*NFT: A non-fungible token - or NFT - is the certificate of ownership of a digital asset, typically purchased and sold using cryptocurrencies on the Ethereum blockchain. NFTs can represent a variety of different assets such as art, photos, video clips, music, and even more digitally created assets in the future.
Address: you can think of a public address as a bank account number that you may decide to share with people you trust to receive transactions. One big difference comes from the transparency principle upon which blockchain is built: anyone knowing your public address can also see your transaction history and what assets you own.
Asset: (digital) assets are electronic files of data stored on a blockchain. Individuals can own and transfer them, and use them as a currency or to store intangible content, such as digital artworks, video, or contract documents. Examples of digital assets include cryptocurrencies, such as Bitcoin, and non-fungible tokens (NFTs) — certificates of ownership of original digital media.
Blockchain: A digital ledger where transactions are recorded in an immutable form. This process creates a permanent archive of transactions that can be used to verify ownership and history of assets like NFTs.
Contract address: The location address of the token that manages the computing for tokens. The contact address is not the address of your token, but rather is used to check balance information and details of a contract.
Creator: The person who creates the artistic aspects of an NFT - this includes digital artwork, animations, music, and more. Creators often mint their NFTs so that they own the NFT themselves.
Cryptocurrency: sometimes simply called ‘crypto’, it is any form of currency that exists digitally or virtually and uses cryptography to secure transactions. There are thousands of tradable cryptocurrencies - though Bitcoin, Ethereum, and Tether have the largest market capitalization.
Crypto exchange platform: a business that allows users to exchange cryptocurrencies for other currencies - and visa versa. Crypto exchange platforms typically accept credit cards, debit cards, and cryptocurrencies - making it easy to own a variety of currencies and assets.
Digital collectible: a collectible item such as an “in-game” skin, digital artwork, or any other virtual item that can be owned. Digital collectibles usually are released in a limited drop and gain value due to their scarcity.
Dynamic NFT (vs. Static NFT): a static NFT is an NFT with permanent characteristics (traits, data) - put simply, it doesn’t change over time. On the other hand, a dynamic NFT is an NFT with traits and data that can be continually evolving. For example, a static NFT trading card of a basketball player could reflect that player’s stats during a single season, while a dynamic NFT could update its stats to reflect that player’s real-life performance.
Drop: the release of an NFT, digital collectible, or other virtual items. More expensive digital assets are “dropped” in limited numbers and result in an increased market value. Items are released in “drops” on specific days and exact times to give potential buyers time to schedule their purchase.
Ethereum: a decentralized blockchain network that enables users to make transactions, use and store nonfungible tokens (NFTs), trade cryptocurrencies, play games, use social media and so much more. To execute these operations users are usually required to pay a ‘Gas’ fee in Ether (ETH), Ethereum’s native cryptocurrency.
Floor price: Floor price is the lowest price a user can pay to acquire an NFT on the market. Different NFTs have different floor prices and more than likely - the rarer an NFT is, the higher its floor price is.
Fungible: an asset is fungible when it can be replaced with another one of the same value. For example, a USD dollar is worth the same as any other USD dollar, and a bitcoin is worth the same as any other bitcoin. On the other hand, non-fungible assets are one of a kind and can only be traded for something else.
Gas: 'Gas' is the fee a user pays to execute an operation in the Ethereum network. For an operation (such as minting an NFT, recording a transaction, etc.) to occur, miners must do the necessary work to make the task possible - a process that is incentivized by paying the miners a gas fee.
Miner: In essence, a miner is a computer, or group of computers, that executes and verifies operations on a given blockchain, such as Ethereum. Miners receive cryptocurrency as compensation for this work.
Mint: ‘Minting’ is the process of putting a digital asset onto the blockchain as a token so that it can be bought, sold, and owned.
Private key: A private key is the security solution used in the blockchain to restrict access to your assets. Like a strong password, it generally takes the form of a long, randomly generated set of characters and it is unique for each public address. Because it can’t be changed and it’s almost impossible to remember, crypto wallets include a recovery phrase.
Recovery phrase: A secret recovery phrase is a human-readable version of a private key. Although it is called a ‘recovery phrase’ it is not an actual full sentence but a sequence of words. Zelus Wallet, as many other crypto wallets do, uses a 12-word recovery phrase.
Wallet: A (crypto) wallet stores the cryptographic keys that serve as passcodes to access your cryptocurrency. Crypto wallets differ from physical wallets because they don’t hold any actual currency, only the keys needed to retrieve your cryptocurrency from the blockchain. While a wallet comes with an address, it is not equal to an address. Some wallets allow users to operate multiple addresses.