NFT: That’s a non-fungible token. Wikipedia says an NFT is a unique and non-interchangeable unit of data stored on a blockchain. NFTs are digital assets that can come in the form of audio, photos, videos and others. “But beyond that, it also represents culture, communities and brands,” added Lee.
Blockchain: As a database, a blockchain stores information electronically in digital format, said Investopedia. The records of transactions made in a blockchain cannot be altered, deleted or destroyed.
Ethereum wallet: An Ethereum wallet allows users to store NFTs on the Ethereum blockchain. According to fintech and blockchain website Cointelegraph, having an Ethereum account allows you to send transactions, receive funds, and keep track of its balance.
Minting: A process in which digital assets (everything from art to music to articles) as NFTs are a way for artists to monetise their work, said financial and investing advice company The Motley Fool.
Cryptocurrency: A virtual payment system that allows secure online payments without involving third-party intermediaries (such as banks), said Investopedia, to verify transactions.
Metaverse: Andrew Faridani, CEO of digital marketing agency BreezeMaxWeb, in a Forbes article, described the metaverse as an immersive, digital environment populated by virtual avatars representing actual people. Think popular games like Animal Crossing, where players can pick their own avatars, get to meet friends and design their own spaces in their “house”.
Utility NFTs: Utilities allow buyers to derive a new form of value from an NFT, instead of looking at the attractiveness of the art, said tech website Data Driven Investor in a Medium article. For example, access to music, game experience and real-life events.
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