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What are the key terms to know before I get started?
Here's a list of key terms used in the NFT space and it's a helpful to review before you get started.
Non-Fungible Tokens (NFTs) – NFT stands for “Non-Fungible Tokens”, which relates to tokens that are unique and cannot be replicated, which allows traceability and clear ownership of the token. Examples of NFTs include digital art, collectibles, virtual reality items, crypto domain names, ownership records for physical assets, and more.
Avalanche – Avalanche is a Layer 1 fast and cost effective blockchain, and $AVAX is the utility token used to support and govern Avalanche blockchain.
Transaction fees – Think of gas fees as Ethereum blockchain transaction costs. out of Kalao's control, Network transactions fees are defined by Avalanche blockchain ecosystem – while always relatively low, they might slightly fluctuate depending on volume network activity.
Crypto wallet – A crypto wallet is an application or hardware device that allows individuals to store and trade digital assets.
Wallet address – Your wallet address is unique. Users will use this address to send you crypto assets or NFTs. On the other hand, anything you will send will be sent from this address.
Seed phrase – Your seed phrase is a list of words that can be used to recover your crypto assets, should you forget your password or lose access to your wallet. When setting-up your wallet first time, it is instrumental to save your seed phrase and back it up somewhere safe. Do not store your seed phrase on an online cloud storage service and never share it with anyone.
NFTs Collection – A collection is a list of NFTs you own that you can save in your wallet and organize within 2D and/or 3D galleries that you can customize.
Last modified 4mo ago
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