- Blockchain- A system where transactions are registered, as transactions of cryptocurrencies like Bitcoin or Ethereum.
- Crypto/Cryptocurrency- Digital currency for an online transaction using blockchain technology, a decentralized system that holds the records and registration. Decentralized means it is not controlled by a single person or the government
- Decentralization- The transfer of control from a single entity to a distributed network. For example: "NFTs are part of a decentralized economy."
- Discord- An instant messaging platform and the go-to place for discussing NFTs.
- ERC-721 - A token standard that allows for the creation of unique, non-fungible tokens. It differs from ERC-20, for example, which is used to mint fungible tokens.
- Ethereum - A blockchain with smart contract functionality. Ethereum is currently the main platform for NFT projects.
- Fiat- Fiat money is the traditional money as we know it. Cash with a specific value that has been established by the government or by a particular regulation. An example of fiat currencies is the Euro, US Dollar, and Singapore Dollar.
- Gas fees - Fees that blockchain users pay to compensate for the computational resources used to execute transactions. Gas fees ensure that transactions will be genuine and discourages bad actors from spamming the network with a high volume of transactions.
- IoT Device- IoT devices are pieces of hardware, such as sensors, actuators, gadgets, appliances, or machines, that are programmed for certain applications and can transmit data over the internet or other networks. They can be embedded into other mobile devices, industrial equipment, environmental sensors, medical devices, and more.
- Minting - The process by which an NFT becomes part of the blockchain. Once an asset is put on the blockchain, it is “minted” as a token and cannot be altered.
- Mnemonic Phrase - Mnemonic phrase is a series of words that are generated automatically by your wallet when you set one up, so you can’t customize yours or change it later. This phrase grant access to your cryptocurrency wallet.
- Smart Contract - A self-executing digital contract. NFTs are composed of code written in smart contract programming languages like Solidity.
- Token- A record on the blockchain that will allow you to make transactions, like receiving an amount of cryptocurrency for a specific asset, for example, selling your NFTs.
- Wallet- It's your bank account for cryptocurrencies. But just like in the real world, there are a lot of wallets in the crypto world too.
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