The NFT Dictionary📔
Tags: blockchain, web3, nft
Published: 2022-02-11 07:50:04

With the booming interest and hype on the internet around NFTs and crypto, if you are feeling overwhelmed by the technical jargon and specific terms, this article is for you.

**A - Address**:
On a blockchain network, an address is used to send and receive NFTs, as well as to identify a participating entity or an account. It normally functions in the same way as a standard bank account number and may be shared with others publicly. An address is a series of alphanumeric characters. The address in Ethereum starts with 0x. For example: 0x07B96467EDc6c407096726GC97B89d60E38x04fg. A blockchain address is also known as the public key.

**A - Airdrop**:
To create interest in an NFT Project or to incentivize the current users in the community, free NFTs or collectibles are distributed by the creators and this is called an NFT airdrop.

**B - Blockchain**:
Blockchain is a decentralized, public ledger or database that stores data & uses cryptographic encryption. NFT’s are minted & stored on blockchain networks. Some commonly used blockchains for minting NFT’s are Ethereum & Polygon.

**B - Bridge**:
Users wishing to trade NFT’s, but who don't know how to do it can utilize Bridge. A Bridge is a service that lets you transfer your NFT’s from one chain to another, for a transaction fee.

**B - Burning**:
A non-fungible token is destroyed when it is burned. Burned NFTs are delivered to an unrecoverable address, thereby removing your NFT from the blockchain. Transactions following the burn will stay on the blockchain as a record.

**C - CAT**:
CAT is the short form of Crypto collectible Asset Tokens. Crypto kitties is a CAT & a famous NFT on Ethereum.

**C - Collectible**:
Crypto collectibles are one-of-a-kind items that are created on a blockchain as non-fungible assets that anybody can buy. They are generally rare and typically sell for a high price because of the blockchain technology that makes them distinctive and exclusive. Some common types are games, Art & Sports collectibles.
**C - Copyminting**:
Copyminting is the fraudulent act of downloading another developer’s NFT & minting it as your own or simply creating a plagiarised NFT. Copyminting is fairly a new term in this space.

**C - Crowdsales**:
A pre-sale can be held by the developers of the NFT project, letting them buy those NFT’s using ETH or their own tokens. The tokens acquired are distributed to the NFT project's investors and early supporters.

**D - Dapps**:
An application built on a decentralized network using smart contract & frontend UI is called a Dapp. Dapp’s involving the use or creation of NFT’s is called NFT Dapp’s.

**E - Ether**: 
ETH or Ether is the Ethereum network's cryptocurrency. It is used as a fee for any Ethereum transaction or while utilizing an Ethereum app. This fee is intended to encourage a miner to analyze and validate the action you are performing on the network.

**E - Etherscan**:
Etherscan is a blockchain explorer or simply an application that lets users check the value of their digital assets. Users can also verify the transactions and balances using the public address. Link to Etherscan: https://etherscan.io/

**F - Farm**:
NFT’s are brought from the NFT marketplace for a price, but if you wish you may farm them by mining their tokens with your GPU. You will become a node in the blockchain network by doing so.

**F - Floor**:
The lowest current market price at which you can buy an NFT from an NFT marketplace is the floor price of that particular NFT. It is frequently used as a quick indicator of the worth of an NFT project.




**F - FUD**:
FUD or Fear, Uncertainty, and Doubt is a word used by people who dislike an NFT project and wish to undercut the value of a digital asset in the market, or, more broadly, desire to reject concerns highlighted by crypto critics.

**F - Fungible Tokens**:
Mutually interchangeable or tradeable tokens such as Bitcoin & Ethereum are Fungible Tokens or FT.

**G - Gas**:
Amount paid as fees to complete a crypto transaction on a blockchain network is called Gas. In the Ethereum network, gas fees are paid in Ether or ETH.

**M - Minting**:
Minting is the process of creating NFT’s. It is hosted in a smart contract on a blockchain network.

**M - Minting Interval**:
This is the frequency at which NFT’s or tokens can be minted or created.

**M - Marketplace**:
A website hub where NFT projects can list their NFT’s & users can buy, sell & trade those NFT’s for a price.

**N - Non-fungible**:
Items that are not interchangeable with one another are called Non-fungible. Tokens based on blockchain that are not mutually interchangeable are called non-fungible tokens (NFT).

**P- Private & Public Key**:
The private key is a secret passphrase used to access assets in your wallet. The public key is also similar to the private key, but instead of being secret, it is public. Your private key is evidence that you possess the original asset. The public key of the content developer acts as a certificate of originality for that specific digital asset. The value of every NFT token is essentially determined by the combination of the developer's public key and the owner's private key.

**Q - QR code**:
A wallet address is encoded in the QR code & can be scanned to easily send NFT’s or tokens. 

**R - Rarities**:
On the Ethereum blockchain, items of varying rarity are issued a unique number. They'll have unique IDs and information, and they'll be designated names such as “Prime”, “Elite”, etc.

**S - Sharding**:
Sharding is very new to NFT & is gaining traction. Sharding allows individuals to split expensive NFT’s into pieces or shards, among multiple individuals so that they can be collectively owned. 

**T- Token**:
A token is a blockchain record that grants its owner access to a specific quantity of digital cash or the ability to do various operations with the asset. A token is a piece of information that is used to execute or represent a transaction. Tokens are often encoded on the blockchain as long lines of randomized characters and numbers known as a hash.

**W - Wallet**:
A blockchain wallet is a type of digital wallet which allows users to securely store and manage digital assets like cryptocurrencies and NFT's.

**W- Whitelist**:
The pre-approving of a crypto wallet address to mint NFT, in future, when the project launches its NFT’s. Whitelist gives early access to NFT’s to the early supporters of an NFT project.


**<u>About Arcana Network</u>**
Arcana Network is a decentralized storage layer for Ethereum, offering storage for DApps built on EVM compatible chains, such as Ethereum, Binance chain, and Polygon (Matic). But Arcana doesn’t stop at storage. To fully realise the privacy and data ownership benefits of decentralized storage, you need a suite of services, which are currently not decentralised. Arcana fixes this with its Privacy Stack. Arcana’s Privacy stack offers Decentralized Storage that is end-to-end encrypted, along with Non-custodial Key Management Services (KMS) and Decentralized Identity and Access Management.

Official Links: [Website](https://arcana.network/) | [Telegram](http://t.me/ArcanaNetwork) | [TG Announcement](http://t.me/ArcanaAnnouncements) | [Twitter](http://twitter.com/ArcanaNetwork) |[Medium](http://medium.com/arcana-network-blog)