[Glossary] NFT Arena & Metaverse Terms

CryptoKas

Below is a concise yet comprehensive glossary of key terms you’ll encounter in NFT Arena & Metaverse discussions. Definitions are clear and practical—ideal for collectors, creators, and virtual-world explorers alike.

Art & Collectibles Drops

NFT (Non-Fungible Token): A unique digital asset on-chain—each one has its own ID and cannot be exchanged 1:1 for another.
Minting: The process of creating an NFT on a blockchain—“turning your art into a collectible.”
PFP (Profile Picture) Project: Collections of avatar-style NFTs (e.g., CryptoPunks, Bored Ape Yacht Club) meant for social identity.
Floor Price: The lowest price at which an NFT from a collection is listed—often used as a value benchmark.
Rarity Trait: A specific attribute (color, accessory) that makes an NFT more or less common—drives collector demand.
Metadata: The JSON file linked to an NFT that describes its name, image URL, traits and other properties.

Virtual Real Estate

Metaverse: A persistent, shared 3D virtual world where users interact, build, trade, and socialize.
Parcel / Land Plot: A specific piece of virtual real estate represented by an NFT (e.g., in Decentraland or The Sandbox).
Wearable: Digital clothing or accessories your avatar can equip—often minted as NFTs.
Estate: A grouping of adjacent parcels owned by the same wallet—can host larger experiences or events.
Land Sale / Land Grant: Official distributions of parcels, either via auction (sale) or free claim (grant).

Avatar & 3D Design

Avatar: Your digital persona in a metaverse—customizable via skins, wearables, animations.
Skin: A texture or outfit applied to your avatar, often an NFT you equip.
Rigging: The process of adding a bone structure to a 3D model so it can animate.
GLTF / GLB: Common multimedia file formats for 3D models and scenes in WebGL—and many metaverse platforms.
MFT (Metaverse Fashion Token): NFTs representing limited-edition virtual fashion drops.

️ Royalties & IP Rights

Royalty Fee: A percentage paid to the original creator each time an NFT is resold on a compatible marketplace.
Creator Contract: Smart-contract code that enforces royalty payments automatically at each sale.
Copyright / IP Ownership: Legal rights governing who can reproduce, display, or create derivative works of digital art—check each project’s license!
License Types:
- CC0 / Public Domain: No restrictions—anyone can use or remix the art.
- Standard NFT License: Often grants personal display rights but restricts commercial use.
- Custom License: Project-specific terms—always review on minting page or website.

Interoperability & Utility

Cross-Platform Use: Ability to import or display your NFT/avatar in multiple metaverses or games.
Branded Experience: A virtual space, game, or event built around a specific NFT collection or IP.
DAO-Gated Access: Exclusive areas or events in a metaverse that only holders of a specific NFT collection can enter.
Token-Gated Merch: Physical or digital perks unlocked by proving ownership of an NFT (e.g., real-world apparel, in-game skins).

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