Here’s a list of key terms used in the NFT space and it’s a helpful to review before you get started.
- Non-Fungible Tokens (NFTs) – Non-Fungible Tokens (NFTs) are unique, digital items with blockchain-managed ownership. Examples of NFTs include digital art, collectibles, virtual reality items, crypto domain names, ownership records for physical assets, and more.
- Ethereum – Ethereum is a blockchain, and ETH is the currency used to make transactions on the Ethereum blockchain.
- Gas fees – Think of gas fees as Ethereum blockchain transaction costs. OpenSea has no say in setting gas fees – they are determined by supply/demand across the network (blockchain).
- Crypto wallet – A crypto wallet is an application or hardware device that allows individuals to store and retrieve digital assets.
- Wallet address – Your wallet address is unique. It’s the address people will use when they are sending crypto or NFTs to your crypto wallet.
- Seed phrase – Your seed phrase is a list of words that can be used to recover your crypto should you forget your password or lose access to your wallet. When you first begin trading with your wallet, find your seed phrase and back it up somewhere safe, in multiple locations if possible. Don’t store your seed phrase on an online cloud storage service and never share it with anyone.
- Collection – A collection is a body of work, like a store or gallery. If you see someone refer to an OpenSea collection as a store or gallery, don’t get confused – it’s all the same. We use the term collection to keep things simple.