The acronym NFT, used for the English word Non-Fungible Token, was considered the 2021 word of the year by Collins English Dictionary, one of the most renowned and well-known dictionaries in the world. The search for the term through online search engines grew by more than 11,000% in the last year and with that, numerous words that are used in the online universe have also emerged and, along with them, several doubts about their meanings.
We have put together this glossary to help you understand the main used terms, check it out:
CryptoArt : Art sold as NFT.
NFT : It is a digital asset (token) that is assigned to something unique, which can be a work of art, music, in-game items and much more.
Token: These are units of value that organizations or blockchain-based projects build on top of existing blockchain networks.
Blockchain: Immutable and distributed database on the internet, where information and transactions carried out in the virtual world are recorded.
Dapps: “Decentralized applications” are applications (Tokens) that run on the blockchain and can also have their own database to store their specific information.
Ethereum: It is a distributed network of computers around the world that enables the creation of smart contracts and uses the Ethereum (ETH) cryptocurrency as a payment system.
ETH: It is the acronym for Ethereum currency.
GAS: It is the fee that is generated whenever a transaction is made in NFTs. It varies according to the action to be taken and the volume of transactions.
METAVERSE: It is a kind of virtual world, where people can play, interact and do different activities through digital avatars.
MINT: It is the process of generating an NFT token.
Tezos: A blockchain that runs on PoS.
PoW, PoS, HashGraph: These are consensus algorithms that assign validity to transactions. PoW (Proof of Work) is used in Bitcoin and Ethereum, it consumes a lot of energy. PoS (Proof of Stack) and HashGraph are alternatives that consume less energy.
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