# Key Concepts and Terminology

### Key Concepts and Terminology

* **NFT (Non-Fungible Token)**: A unique digital asset represented on the blockchain. Each NFT is distinguishable from another due to its unique `asset_id`, metadata, and ownership record.
* **CollectionCap**: A structure representing the entire NFT collection’s capabilities, including who can mint and manage it, maximum supply constraints, and mutability flags.
* **UserBalance**: A record that keeps track of how many NFTs from a given collection a particular user holds, providing a simpler mechanism than holding each NFT object separately.
* **Deny List**: A mechanism to blacklist certain addresses from receiving NFTs from a collection. Useful for compliance, security, or curated distribution.
* **Value Source (API/Oracle)**: A feature that allows NFTs to have their values or metadata dynamically updated from external data feeds, such as APIs or on-chain oracles. This enables NFTs whose attributes can change over time based on real-world or off-chain events.
* **Sale**: A configuration within the SALE module that lists a batch of NFTs for a set price, facilitating a marketplace-like scenario without requiring direct one-to-one negotiations.
* **NFTSale / NFTListing**: Data structures in the SALE module representing the entire sale and individual NFT listings. They track prices, ownership, and sale state.
* **Trading Pool**: Within the TRADE module, a liquidity pool that pairs NFTs with a token (like a stablecoin or SUI) to enable automated, decentralized trading of NFTs. The pool sets prices and manages liquidity through a formula, much like Automated Market Makers (AMMs) in the DeFi world.
* **Liquidity Position / LP Tokens**: Represent a user's share in a trading pool’s liquidity. By providing NFTs and tokens, a user receives LP tokens back. These LP tokens track the user’s fractional ownership of the pool and the share of fees accrued.
* **Price Oracle**: An on-chain data source that tracks historical prices to produce a time-weighted average price (TWAP), helping prevent price manipulation and ensuring fair trades.
* **Slippage and Price Impact**: Key trading concepts that measure how much a trade deviates from the current expected price due to liquidity depth, order size, and fees. Limits on slippage and price impact help ensure fair trading.


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