Key NFT terms to know

Interacting in the NFT and Web3 world can be made much easier with an understanding of these key NFT terms

Jonathan L avatar
Written by Jonathan L
Updated over a week ago

Here's a list of key terms used in the NFT space.

Non-Fungible Tokens (NFTs) – Non-Fungible Tokens (NFTs) are unique, digital items with blockchain-managed ownership. They are digital collectibles similar to a physical collectible, but in digital format. Examples of NFTs include digital art, collectibles, virtual reality items, crypto domain names, ownership records for physical assets, and more. Read more about NFTs in our Knowledgebase.

Blockchain – A blockchain is digitally distributed ledger that facilitates the process of recording transactions and information across a network. It is a decentralized or distributed database containing records of NFTs and cryptocurrency. Sweet regularly "mints" NFTs on the Polygon, Tezos, SLP, and Ethereum blockchains. Read more about blockchains here.

Crypto Wallet – Often shortened to simply wallet, it is an application or hardware device that allows individuals to store and retrieve digital Items, such as cryptocurrency and NFTs. You may have multiple wallets depending on how you would like to interact with your various NFTs. Read more about wallets here. (see also Wallet Address below)

Gas fees – Gas fees are the "costs" associated with performing transactions on various blockchains. They are usually determined by supply and demand at any given time across the network. Read more about Gas Fees here.

Mint/Minting - The act of creating an NFT, minting creates a smart contract, stored on a blockchain that lists the initial creator of the work and other relevant information about the NFT.

Sweet Username - This is the user name that you select when you create your account with Sweet. This is different from your external crypto wallet. Read more here about how to find your username.

Seed phrase – Your seed phrase is a list of randomized words (usually ranges from 12-24 words) assigned to your wallet when it is created. This is the only way that you can recover access to your wallet should you forget your password or lose access to your wallet. You’ll receive a seed phrase to write down when you first create a crypto wallet. Write it down and back it up somewhere safe. Do not store your seed phrase on an online cloud storage service and never share it with anyone.

Smart contract – Smart contracts are decentralized code that run on blockchains. Buying and selling NFTs relies on smart contracts.

Token - A shortening of the NFT (Non-Fungible Token). This word is often used interchangeably with NFT.

Wallet address – Also known as your "public key", it is the address to which NFTs (and cryptocurrencies) are sent (and the source when you send to someone else). Your NFTs do not reside in your wallet, they exist on the blockchain and are associated with the wallet address.

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