For artists who create digital art, the world of blockchain and NFTs can be a bit overwhelming. There are a lot of new terms and concepts to understand, and it can be difficult to keep up with the latest developments in the industry. In this article, we'll break down 50 key terms you need to know in the new world of blockchain and NFTs.
- NFT-Non-Fungible Token - A unique digital asset that is verified on a blockchain network, allowing for ownership and transfer of ownership of the asset.
- Blockchain - A decentralized digital ledger that records transactions and information across a network of computers.
- Decentralized - A system where no central authority or single entity has control.
- Crypto Wallet - A digital wallet that stores cryptocurrency, such as Bitcoin or Ethereum.
- Smart Contract - A self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code.
- Tokenization - The process of converting a real-world asset into a digital asset, such as a token.
- ERC-721 - A technical standard for NFTs on the Ethereum blockchain.
- Gas Fees - The cost of transactions on a blockchain network, usually paid in cryptocurrency.
- Public Blockchain - A blockchain that is open to anyone to participate and view.
- Private Blockchain - A blockchain that is restricted to a select group of participants.
- Proof of Ownership - Evidence that shows an individual has ownership of a particular digital asset.
- Digital Identity - The online representation of a person's identity.
- Immutable - Unable to be changed or altered.
- IPFS - InterPlanetary File System, a decentralized storage network for files.
- Metadata - Information about a digital asset, such as title, artist, and creation date.
- OpenSea - A marketplace for buying and selling NFTs.
- Crypto Art - Art that is created and sold using cryptocurrency and blockchain technology.
- Dapp - Decentralized application, an application that runs on a blockchain network.
- Cryptocurrency - A digital or virtual currency that uses cryptography for security.
- Ether - The cryptocurrency of the Ethereum blockchain.
- Crypto Collectibles - Digital collectibles that are verified on a blockchain network.
- Immutable X - A layer 2 scaling solution for Ethereum that enables instant and gas-free transactions.
- Royalties - Payments made to the original artist each time their NFT is sold or transferred.
- Rarible - A marketplace for buying and selling NFTs.
- Smart NFTs - NFTs that have additional functionality or features, such as the ability to interact with other NFTs or smart contracts.
- Staking - The process of holding a cryptocurrency in a wallet in order to support the network and earn rewards.
- Wrapped Tokens - Tokens that are pegged to the value of another cryptocurrency, such as Ethereum or Bitcoin.
- Artist Resale Right - A legal right that allows artists to receive a percentage of the sale price when their works are resold.
- DAO - Decentralized Autonomous Organization, an organization that is run by a set of rules encoded as computer programs.
- Fractional Ownership - The practice of dividing ownership of an asset into smaller parts.
- Virtual Reality - A simulated experience that can be similar or completely different from the real world.
- 3D Art - Art that is created using 3D modeling software.
- Augmented Reality - The overlaying of digital information onto the real world.
- Digital Twins - Digital replicas of physical objects or assets.
- NFT Marketplace - An online platform where NFTs can be bought and sold.
- Cryptoart.io - A marketplace for buying and selling crypto art.
- CryptoKitties - A game that allows users to collect, breed, and trade virtual cats as NFTs.
- Etherscan - A blockchain explorer that allows users to view and search the Ethereum blockchain.
- Gas Limit - The maximum amount of gas that can be used for a transaction.
- Gas Price - The amount of cryptocurrency paid per unit of gas.
- IP Address - A unique identifier assigned to a device on a network.
- Mining - The process of verifying transactions and creating new blocks on a blockchain network.
- Node - A computer that is connected to a blockchain network.
- Solidity - A programming language used to write smart contracts on the Ethereum blockchain.
- Token Contract - The smart contract that creates and manages a particular token.
- Token Standards - Technical specifications for creating and managing tokens on a blockchain network.
- Transaction Hash - A unique identifier for a transaction on a blockchain network.
- User Experience (UX) - The overall experience a user has while interacting with a product or service.
- Wallet Address - A unique identifier used to send and receive cryptocurrency.
- Web3 - The next generation of the internet, which is decentralized and powered by blockchain technology.
Understanding these key terms is essential for artists who want to create and sell digital art on blockchain and NFT marketplaces. By familiarizing yourself with the language and concepts of this new world, you can take advantage of the opportunities and benefits that this emerging industry has to offer. Whether you're a seasoned artist or a newcomer to the world of digital art, learning these key terms will help you navigate the world of blockchain and NFTs with greater ease and confidence.
However, the glossary is just a starting point for artists looking to learn about blockchain, cryptocurrency, and NFTs. The world of digital art is constantly evolving, and it's important to stay up-to-date on the latest trends and developments. We encourage you to continue learning and exploring the many resources available to you, and to always keep pushing the boundaries of what is possible with digital art and blockchain technology.