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Glossary
NFT stands for non-fungible token. A non-fungible object is a unique object that is not exchangeable. For example, money is fungible, you can exchange euros or cryptocurrencies, but a work of art is non-fungible, because it is unique.
An NFT is a digital file to which a digital certificate of authenticity has been attached. More precisely, the NFT is a cryptographic token stored on a blockchain. The digital file alone is fungible, whether it is a photo, a video or other, the associated NFT is non-fungible
An NFT drop is the release of a non-fungible token project. A 'drop' refers to the characteristics of this release: the date, time and purchase price of the NFT, the number of copies created (mints) and possibly the purchase limit in number of copies per transaction or per user.
The blockchain can be compared to a huge book belonging to no one and distributed identically to thousands of computers. Everyone can consult this book from its first page to the current one. No word of this book can be modified after it has been written. Thus, the Blockchain is unfalsifiable: it is the tool of digital trust.
"A blockchain is a registry, a large database that has the particularity of being shared simultaneously with all its users, all of whom are also holders of this registry, and all of whom also have the ability to enter data into it, according to specific rules set by a computer protocol that is very well secured through cryptography."
Simply put, a blockchain is composed of blocks placed end-to-end. Each block is composed of several transactions (exchange between users, or execution of operations by a smart contract). After recording recent transactions, a new block is generated and time-stamped, then added to the blockchain. The transactions it contains are then visible throughout the network. Once added to the chain, a block cannot be modified or deleted, which guarantees the authenticity and security of the blockchain.
To finish the analogy, the blockchain is a book, each block is a page, and each word is a transaction.
The metaverse is a persistent, massively scalable network of interconnected virtual worlds, focused on
real-time interaction, where people can work, interact socially, transact, play and even create. It uses advanced virtualization and technologies (AR, VR, haptic sensors, etc.) to fully immerse the user in the virtual world. This means that the user can interact live with a world that is always there, and that they can access whenever they want.
Many proponents believe that the perfect futuristic version of the "Metaverse" would consist of a single platform where you would have your personality, identity and connected platform services, under which many worlds would be created that you could access. Like a world with many sub-worlds that you can join, leave or even create. The important factors remain the definition of digital identity, digital property, digital currencies and the universal transferability of digital assets - enabling a fully functional economy in a virtual world.
Thus, the metaverse could replace many aspects of how tourism works, what a concert means, how art exhibitions are discovered, but most importantly how people learn, study, interact and even meet friends.
Staking is the act of tying up one's crypto-currencies in a smart contract in order to participate in the operations that take place on a blockchain. Staking is similar to mining in the sense that they reward users for participating in the security of a decentralized network. You will thus store your crypto while enjoying benefits.
Exchange currency attached to a blockchain. There are thousands of crytocurrencies, such as Bitcoin, Ethereum or Solana, and they allow exchanges to be made without third parties ( banks, financial institutions, etc.), in a decentralized way. Each cryptocurrency has its own utility.
Token : A kind of "sub-cryptocurrency" derived from a Coin (CAKE from BNB).
A native cryptocurrency of a Blockchain (Ether for the Ethereum Blockchain, SOL for the Solana Blockchain, BNB for the Binance Smart Chain).
Personal wallet linked to one or more Blockchain allowing to store its digital assets like cryptos or NFT (Metamask, Trustwallet, etc...). The wallet is protected by a private phrase (seed phrase).
The word used "burn NFT" is to destroy digital assets.
The main reason to burn an NFT is to increase the value of other NFTs that are in circulation. Many NFTs have a finite total number that can exist and therefore, assuming that the demand for the token remains the same, the value should theoretically increase if there are fewer in circulation.
This idea stems from the notion that there is less product in the market to satisfy the overall demand for a particular collection. An increase in demand for an asset can be noted by a steady increase in the price of the collection combined with increasing volume.
Last modified 1yr ago