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As you might have heard, “NFT” was chosen as Collins Dictionary’s Word of the Year for 2021. The abbreviation for “non-fungible token,” a new kind of digital asset, has exploded in popularity, with everyone from blue-chip auction houses to emerging photographers talking about the next frontier for art in the age of the internet.

Within the world of crypto art, there are dozens of terms, abbreviations, and phrases unique to the space.…