What are NFTs?
NFTs (Non-Fungible Tokens) are unique digital assets that are secured and contained on the blockchain. The blockchain verifies ownership, provenance, and transaction history.
What is Blockchain?
Blockchain is a system of recording information in a way that makes it difficult or nearly impossible to change, hack, or cheat the system. A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain.
What is a “wallet”?
Your crypto wallet is where you can view your cryptocurrency assets and transactions, all in one place. It's also where you confirm any transactions in process. Different wallets have different features. For example, some allow you to view NFTs from a smartphone. Popular wallets include Coinbase and Metamask.
What is ‘Gas’ or minting fees?
The blockchain depends on processing power provided by a decentralized network of computers. Minting fees, often called “gas fees” are what the members of this network earn in return for the processing power they provide. Gas fees can fluctuate according to the amount of traffic on the blockchain at any given moment but cannot be avoided.
What is the Primary Market?
Primary Market or Primary Sales are the first time an NFT is sold. This can either be a purchase from the NFT creator or an NFT that is minted on purchase.