Tokens are elements that represent information of an asset, whether physical or digital. This representation lives on the block chain through pieces of code. Non-fungible tokens cannot be divided or exchanged with each other, since no two have the same value. It is not possible to split or exchange. NFTs can represent literally anything from a piece of art to tickets to exclusive events.
Did you have any kind of Accounting where there were books of income and expenses? Perhaps you have never seen it, the chain of blocks is basically that, a ledger hosted on a public network where all transactions of digital assets are recorded. It cannot be modified by centralized organizations, nor can your information be deleted or modified. It is transparent and effective.
Programs that are executed in the blockchain or network of blocks through code rules, are executed automatically when predetermined conditions are met, that is, when A happens, B happens as a consequence, in this way the participation of intermediaries.
The launch of a collection of NFTs. The date and time is announced, as exciting as the countdown to the New Year, only here, investors can immediately fulfill their purpose of acquiring said token. It is associated with a limited edition of collectibles.
They are digital assets that are encrypted, that is, it is not something physical, they are records of transactions that are carried out in a chain of blocks. With cryptocurrencies you can also make payments but only electronically.
Something like the wallet you carry in your pocket plus a kind of paypal, only for cryptocurrencies. What is stored in this software and/or hardware is the public and private key of said cryptocurrencies. The wallet allows you to send or receive payments.
Rarity is an attribute that is given to a non-fungible token, depending on how special and unique certain traits are, their combinations are analyzed and how many times these traits are repeated in the collection. The level of rarity partly determines its value, so the rarer the better.
It refers to the evolution of the internet, where user participation is complete. Before there was only reception of messages and activity within centralized platforms, the difference lies in the decentralization of the internet happening in block chains. Users can remotely interact with artificial intelligence and machine learning technology; most importantly, without intermediaries.
Decentralized Autonomous Organization. It is a structure or form of organization based on blockchain, which depends on smart contracts. They are characterized by having greater transparency, autonomy and security, at the same time they are not regulated by organizations within the law.
It is a decentralized chain network in which you can have cryptocurrencies, make payments without going through organizations such as the Bank, and build digital applications. No need to share personal data. Its cryptocurrency is ETH.
Ether (ETH) is the digital currency or token that works for the Ethereum network, public block chain. It is recorded in a ledger, transparently and cannot be modified.
WETH comes from the acronym “wrapped Ether”, in Spanish “Ether Wrapped”, its purpose is to exchange Ether for other ERC-20 tokens. WETH is nothing more than a smart contract that has a pre-established data structure.
In English it means “coin”, which is to print and stamp metals by means of a die. In the crypto ecosystem, it refers to the action of creating a certificate for an asset and uploading it to the blockchain through smart contracts, which is why we say that non-fungible tokens or NFTs are “minted”.
It is not the popular Hashtag #, the hash in the cryptographic system is a coded text string that is created in the blockchain that takes data to generate unique identifiers that cannot be repeated or modified, therefore guaranteeing digital security. It looks like numbers and letters of a certain length. Imagine all the possible combinations!
The gas fee or gas fee is the commission that must be paid for a transaction to take place in Ethereum. Let's remember, in order to “mine” a non-fungible token, it is necessary for the validators to confirm the transactions in the block chain and thus be able to execute the contract.
These refer to the fees charged by the marketplace when NFTs are traded. Mainly when users make a purchase or sale transaction.
Royalties paid to creators. The wonderful thing is that in the world of non-fungible tokens we are talking about perpetual royalties, since each time said NFT is sold, the author will take the percentage of said sale that has been previously established in the smart contract. These fees are set around 5% to 10% of the token value.