An NFT (or non-fungible token) is a one-of-a-kind digital asset that can be owned individually. NFTs typically represent real-world objects such as art, music, in-game items and videos. They are purchased and sold online, usually with cryptocurrency (like Ethereum, for example) and are traditionally encoded with the same underlying software as many cryptos.

Minting is the process of creating or producing something. In regards to blockchain technology, minting refers to the process of validating information, creating a new block, and recording that information into the blockchain. For example, someone can mint an NFT or a new cryptocurrency.

“Gas fees” are transaction fees paid to miners on a blockchain protocol in order for their transactions to be included in the block. The system operates according to a standard supply and demand mechanism. If there is a higher demand for transactions, miners can choose to include transactions that pay more, compelling users to pay more in order for their transactions to be processed quickly and efficiently. In other words, when a lot of people are using the blockchain, gas fees are higher. When there aren’t many people using it, gas fees are much lower.