Rekt is the phonetic spelling of ‘wrecked’. It refers to serious financial losses which can be caused by investing into the wrong project or a bad trade.
This term is usually used by skeptics who do not believe in NFTs. Instead, they believe that they can easily acquire digital art through the “Right Click Save As” method.
NFT royalties are an income stream for the creators of NFT projects. They can set a percentage of the resale value they would like to receive as a royalty which allows them to earn every time their NFT is resold.
A rug pull is a scam in which the individuals behind the project promote their project and once they have raised enough money, they abandon the project and disappear. Rug pulls are quite common in both the cryptocurrency and NFT space, it is quite important to protect yourself against them by DYOR.