Learn the basics
This section explains the basic terms you need to know to buy and own NFT art.
In order to own NFT art, it is first necessary to understand three new concepts: ❶Crypto Exchanges, ❷Crypto Wallet, and ❸NFT marketplace.
"coinbase", "crypto.com","Binance" These are all cryptocurrency exchanges, digital marketplaces where you can buy and trade crypto.You can’t just buy Ethereum from your bank. If you want to buy some Ethereum, you’ll need to create an account on a crypto trading platform to exchange your U.S. dollars or other currency for digital assets.
A crypto wallet is a device or program that allows you to transfer and store cryptocurrency.
There are different types of crypto wallets, such as paper wallets, hardware wallets, and software wallets.
NFT marketplace is where users can buy and sell unique digital assets. However, since the type of these assets can range from the pieces of digital art to sport- and game-related collectibles.
The art market has a primary and a secondary market, and the NFT Marketplace can serve as both.
MetaMask is a web browser extension and mobile app that allows you to manage your Ethereum private keys. By doing so, it serves as a wallet for Ether and other tokens, and allows you to interact with decentralized applications, or dapps.
OpenSea dubs itself the world’s first and largest NFT marketplace.Before OpenSea there was no easy way to do any of these things. OpenSea is a peer-to-peer NFT marketplace, but it’s also the user interface layer between the blockchain and everyday consumers making NFTs easy for anyone to buy or access.
Ethereum is a decentralized global software platform supported by blockchain technology. It is most commonly known for its native cryptocurrency, ETH.
It natively supports smart contracts, an essential tool behind decentralized applications.
The term whitelisting comes from the information technology/cybersecurity world and generally means an “allow” or “safe” list, but in the NFT world it means something more specific.
For NFTs, whitelisting is the process of getting a crypto wallet address pre-approved for a future NFT mint.
Minting an NFT means converting digital data into crypto collections or digital assets recorded on the blockchain. The digital products or files will be stored in a distributed ledger or decentralized database and cannot be edited, modified, or deleted.
Last modified 5mo ago