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Understanding Web3 Jargon: A Complete Guide
Understanding Web3 Jargon: A Complete Guide

Navigate the world of decentralization with confidence.

Updated over a week ago

Embark on your journey into the world of Non-Fungible Tokens (NFTs) and Web3 with confidence by familiarizing yourself with key terms and concepts categorized for clarity.

NFT basics

  • Non-Fungible Tokens (NFTs): Digital assets representing unique items or creations with blockchain-managed ownership.

  • Collection: Curated sets of NFTs, akin to galleries or stores, facilitating organization and discovery.

Blockchain fundamentals

  • Blockchain: Decentralized digital ledgers recording transactions securely across a network.

Crypto wallets and cryptocurrency

  • Crypto wallet: Tools enabling storage, management, and transactions of cryptocurrencies and NFTs.

  • Cryptocurrency: Digital or virtual currency secured by cryptography, powering transactions within the NFT ecosystem.

  • Bitcoin: The first and most well-known cryptocurrency, operating on a decentralized network called Bitcoin blockchain.

Decentralized applications (dApps) and infrastructure

  • dApp (Decentralized App): Applications built on blockchain technology, offering decentralized functionality.

  • Solana Name Service (SNS): Decentralized domain naming system simplifying wallet address readability on Solana.

  • Solana: A high-performance blockchain platform designed for decentralized applications and crypto-native projects.

Ethereum and interoperability

  • Ethereum (ETH): Leading blockchain platform supporting smart contracts and transactions.

  • Ethereum Virtual Machine (EVM): Runtime environment enabling smart contract execution and interoperability.

  • Smart contract: Self-executing contracts automating agreements within the blockchain ecosystem.

  • Ethereum Name Service (ENS): Domain naming system on Ethereum resolving to wallet addresses, facilitating NFT and cryptocurrency transfers.

Transaction dynamics

  • Floor price: Minimum listing price for items within an NFT collection, serving as a benchmark for asset valuation.

  • Gas fees: Transaction fees paid by users to execute operations on the Ethereum blockchain.

  • Gwei: Denomination of ETH used to measure gas fees accurately.

  • Priority fee: Additional transaction fee incentivizing validators for prompt transaction processing.

Security measures

  • Private key: Cryptographic string granting access to digital assets stored on the blockchain.

  • Seed phrase: Series of words used for generating and recovering a crypto wallet, crucial for safeguarding digital assets.

  • Wallet address: Unique identifier associated with a crypto wallet, used for sending and receiving cryptocurrencies and NFTs.

Understanding these key terms and concepts, spanning across Ethereum, Solana, and Bitcoin ecosystems, lays a solid foundation for navigating the dynamic landscape of NFTs and Web3. With clarity on terminology and fundamentals, you can confidently engage in the future of digital ownership.

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