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An Automated Market Maker (AMM) is an algorithmic trading mechanism based on smart contracts that replaces traditional order books with mathematical formulas (typically constant product formulas like x*y=k) to create liquidity pools backed by token reserves, allowing traders to transact directly with a contract rather than counterparties. This mechanism enables decentralized exchanges (DEXs) to offer permissionless, 24/7 token swapping services without requiring a central authority to match trades.

Fiat currency refers to money issued and recognized by a nation or government, whose value is not directly backed by physical assets like gold or silver, but rather by government credit and legal provisions. Common fiat currencies include the US dollar, euro, and yuan, which are issued and managed by central banks and maintain value stability through monetary policy regulation.

The iShares Bitcoin Trust (IBIT) is an exchange-traded fund (ETF) that directly tracks the spot price of Bitcoin, managed by BlackRock and listed on the Nasdaq exchange. It allows investors to gain indirect exposure to Bitcoin by purchasing ETF shares without dealing with technical aspects like managing cryptocurrency wallets or securing private keys. The fund holds physical Bitcoin as its underlying asset, custodied by Coinbase Custody, and charges a 0.25% annual management fee.

NFT (Non-Fungible Token) is a unique digital asset based on blockchain technology, characterized by its indivisible and irreplaceable nature, with each NFT possessing a unique identification code and metadata. They are typically created following standards like Ethereum's ERC-721 or ERC-1155, capable of definitively proving ownership, authenticity, and scarcity of digital content.