28 Nov NFTs: Nomenclature (Part 3)
As promised, here are a few important terms to know. We’ll start from a high-level and distill into the trenches later.
BLOCKCHAIN Energy Consumption: this is really simple, but sounds complicated. All you need to know is that Energy Cost, Emissions, Gas Consumption, Gas Fees, Gas-less and Gas Wars have nothing to do with gas or gasoline. In a nutshell, these are terms all of us are familiar, however they refer only to costs and back-end
FEES. Simple as pie. Transaction fees = Gas. Higher demand = Gas Wars, and so-on.
ECOSYSTEM or Blockchain Ecosystems: new technology, which include Blockchains; DeFi or Decentralized Finance; Crypto-mining, Crypto-enabled Marketplaces; Digital Wallets, NFTs; Token-omics; and more
METAVERSE: the digital universe, which uses Blockchain, virtual reality, augmented reality or other ecosystems accessible via mobile devices, computers, gaming consoles, etc., to recreate images, graphics, video or other content to replicate real-world or fictitious video, music, artistic replication or original work in 2-D and/or 3-D or other visual representations, digitized and available to purchase, own, sell or collect. Primarily purpose… to show-off via your Wallet or other means. This is the future of finance, trade and wealth-building. Note, the Metaverse has been in the public eye for close to 30-years. (More on this to follow).
MINTING: is the creation of NFTs on the Blockchain
Coming soon … OS (OpenSea), Generative Artwork, FUD (fear, uncertainty & doubt = discord), Diamond Hands, Paper Hands, etc.
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