Glossary of Terms

Understanding the terminology used in the NFT space will help you navigate the SR3TNFT platform more effectively.

Blockchain Terminology

  • NFT (Non-Fungible Token): A unique digital asset that represents ownership of a specific item or piece of content on the blockchain

  • Blockchain: A distributed digital ledger that records transactions across many computers

  • Smart Contract: Self-executing code on a blockchain that automatically implements the terms of an agreement

  • Gas Fee: A transaction fee paid to network validators for processing blockchain transactions

  • Base: The Layer 2 blockchain on which SR3TNFT operates, offering lower costs and faster transactions

  • Minting: The process of creating a new NFT on the blockchain

  • Wallet: A digital tool that allows users to store, send, and receive cryptocurrency and NFTs

  • Token Standard: A set of rules that define how an NFT functions (ERC-721 and ERC-1155 are common standards)

  • Metadata: Information about an NFT that is stored on-chain or referenced by the token

  • Provenance: The documented history of an NFT from creation through all transfers of ownership

Platform-Specific Terms

  • In-App Wallet: SR3TNFT's managed wallet solution that handles technical blockchain details for you

  • Account Abstraction: Technology that simplifies blockchain interactions by handling complex operations behind the scenes

  • Platform Fee: The 3.7% fee charged on transactions to support platform operations and gas coverage

  • Creator Royalty: The 2.5% fee paid to original NFT creators on every resale

  • Price Scaling Factor: The algorithm that determines the price increase (6.9%-8%) after each trade

  • Universal Bridge: The technology that enables withdrawals to external wallets

  • Gas Sponsorship: SR3TNFT's coverage of all transaction gas fees for users

  • NFT Splitting: The process of dividing an NFT into multiple tradable fractions

  • Premium Membership: Optional subscription tiers offering enhanced platform features

  • Watchlist: Feature for tracking NFTs you're interested in but not yet ready to buy

Collection Terms

  • Drop: A scheduled release of new NFTs or collections

  • Collection: A group of related NFTs, usually by the same creator or theme

  • Edition: A limited number of identical NFTs

  • One-of-One: A unique NFT with only one copy in existence

  • Attributes: Specific characteristics or traits assigned to an NFT

  • Rarity Score: A measure of how uncommon certain attributes are within a collection

  • Floor Price: The lowest available price for an NFT in a specific collection

  • Listing: An NFT that is available for purchase on the marketplace

  • Blue Chip: Established NFT collections with proven value and recognition

Previous❓ Frequently Asked QuestionsNextContact & Support

Last updated