20 Terms in NFT and Metaverse You Should Know

20 Terms in NFT and Metaverse You Should Know

global.gerbangindonesia.org – 20 Terms in NFT and Metaverse You Should Know

Read More

Everything about NFT and the metaverse is being talked about all over the world. There are also many people who dive into the world of NFT or even the metaverse and make huge profits. Therefore, it attracts people to join in there. However, before diving directly into the world of NFT and the metaverse, it’s a good idea to first look at the 20 terms that are often used. Here is the list.

#1 NFT

Abbreviation for Non-Fungible Token. Fungible means that it can be exchanged, like a fifty thousand note. We can exchange one fifty thousand note for five ten thousand notes. It’s called fungible. Well, because NFT is a Non-Fungible Token, it cannot be exchanged at all. The blockchain system as a storage place encrypts token data so that it cannot be broken, exchanged, or even deleted. This means, if a work has become an NFT, the work will be unique, original, cannot be exchanged, and of course cannot be duplicated.

#2 Blockchain

It is the latest data storage technology. Everything that is stored on the blockchain will be encrypted and not stored in the same place. Only the owner of the contract address of a data can access the data and combine the codes that have been encrypted earlier. Encrypted data is stored randomly and not centrally. Therefore, the storage system on the blockchain is also called decentralized storage.

#3 Decentralization

A decentralized storage system. Generally, digital data will be stored in the same place, but the concept of decentralization makes the data converted into encryption codes, each of which is stored randomly. Only the owner of the data—as evidenced by the contract address—can access the data.

#4 Encryption

The process of converting data into secret codes so as to obscure the original form of the data. In the world of NFT, a work that is processed into NFT will be converted into secret codes and stored randomly so that no one can access it. The only one who can combine all the random codes into real data is the owner of the contract address.

#5 Contract Address

Also known as Contract Address. Is a set of codes that can be used to call data that has been stored in the blockchain network. If someone purchases an NFT, that person will receive this contract address as a sign that he or she is the rightful owner of that NFT.

#6 Ethereum

It is one of the largest blockchain networks in existence today. Not only used as payment, Ethereum also creates an ecosystem that allows us to create NFTs and make buying and selling transactions.

#7 OpenSea

The most popular NFT marketplace today. OpenSea uses the Ethereum blockchain network so that all transactions carried out there use the Ethereum currency or other cryptocurrencies that also use the Ethereum network such as Polygon Matic.

#8 Mining

Is the process of converting a digital work into a crypto token. A digital work in the form of an image, short video, or audio will only become NFT after going through the minting process. It is this process that converts works into secret codes and stores them randomly on the blockchain network. When a work has gone through the minting process, then the work is legal to become an NFT.

#9 Gas Fee

Gas is a calculation that shows in-process costs that occur on the Ethereum network. Meanwhile, Gas Fee is a fee that we have to pay when we want to transact on the Ethereum network.

Ethereum is a very busy and congested blockchain network. Therefore, every process carried out in it will be subject to a Gas Fee as a form of appreciation as well as maintenance fees for the Ethereum network. The amount of Gas Fee can vary from each transaction. This depends on how busy the Ethereum network is when we want to make transactions.

#10 Gwei

The unit of account in the Ethereum blockchain. One Gwei is equivalent to 0.000000001ETH.

#11 Polygon Matic

A blockchain network that is still in the Ethereum ecosystem. Polygon Matic is an alternative for activities on the Ethereum network because it frees us from Gas Fees. How come? The reason is that the Polygon Matic blockchain network is not as busy as the main Ethereum network, so it does not require a fee when transactions are made through the network.

#12 Binance

Blockchain networks other than Ethereum are also popular. The Binance network ecosystem is used to develop crypto exchanges, NFT marketplaces, and most popularly the Binance Smart Chain. Through the Binance network, we can deposit NFTs purchased from other networks. For example, if we buy NFT on OpenSea using the Ethereum network, then we want to sell the NFT on the Binance NFT marketplace, we just have to deposit the NFT using the Wallet and enter our NFT contract address.

#13 Wallets

Is a crypto wallet where we buy and store all forms of crypto tokens. The token can be a cryptocurrency or even an NFT. This wallet also functions as a transaction tool in all NFT marketplaces. If we want to buy NFT on Binance, we have to connect our Wallet to buy. After buying NFT, the address of the NFT contract will be entered into our Wallet.

#14 Listing

The process of registering the NFT that we have created to enter the list of NFTs traded in a marketplace.

#15 Collection

A series of NFT collections that we have purchased in a marketplace.

#16 Crypto Token

The term for digital assets that can be stored for its value, traded, and make a profit.

#17 Floor Price

Is the initial price when an NFT is sold. The price of the NFT can increase when it is traded again by the owner.

#18 Metaverse

The concept of a digital world that we can explore and allow us to interact with other users around the world. A metaverse is built on a blockchain network and almost everything in it is NFT. In the metaverse, we can do activities such as working, building a business, going to a concert, or investing in virtual land.

#19 Decentraland

Metaverse projects that we can already explore. In the form of a game with a three-dimensional display that allows us to work, build a business, shop NFT, invest in virtual land, or just have fun. Big brands like SAMSUNG have opened their outlets in Decentraland.

#20 Sandbox

One of the metaverse projects besides Decentraland which is also very popular today.

Related posts

Leave a Reply

Your email address will not be published.