A non-fungible token refers to an asset that is unique and cannot be replaced. NFTs are made up of three parts: an asset file, a metadata file and a smart contract. Most NFTs store their asset file on a centralized resource and link it as a URL. This is quite risky as the asset file can no longer exist, resulting in a worthless NFT.
Many NFT projects use Akord to store their metadata assets. Check out our article, Using Akord for NFT projects.
NGMI is an acronym for “not gonna make it” and is usually used when a cryptocurrency project is expected to fail. It’s also used to refer to someone when they make bad trading decisions.
A node is a server or computer that validates and stores transactions made on a blockchain. As blockchains are peer-to-peer networks, nodes form their distributed infrastructure.
A non-custodial wallet, also known as self-custodial wallets, give the user the ability to fully be in control of their assets. If you have a non-custodial wallet, the onus is on you to safely secure your wallet and its private keys.
Ironically, the term NFA is mostly used in contexts where financial advice is actually being given. It is used in order to not be held liable by people who are acting upon your advice. It is most commonly used by youtubers in the crypto space.
This is a common, and important, reminder to store your crypto safely on a non-custodial wallet where you control your own private keys. If it’s in a custodial wallet (on an exchange), the entity is actually in control of your money. Therefore, if you truly want to own your crypto, it’s best to keep it in a non-custodial wallet.