NFT Key Terms

Mona Lisa Non-Fungible Token

Key Terms Used in the NFT Space

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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. OpenSea supports the following blockchains: Ethereum, Klatyn, Polygon.

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Collection – A collection is a body of work, like a store or gallery. If you see someone refer to an OpenSea collection as a store or gallery, don’t get confused – it’s all the same. We use the term collection to keep things simple.

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Crypto Wallet – A crypto wallet is an application or hardware device that allows individuals to store and retrieve digital Items, like cryptocurrency and NFTs.

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Dapp (decentralized app) – A blockchain-integrated website that requires you to connect and approve all transactions with your wallet signature. Examples include OpenSea, Uniswap,

Diamond Hands – Someone who holds on to an NFT long-term.

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Ethereum / ETH – Ethereum is a blockchain, and ETH is the currency used to make transactions on the Ethereum blockchain.

Gas Fees – Blockchain transaction costs when an NFT is minted. Creators (minters) have no say in setting gas fees – they are determined by supply/demand across the network (blockchain).

MetaVerse – A virtual world.

Mint – To create an NFT.

NFT – Non-Fungible Token.

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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. For further information on NFTs and how we got here, read our CEO’s ever-popular overview.

Paper Hands – Someone who sells an NFT too soon.

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Private Key – A string of numbers (often 256 characters long) that represents your signature to authorize transactions on the blockchain.

Public Key – See “Wallet Address” below.

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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.

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Smart Contract – Smart contracts are decentralized code that runs on blockchains. Dapps are powered by smart contracts – buying and selling NFTs on OpenSea relies on smart contracts.

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Wallet Address – Also known as your “public key”. Your wallet address is unique. It’s the address people will use when they are sending 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 Ethereum, your address starts with a “0x”.

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