What is a NAT setting on a gaming console?

Network Address Translation (NAT) is a firewall or gateway device's ability to translate a private IP address to a public IP address, which is then communicated on the general internet.

Like college dorms and corporations, the Boingo service at barracks or dorms buildings on military bases have a single firewall that protects our many users from the internet and provides NAT services.

What kind of NAT settings do I have? 

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