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Busker Glossary
Explore the terms within the Web3 ecosystem and gain a deeper understanding of how Busker operates.
Word of the Day:
NFT (Non-Fungible Token)
NFT (Non-Fungible Token)
A digital asset that represents ownership of a unique item, often used for digital art, collectibles, and virtual real estate.
Web3
Web3
The next generation of the internet that aims to be decentralized, giving users more control over their data and online interactions.
NFT (Non-Fungible Token)
NFT (Non-Fungible Token)
A digital asset that represents ownership of a unique item, often used for digital art, collectibles, and virtual real estate.
Blockchain
Blockchain
A decentralized digital ledger technology that records transactions across a network of computers, providing transparency and security.
Cryptocurrency
Cryptocurrency
Digital or virtual currencies that use cryptography for security, with Bitcoin and Ethereum being prominent examples.
Smart Contract
Smart Contract
Self-executing contracts with predefined rules and conditions written in code, automating transactions on blockchain platforms like Ethereum.
Gas Fee
Gas Fee
The cost of executing a transaction or smart contract on a blockchain network, typically paid in cryptocurrency.
Wallet
Wallet
A digital tool used to store, manage, and interact with cryptocurrencies and NFTs.
Minting
Minting
The process of creating and tokenizing NFTs, often done by artists and creators.
IPFS
IPFS
(InterPlanetary File System). A decentralized protocol for storing and sharing hypermedia content across a distributed network.
NFT Marketplace
NFT Marketplace
Online platforms where users can buy, sell, and trade NFTs, such as OpenSea or Rarible.
NFT Royalties
NFT Royalties
A percentage of future sales that creators receive when their NFTs are resold on secondary markets, ensuring ongoing compensation for artists.
Decentralized Exchange
Decentralized Exchange
A cryptocurrency exchange platform that operates without a central authority, allowing users to trade digital assets peer-to-peer.
NFT Standards
NFT Standards
Technical specifications and standards (e.g., ERC-721, ERC-1155) that define how NFTs should be created and interact with other platforms and applications.
Wrapped Token
Wrapped Token
Tokens that represent other assets, typically cryptocurrencies like Ether or Bitcoin, on a different blockchain, enabling cross-chain compatibility.
NFT Metadata
NFT Metadata
Descriptive information, images, and attributes associated with an NFT that provide context and uniqueness to the digital collectible.
Stablecoin
Stablecoin
A type of cryptocurrency designed to maintain a stable value by pegging it to a reserve asset like the US dollar (e.g., USDC, DAI).