NFT & Web3 Glossary:
A Beginner's Guide to NFT and Web3 Terminologies
If you're new to the world of NFTs and web3, it can be overwhelming to keep up with all the technical terms and jargon. Even if you're familiar with the basics, there are always new concepts and ideas being introduced. That's why we've put together this handy NFT glossary to help you stay on top of the latest terminology and trends.
Our glossary covers everything from the basic definition of an NFT (a unique, digital asset stored on a blockchain) to more advanced concepts like gas fees, smart contracts, and fractionalization. We've also included definitions for terms like "minting", "wallet", and "ERC-721", which are all essential to understanding how NFTs work.
But our glossary is more than just a list of definitions. We've included real-world examples and use cases to help you understand how these terms are applied in practice. For example, we explain how artists are using NFTs to monetize their digital creations, and how collectors are using them to build unique collections. We also cover some of the ethical and environmental concerns surrounding NFTs, so you can make informed decisions about your involvement in this space.
Whether you're an artist, collector, investor, or simply curious about NFTs, our glossary is a great resource to have on hand. So check it out, and let us know if there's a term you'd like to see added!
The process of moving from a centralized control model to a distributed one.
A database that is spread out over a network of computers.
Self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code.
The process of achieving agreement among a network of computers on the state of a blockchain.
A Decentralized application is an application that runs on a decentralized blockchain network.
The third generation of the internet, focused on decentralization, blockchain, and cryptocurrencies.
A digital representation of an asset or currency.
A blockchain platform that enables the creation of smart contracts and decentralized applications.
A standard for creating non-fungible tokens on the Ethereum blockchain.
A digital object that has value, such as art, music, or videos.
A digital collectible that is stored on a blockchain.
Art that is stored on a blockchain and can be bought and sold as an NFT.
The process of creating a new NFT by assigning a unique digital signature to a piece of digital content.
The act of possessing an NFT, which grants the holder certain rights to the underlying digital asset.
A platform where NFTs can be bought and sold by buyers and sellers.