An NFT Glossary of Terms

Go through the below NFT Glossary and get to know the meaning of some commonly used NFT Terms. For a quick introduction to NFTs, watch this video and read this article and this article. If you are interested in minting Audio NFTs on the Witlingo platform, please go here. For upcoming educational events, go hereIf you are interested in joining the Witlingo Clubhouse Audio NFTs Club, go here.  

Commonly Used NFT Terms


Beeple

Beeple is the professional name of Michael Joseph Winkelmann, an American digital artist, graphic designer, and animator. He is known for using various mediums in creating comical, phantasmagoric works that makes political, social commentary while using pop culture figures as references


Bitcoin

Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.


Blockchain

A blockchain is a distributed database that is shared among the nodes of a computer network. As a database, a blockchain stores information electronically in digital format. Blockchains are best known for their crucial role in cryptocurrency systems, such as Bitcoin, for maintaining a secure and decentralized record of transactions. The innovation with a blockchain is that it guarantees the fidelity and security of a record of data and generates trust without the need for a trusted third party.


Cardano

Cardano is a public blockchain platform. It is open-source and decentralized, with consensus achieved using proof of stake. It can facilitate peer-to-peer transactions with its internal cryptocurrency, Ada. Cardano was founded in 2015 by Ethereum co-founder Charles Hoskinson.


Cold Wallet (also called Hardware Wallet)

A cold wallet is a physical device that keeps your crypto assets (e.g., cryptocurrency, NFTs) completely offline. Many such cold wallets look like USB drives.  A cold wallet is much more secure than what is called hot wallet (see below), since it keeps your crypto assets off line.  The disadvantage is the possibility of losing your device and hence the assets that it contains.  Col wallet providers include Ledger Nano, Trezor, CoolWallet.  For a fuller list, please go here.


COLDIE

Coldie is an award-winning mixed media artist whose stereoscopic 3D art has been featured in national juried art exhibitions, major cryptocurrency events, and live auctions. ... Decentralized portraits are created by sourcing 10+ images of each person and recombining into a stereoscopic 3D collage


Colored Coins

The term "Colored Coins" loosely describes a class of methods for representing and managing real world assets on top of the Bitcoin Blockchain.


Crossroad

Beeple’s most expensive NFT video.


Cryptokitties

CryptoKitties is a blockchain game on Ethereum developed by Canadian studio Dapper Labs that allows players to purchase, collect, breed and sell virtual cats. It is one of the earliest attempts to deploy blockchain technology for recreation and leisure.


Cryptopunks

CryptoPunks are a set of 10,000 pixel-art images, with each being a uniquely generated character made by Larva Labs in 2017. Digital asset platform Anchorage helped Vis acquire CryptoPunk7610.


Cryptopunk #7523

Masked Alien #7523 is one nine Alien Cryptopunks. It is the only one with a mask. The growth in the NFT ecosystem and its rapid ascension to the global cultural stage must in some part be attributed to the closing of our physical world during COVID-19.


Damien Hirst

Damien Steven Hirst is an English artist, entrepreneur, and art collector. He launched “The Currency” project, which involved selling 10,000 unique hand-painted dot-covered works on paper, each one corresponding to a nonfungible token. He is reportedly the United Kingdom's richest living artist, with his wealth estimated at $384 million in the 2020


dApps

A decentralized application (DApp, dApp, Dapp, or dapp) is a computer application that runs on a decentralized computing system. dApps have been popularized by distributed ledger technologies (DLT) such as the Ethereum blockchain, where DApps are often referred to as smart contracts.


Decentraland

Decentraland is a decentralised 3D virtual reality platform that consists of 90,601 parcels land. Virtual estate in decentraland are NFTs which can be bought by the cryptocurrency MANA, which is based on the Ethereum blockchain. It was opened to the public in February 2020 and is overseen by the nonprofit Decentraland Foundation.


Doge meme

Doge is an Internet meme that became popular in 2013. The meme typically consists of a picture of a Shiba Inu dog accompanied by multicolored text in Comic Sans font in the foreground. The text, representing a kind of internal monologue, is deliberately written in a form of broken English.


Enjin

Enjin is a blockchain based gaming platform that focuses on making player-owned digital items like "NFTs" (non-fungible tokens). They offer ways to create tokens that can be used across multiple video games, and can also be used across various platforms from PC to mobile. Enjin NFTs allow players to have true item ownership of their in-game items, and trade them with others inside and outside of the game


ERC-721

ERC-721 refers to a token standard that can be found on the Ethereum blockchain.


Ethereum 2.0

Ethereum 2.0 (ETH2) is an upgrade to the Ethereum network that aims to improve the network's security and scalability. This upgrade involves Ethereum shifting their current mining model to a staking model.


Everydays

A collage of 5000 digital images created by Winkelmann for his Everydays series. Its associated non-fungible token (NFT) was sold for $69.3 million at Christie's in 2021, the most expensive NFT and among the most expensive works by a living artist.


Fidenza Line

Artist Tyler Hobbs‘ Fidenza Line consists of 999 unique Art Blocks depicting a pattern of colorful squares and rectangles which are generated via an algorithm. The series’ Fidenza #313 recently sold for 1,000 ETH, which amounted to just over $3.3 million USD at the time of transaction. The artwork was sold to the previous buyer for just 0.58 ETH (around $1,400 USD) on June 11, marking a truly mindboggling return within the span of two months.


Fractionalized NFTs

Fractionalized NFTs are NFTs split into smaller pieces by their original owner. They can be split into as little as 2 pieces or even billions! This makes it possible for anyone to partially own iconic NFTs like CryptoPunks. When an NFT gets fractionalized, the pieces get locked into a smart contract


FUD

FUD describes the spreading of “Fear, Uncertainty, and Doubt” (typically through media). FOMO describes the “Fear of Missing Out.”[1][2]


FVCKRENDER

Frederic Duquette aka FVCKRENDER is one of the most well known artists in the NFT space making waves by selling a piece of art for 25 ETH. He’s been featured on Nifty Gateway and SuperRare. A self-taught 3d artist based in Vancouver, he focuses on “sharp architectural geometry, beaming future landscapes and brilliant crystalline arrangements.”


Gas fees

NFT Gas is the term given to the fee that most NFT trading platforms charge. This is incurred to conduct the transaction or execute a contract on their blockchain platform. Gas prices in Ethereum are denoted by unit of Gwei. It is determined by the amount of traffic on the network and the computation power taken to execute a transaction.  To learn more about Gas Fees, please go here.


Hardware Wallet

See Cold Wallet above.


Hot Wallet (also called Software Wallet)

A hot wallet refers to a virtual currency wallet that is accessible online, and it facilitates cryptocurrency transactions between the owner and end-users. The most populat of hot wallets is Metamask. Other hot wallers are Walletconnect, Coinbase, and Fortomatic (go here for a longer list of hot wallets). Note that because hot wallets are accessible online, they are more vulnerable to attacks than what are called "Cold Wallets" (also called, "Hardware Wallets").


Jack Dorsey

CEO of Twitter sold an NFT of his first Tweet for $2.9 million.


Ledger

A public ledger derives its name from the age-old record-keeping system used to record information, such as agricultural commodity prices, news, and analysis. The public ledger was available for general public viewing as well as for verification. As cryptocurrency-based blockchain systems emerged, which rely on a similar record-keeping and public verification mechanism, the use of the public ledger gained popularity in the world of cryptocurrency. This article explores cryptocurrency public ledgers, how they work, and the challenges they face.


Mint

Minting an NFT is how your digital art becomes a part of the Ethereum blockchain–a public ledger that is unchangeable and tamper-proof. Similar to the way that metal coins are minted and added into circulation, NFTs are also tokens that get “minted” once they are created.


Mintable

Mintable is a Singapore-based, Mark Cuban-backed non-fungible token (NFT) platform. It is currently "striving to become the world's largest NFT marketplace by cataloging all NFTs ever minted on Ethereum as part of a major platform upgrade."

NFT

A non-fungible token (NFT) is a unique and non-interchangeable unit of data stored on a digital ledger (blockchain). NFTs can be associated with reproducible digital files such as photos, videos, and audio. NFTs use a digital ledger to provide a public certificate of authenticity or proof of ownership, but do not restrict the sharing or copying of the underlying digital files. The lack of interchangeability (fungibility) distinguishes NFTs from blockchain cryptocurrencies, such as Bitcoin.  For a quick introduction to NFTs, watch this video.


NFTfi

NFTfi is a platform for P2P loans that use one of your NFTs as collateral for the transaction.


Nifty Gateway

Nifty Gateway is a digital art online auction platform for non-fungible token art founded by Duncan and Griffin Cock Foster, and has since been acquired by the Winklevoss twins. Nifty Gateway has sold NFTs by Beeple, Grimes, LOGIK and other widely followed NFT artists.


OpenSea

A peer-to-peer marketplace where goods such as gaming items, digital art, and other goods backed by a blockchain can be bought and sold.


Public ledger

A public ledger derives its name from the age-old record-keeping system used to record information, such as agricultural commodity prices, news, and analysis. The public ledger was available for general public viewing as well as for verification. As cryptocurrency-based blockchain systems emerged, which rely on a similar record-keeping and public verification mechanism, the use of the public ledger gained popularity in the world of cryptocurrency. This article explores cryptocurrency public ledgers, how they work, and the challenges they face.


Smart contracts 

Smart contracts are simply programs stored on a blockchain that run when predetermined conditions are met. They typically are used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary’s involvement or time loss. They can also automate a workflow, triggering the next action when conditions are met.


Sofware Wallet 

See Hot Wallet above.


SuperRare

SuperRare is an NFT marketplace to collect and trade unique, single-edition digital artworks.


The Sandbox

The Sandbox is a decentralized, community-driven gaming ecosystem where designers and artists can create, share, and monetize NFTs and gaming experiences on the blockchain, and is partnered with many industry giants. Its popular virtual real estate, known as LANDs, are taking over the NFT worl


Wallet

Short for "crypto wallet". A crypto wallet is an interface that lets you interact with your blockchain assets. Crypto assets are essentially data on the blockchain. Crypto wallets contain the private key to their location on that blockchain, and this private key determines whether you can access that crypto. Crypto wallets are broadly classified as hot wallets and cold wallets. Hot wallets store the keys to your cryptocurrencies on an internet-connected application while cold wallets keep them offline, disconnected from the internet.

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