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Glossary
This page aims to introduce you to some key terms and concepts in the world of NFTs and Web3. By understanding these terms, you can navigate the NFT marketplace with confidence
Blockchain:
A blockchain is a decentralized and immutable digital ledger that records and verifies transactions. NFTs are typically built on blockchain networks like Ethereum or Polygon, providing transparency and security.
Ethereum is a blockchain platform that supports the development and execution of smart contracts. It is a popular network for NFTs and hosts a significant portion of the NFT ecosystem.
Gas fees are the charges required to perform transactions and execute smart contracts on the blockchain. When interacting with NFTs, you may need to pay gas fees to cover the computational resources utilized.
Minting refers to the process of creating a new NFT. Artists and creators mint their digital artwork or content, assigning it a unique identity on the blockchain.
An NFT is a unique digital asset that represents ownership or proof of authenticity of a specific item or piece of content. Unlike cryptocurrencies, NFTs are distinct and cannot be exchanged on a like-for-like basis.
Polygon is a scaling solution and framework for building Ethereum-compatible blockchain networks. Nusa NFT operates on the Polygon network, offering faster transaction speeds and lower fees compared to the Ethereum network.
The secondary market is where NFTs are bought, sold, and traded after their initial minting. Nusa NFT provides a platform for users to engage in the secondary market, allowing collectors to buy NFTs from creators or other collectors.
A smart contract is a self-executing contract with the terms of the agreement directly written into code. Smart contracts automate the execution of transactions and ensure trust and transparency.
A crypto wallet, also known as a digital wallet or blockchain wallet, is a software application that allows users to securely store, manage, and interact with their cryptocurrencies and NFTs. It serves as a bridge between the user and the blockchain network, enabling the user to access and control their digital assets.
Web3 refers to the next generation of the internet, where blockchain technology and decentralized applications (DApps) are integrated into web services. Web3 aims to create a more open, transparent, and user-centric online experience.
Last modified 4mo ago