StarBlock
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  • Welcome to StarBlock
  • Announcements
    • NFT Farming
      • [Listing] The Official Nigerians NFT(2022-9-7)
      • [Listing] QuanneirenNFT Official(2022-9-2)
      • [Listing] Tatols NFT(2022-8-31)
      • [Listing] Guardian (2022-8-26)
      • [Listing] Ghost Pirate (2022-8-5)
      • [Listing] Clay Friends (2022-8-4)
      • [Listing] Sprite Club Official (2022-8-3)
      • [Listing] Rare Land NFT (2022-8-3)
      • [Listing] Gino's Big Town Chef (2022-8-2)
      • [Listing] zombiestown.wtf (2022-8-2)
      • [Listing] Fortune Friends Club (2022-8-1)
      • [Listing] PsychonautzNFT (2022-8-1)
      • [Listing] TheAlphaQueen (2022-7-30)
      • [Listing] Lucky Ducky NFT (2022-7-30)
      • [Listing] SPOODEEMOON WTF (2022-7-29)
      • [Listing] Gummies Gang - Official (2022-7-29)
      • [Listing] TurkeysMegaverse (2022-7-28)
      • [Listing] Moonkeys Official (2022-7-28)
      • [Listing] RektFolios Official (2022-7-25)
      • [Listing] Candy Robbers (2022-7-25)
      • [Listing] Binkies NFT (2022-7-23)
      • [Listing] Space Boo Official NFT (2022-7-23)
      • [Listing] Verb: Chapter One (2022-7-23)
      • [Listing] Maximalists (2022-7-22)
      • [Listing] CryptoToysClubNFT (2022-7-20)
      • [Listing] Soulda16Club (2022-7-19)
      • [Listing] Woobirds (2022-7-18)
      • [Listing] 0xLady (2022-7-9)
    • Weekly Report
      • Weekly Report (08.22-08.28)
  • Glossary
  • What is WNFT?
  • $STB Tokenomics
  • Rewards
    • Airdrop
    • NFT Farming
  • Revenue
  • Tutorials
    • NFT Staking Mining Tutorial
    • How do I create a NFT?
    • How to buy NFT?
    • How do I create a collection?
    • How to sell NFTs?
  • Basics
    • How do I create a StarBlock account?
    • How do I install MetaMask?
    • What are the key terms to know in NFTs?
    • How do I purchase Ethereum (ETH)?
    • What are gas fees?
    • Where can I find NFT sales?
  • Business Cooperation
  • Deployed Contract Addresses
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  1. Basics

What are the key terms to know in NFTs?

Here's a list of key terms used in the NFT space and it's a helpful to review before you get started.

  • 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.

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

  • Gas fees – Think of gas fees as Ethereum blockchain transaction costs. StarBlock has no say in setting gas fees – they are determined by supply/demand across the network (blockchain).

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

  • Wallet address – Your wallet address is unique. It’s the address people will use when they are sending cryptocurrency or NFTs.

  • Seed phrase – Your seed phrase is a list of 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. Don’t store your seed phrase on an online cloud storage service and never share it with anyone.

  • 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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Last updated 3 years ago