Keywords Archives - cryptoarty https://cryptoarty.com/tag/keywords/ cryptoarty.com Wed, 03 May 2023 01:08:42 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.3 https://i0.wp.com/cryptoarty.com/wp-content/uploads/2023/05/cropped-Cryptoarty_logo.png?fit=32%2C32&ssl=1 Keywords Archives - cryptoarty https://cryptoarty.com/tag/keywords/ 32 32 218573771 10 NFT Keywords You Need To Know https://cryptoarty.com/2023/05/03/10-nft-keywords-you-need-to-know/ Wed, 03 May 2023 01:08:04 +0000 https://cryptoarty.com/?p=410 If you’re new to the world of non-fungible tokens (NFTs), it can be overwhelming to keep up with all the terminology. Here are 10 essential NFT keywords you need to know:

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]]> If you’re new to the world of non-fungible tokens (NFTs), it can be overwhelming to keep up with all the terminology. Here are 10 essential NFT keywords you need to know:

  1. Non-Fungible Token (NFT): A unique digital asset that is stored on a blockchain, which certifies its authenticity and ownership. NFTs can represent anything from digital art and music to virtual real estate and collectibles.
  2. Blockchain: A decentralized digital ledger that records transactions in a secure and transparent manner. NFTs are stored on a blockchain to ensure that they are one-of-a-kind and cannot be duplicated or counterfeited.
  3. Smart Contract: A self-executing digital contract that is programmed to execute specific actions when certain conditions are met. NFTs use smart contracts to automate ownership and transfer of the digital asset.
  4. Digital Art: Art created using digital technology, which can include anything from 2D illustrations to 3D models and animations. NFTs have revolutionized the digital art market by enabling artists to sell their work as unique, one-of-a-kind assets.
  5. Crypto Wallet: A digital wallet used to store cryptocurrencies and other digital assets, including NFTs. Crypto wallets can be accessed via a private key, which is used to sign and verify transactions on the blockchain.
  6. Gas Fees: The cost of performing transactions on a blockchain network, which is paid in cryptocurrency. Gas fees can vary depending on the network congestion and the complexity of the transaction.
  7. ERC-721: The Ethereum token standard used for creating non-fungible tokens. ERC-721 allows for the creation of unique, indivisible digital assets that can be bought, sold, and traded on the blockchain.
  8. Marketplace: An online platform where NFTs can be bought, sold, and traded. NFT marketplaces have emerged as a popular way for artists and collectors to buy and sell digital assets.
  9. Rarity: The uniqueness of an NFT, which can be determined by its scarcity, provenance, and other factors. Rare NFTs can fetch high prices on the open market, just like rare physical assets.
  10. Interoperability: The ability for different blockchain networks to communicate and work together. Interoperability is important for the future of NFTs, as it will allow for seamless transfer of digital assets between different networks and marketplaces.

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