Definitions

What is NFT?

Non-Fungible Tokens (NFT) are digital assets with a specific value, stored in the blockchain network. They are linked to the media they represent and have a digital certificate of ownership. They are not “fungible”, meaning, they are unique and cannot be replaced. The detailed information, as well as the value of the NFT, will be available on the blockchain. The first set of NFTs was launched in 2017 and their popularity has grown since then. Some known names in the NFT landscape are Think Cryptopunks, the Bored Ape Yacht Club and Beeple.

What is Blockchain?

Blockchain is a distributed ledger that is open to anyone. It is essentially a chain of blocks that store and contain information. It is difficult to change data once it is recorded on the blockchain, making it a secure and accurate way to store information.

What is NFT Minting?

NFT Minting is the act of bringing an NFT to life or turning the digital artwork or media into part of the Ethereum blockchain. Once minted, it is unchangeable and unique.

What is a Gas Fee?

A gas fee is the transaction/processing fee that an individual pays while buying or selling an NFT.

What is OpenSea?

OpenSea is the world’s first and largest marketplace for NFTs. It's a platform where individuals can buy, sell and trade NFTs. Think of it as Amazon for NFTs- a platform where different digital assets are displayed for you to choose from. OpenSea supports Ethuerum and Polygon Blockchain.