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August 1, 2022

Key NFT, Crypto and Web3 terms

Learn more about the most common web3, blockchain and crypto terms to get you started

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We've collected various popular terms that are often used in the NFT space into this one article to help you get more familiar with NFT marketplaces.

This list of terms should help you out getting started using NFTs:

Blockchain: A blockchain is like a decentralized or distributed database that stores a list of all transactions pertaining to that network. It collects information like transactions (known as blocks) and simultaneously executes them in order. An example of a blockchain is Ethereum.

Crypto Wallet: A crypto wallet allows you to store, send and receive cryptocurrency tokens and/or digital assets (NFTs and FTs). Crypto wallets can be cold or hot storage.

DApp: A DApp (Decentralized App) is a website-based type of platform that allows you to swap tokens by simply connecting your wallet. Examples include UniSwap, 1Inch, Bancor, etc.

ENJ: Enjin Coin (ENJ) is Enjin's native cryptocurrency token built on Ethereum. You can read more about ENJ here.

ENS: Ethereum Name Service (ENS), is a domain naming system. ENS allows you to purchase unique and custom domain names for your Ethereum wallet address.

EFI: Efinity Token (EFI) is Enjin's token used for the Efinity network, built for the next-gen blockchain for all NFTs.

ERC-1155: The ERC-1155 smart contract is an Ethereum standard that allows for infinite amounts of both Fungible (identical) and Non-fungible (unique) tokens in a single deployed smart contract.

ERC-721: The ERC-721 token standard is an Ethereum standard that allows for Non-Fungible tokens (NFTs) to be created and executed in a single deployed contract.

Ethereum / ETH: Ethereum is an open-source blockchain, created by Vitalik Buterin. Ethereum allows developers to deploy their own token standards. ETH is the native cryptocurrency token on the Ethereum network. You can read more about Ethereum here.

Gas fees: Gas fees are used to pay the miners for every transaction you make on the Ethereum network. Think of gas fees as a way to fuel your transaction to successfully complete. You can read more about gas fees here.

NFT: NFTs (Non-Fungible Tokens) are unique, digital assets created and imprinted on the blockchain. An NFT is uniquely identified with a token ID #, and once created, can never be replicated again. A few examples of NFTs are digital art pieces, historic collectable items, music, game items and more. You can read more about NFTs here.

Reserve Value: The reserve value of an Enjin-powered NFT is the value of Enjin Coin (ENJ) that is used to infuse (a.k.a to back up) the digital asset. Various Enjin NFTs can be backed by as low as 1 ENJ or as high as 500 ENJ.

Seed Phrase: A seed phrase is a uniquely generated list of words (often 12 words) that is used to access your crypto wallet and funds. This seed phrase should never be shared and should never be stored digitally or online.

Smart Contract: Smart contracts are decentralized codes that run on blockchains. A smart contract tells the system or platform what to do and what code to run. For example, the NFT.io marketplace contract has rooted in various lines of code to allow you to purchase, list or bid on NFTs.

Supply Type: The supply type of an NFT indicates what type of NFT it is, these can range from collapsing, fixed or infinite supply. You can read more about supply types here.

Total Supply: The total type of an NFT is the total amount of NFTs available. There might be 50 or 100+ of an NFT. You can specify a total supply amount at the creation of your NFTs.

Wallet Address: Your wallet address is a unique, public address that is yours when you first create your wallet. It’s the address people will use when they are sending cryptocurrency or NFTs to your cryptocurrency wallet.

WETH: wETH, also known as Wrapped Ethereum, is a crypto token and is a tokenized version of the cryptocurrency Ethereum that are pegged to the original coin and can be unwrapped at any given time.

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