidental transfer. Some projects offer vault mechanics to let holders lock tokens and still earn benefits.

Volume

The total value of NFTs traded within a collection over a given time period. High volume indicates active trading interest. Volume is the primary metric used to rank collections on marketplaces like OpenSea and Blur.

Wallet

A software or hardware tool for storing, sending, and receiving crypto and NFTs. Contains your public address (shareable) and private key (never share). MetaMask is the most popular hot wallet for Ethereum; Phantom for Solana.

Wallet Address

A unique public identifier for a crypto wallet — a string of letters and numbers starting with 0x on Ethereum. Used to receive NFTs and payments. Safe to share publicly.

Web3

A broad term for the decentralised internet layer built on blockchain technology. Encompasses NFTs, DeFi, DAOs, and any application where users own their data and assets rather than a central platform.

Weight

A number assigned to each trait in a generative collection that determines how frequently it appears relative to other traits in the same layer. Higher weight = more common. Used to control rarity distribution.

Whitelist

The original term for an allow list — a pre-approved list of wallets with early mint access. The term has largely been replaced by "allow list" in most communities.

ZIP

The compressed archive format used to deliver a generated NFT collection. TheMintLab exports a ZIP containing an images/ folder (all token PNGs) and a metadata/ folder (all JSON files), ready to upload to IPFS.

Zora

A creator-first NFT protocol and marketplace on Ethereum, Base, and the Zora Network. Known for low fees, open minting mechanics, and a strong focus on supporting independent artists.