Explanations for frequently used terms in our NFT guide.

Here is a list of words that you might be familiar with or might not. Let’s make sure we are all speaking the same language.

NFT: This stands for non-fungible token. Similar to cryptocurrencies, NFTs are digital assets that can be purchased, sold, and traded. Each NFT offers a unique digital identifier that cannot be copied, substituted, or subdivided, that is recorded on a blockchain (such as Ethereum or Polygon), used to certify authenticity, ownership.

NFT Collection: Smart contracts that can house multiple different or identical NFTs. Think of them as a folder for your digital assets. When you mint NFTs to a collection, the smart contract acts as a container keeping all of the work in one place.

Digital asset: This is anything that is stored digitally and is uniquely identifiable.

Artist: The credited creator of the media that is being minted as an NFT.

NFT Attributes: These are the unique traits associated with your NFT. Attributes are an incredibly important aspect of NFT scarcity.

Single Edition: a one-of-a-kind NFT. 1 of 1 available, forever.

Limited Edition: NFTs that are multiple copies of the same file. 100 of 100 available, forever.

Resale Royalty: When one of your NFTs is resold by a buyer on third-party markets such as OpenSea or Rarible, the royalty recipient will receive a % of the sale price as defined in the NFT at the time of minting (e.g. 10%).

Royalty Recipient: The royalty recipient is the 0x address that is defined at the time of minting your NFT to receive any and all associated resale royalties incurred by your NFT when it is resold on third-party markets, such as OpenSea.

Owner: The current owner or holder of an NFT. Initially, this will always be the Revelator Pro admin enterprise account.

Mint / Minting: This is the action of publishing a unique digital asset on a blockchain so that it can be bought, sold, and traded.

List / Listing: This is the action of making your NFT available for purchase for a fixed price to the public.

Buyer: Any individual who purchases an NFT.

Storefront: a Revelator-hosted page where you can list your enterprise's NFTs for sale directly to fans. You can customize it to your brand, and comes with a built-in e-commerce solution for receiving payments from web3 wallets and credit cards.

NFT Item Page: a public URL for hosting the minted NFT. It is created at the time of minting for all Revelator minted NFTs, and will only feature a sale price and button to 'Buy Now' when it is listed for sale on an enterprise storefront.

Buyer Showcase: Buyer-specific pages that allow them to showcase their purchased NFTs, automatically generated after signing up during checkout. Any user who has purchased an NFT with credit card can choose to transfer purchased NFTs out of their account and into their wallet, free of charge.

Primary Sale: When an NFT is sold by it's creator. No royalty is paid on primary sales as the creator is already receiving 100% of the sale revenue.

Secondary Sale: When an NFT is sold by anyone other than the creator. Royalties are paid on secondary sales.

Blockchain: A blockchain is a decentralized, distributed digital ledger that is used to publicly record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network.

Polygon: Polygon is a 'Proof-of-Stake' (POS) Ethereum-compatible blockchain that enables developers to build scalable applications with low transaction fees. Learn more

Amoy: Amoy is Polygon's test network for devs to build and deploy new apps for testing purposes prior to launching on Polygon's main network. It operates identically to Polygon's main network, however, assets cannot be moved between Amoy and the main network.

MATIC: MATIC is an ERC-20 token, meaning that it's compatible with other Ethereum-based digital currencies. MATIC is used to govern and secure the Polygon network and to pay network transaction fees.

Production Environment: This is where the latest version of the NFT service is pushed live to our customers and fans.

Wallet: This is where a third-party company (like us, Revelator) securely manages the wallet's private keys and allows whitelisted access via a backend authentication method or similar. The wallet owner controls the wallet funds and transactions within the wallet.

Burn/Burning NFT: Burning an NFT is the equivalent of deleting and removing it from your account on Revelator Pro and from the blockchain. When you burn an NFT, the transaction is irreversible and there is no way to recover it, ever.

Last updated