What are the key terms to know in NFTs and Web3?
Non-Fungible Tokens (NFTs)
Non-Fungible Tokens (NFTs) are unique, digital items with blockchain-managed ownership. Examples of NFTs include digital art, collectibles, virtual reality items, crypto domain names, ownership records for physical assets, and more.
Blockchain
A blockchain is a digitally distributed ledger that facilitates the process of recording transactions and information across a network. You can think of it as a decentralized or distributed database. NumisArt supports the following blockchains: BSC chain.
Binance Smart Chain / BSC
BSC is a blockchain, and BNB is the coin used to make transactions on the BSC blockchain.
BSC is an EVM-compatible blockchain
Just because a blockchain is EVM-compatible does not mean you can directly send tokens from one chain to another. Tokens must be bridged across to the other chain.
Gas fees
Think of gas fees as BSC blockchain transaction costs. NumisArt has no say in setting gas fees – they are determined by supply/demand across the network (blockchain).
Crypto wallet
A crypto wallet is an application or hardware device that allows individuals to store and retrieve digital items, like cryptocurrency and NFTs.
Wallet address
Also known as your "public key." Your wallet address is unique. It’s the address people will use when sending you cryptocurrency or NFTs. Your NFTs and cryptocurrency do not live in your wallet—they exist on the blockchain, under your wallet address. Your software or hardware wallet only contains the key to that address. On BSC, your address starts with a "0x". You can also use an ENS domain.
Private key
A string of numbers (often 256 characters long) that represents your signature to authorize transactions on the blockchain.
Seed phrase
Your seed phrase is a list of words (usually ranges from 12-24 words) that can be used to recover your crypto should you forget your password or lose access to your wallet. When you first begin trading with your wallet, find your seed phrase and back it up somewhere safe, in multiple locations if possible. You’ll receive a seed phrase to write down when you first create a crypto wallet. This is how you can back up your key without actually holding the numbers. Also known as a "mnemonic phrase" or “secret recovery phrase.” Don’t store your seed phrase on an online cloud storage service and never share it with anyone.
Collection
A collection is a body of work, like a store or gallery. If you see someone refer to an NumisArt collection as a store or gallery, don’t get confused – it’s all the same. We use the term collection to keep things simple.
Dapp (decentralized app)
A blockchain-integrated website that requires you to connect and approve all transactions with your wallet signature. Examples include NumisArt, Uniswap, Zapper.fi.
Smart contract
Smart contracts are decentralized code that run on blockchains. Dapps are powered by smart contracts - buying and selling NFTs on NumisArt relies on smart contracts.
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