Beginner's Guide to web3
Learning about web3 and NFTs from scratch can feel as intimidating as staring at the open ocean, so we’ve put together a few helpful resources to help newcomers get up to speed with some of the basic concepts and terminology.
Keep in mind this is just meant to be a guide to help you get started. The web3 space evolves very rapidly so it is important to have an open mind and an always-learning mindset.
We encourage you to do further research or reach out if you need any pointers.
What is an NFT?
NFT stands for non-fungible token. Essentially, an NFT is a digital certificate of ownership of a unique asset. NFTs are stored on blockchains -the most popular one for NFTs is called Ethereum.
Where can I get one?
There are two possibilities:
2. You can mint an NFT directly from a project’s website, which means you generate the token (NFT) by interacting with a smart contract on the blockchain.
What is the blockchain?
A blockchain is a distributed digital ledger that records transactions and data on a decentralized peer to peer network. There are several blockchains, but the most popular ones are probably Bitcoin and Ethereum.
What is web3?
It is a new way of utilizing the internet based on three key pillars enabled by blockchain technology: decentralization, transparency and privacy.
What is Ethereum?
Ethereum is a public, open-source blockchain-based computing platform. Ethereum allows users to build and deploy smart contracts that run decentralized applications, or dApps. It has its own cryptocurrency called Ether (ETH)
Here’s an article with more info:: https://ethereum.org/en/what-is-ethereum/
FREQUENTLY USED TERMS
A reference with some commonly used terms in the web3 & NFT space.
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Unique single-edition works of art.
Receiving an NFT that is directly transferred into a wallet without the receiver having to pay gas fees.
Buying into a project without doing your research. Also used to refer to people who own an NFT from the Bored Ape Yacht Club (BAYC).
To be working on something
A hardware cryptocurrency wallet that stores the user’s seed phrase in a physical device that is not connected to the internet.
Holding onto an NFT for a long period of time.
Do your own research.
Buying and NFT and selling it quickly after for a profit.
The cheapest price at which an NFT from a particular collection can be bought for.
Fear of missing out on a project or on making money.
Fear, uncertainty, doubt.
The cost to execute a transaction on the blockchain.
When the Ethereum network becomes saturated due to unusually high traffic at a given time, causing gas fees to increase dramatically.
The universal greeting in the NFT and web3 space. It means good morning and is used regardless of time of day.
Hold on for dear life: to hold on to something hoping it will gain value in the future.
The “InterPlanetary File System” is a peer to peer network used to store and share data on a distributed system.
An iteration of the internet made up of a multitude of persistent, shared virtual 3D spaces in which people can interact with each other and their environments.
Creating and storing a new NFT on the blockchain.
Not financial advice. Nothing you hear on a public online conversation is ever financial advice.
Not gonna make it
Selling an NFT soon after purchasing it.
Play to earn.
Probably something big.
Losing money on an investment, getting “wrecked”.
An abandoned project whose founders disappeared and left their community and investors empty-handed.
When Twitter/Twitter Spaces crashes in the middle of a live audio conversation. Also refers to getting rug-pulled.
A master key in the form of a unique series of words. A seed phrase is generated by each crypto wallet and grants access and control over all assets on that wallet. Seed phrases should never be shared with any person or entity.
Pitching your project to other people.
A programming language used for writing smart contracts on the Ethereum blockchain.
Exclusive benefits or perks granted for owning an NFT. Utility can vary wildly from project to project.
We’re all gonna make it.
A major player with substantial capital.
A private sale in which only specific wallet addresses are able to mint NFTs from a project before the sale goes public.