LEARNING THE LINGO OF NFTS

Blockchain

A digital ledger that facilitates the process of recording transactions and tracking assets in a business network.

Copyright

Literally means the right to copy (and if you own it, on the flipside, the right to prevent copying). Copyright protection does not extend to ideas, styles, methods of producing art or formats.

Copyright Agency

You can register for resale royalty rights through this agency.

Cryptocurrency

The broader term used to describe digital currencies that Etherium uses.

• Ethereum

A blockchain platform with its own cryptocurrency. It has its own programming language with a decentralised, open source blockchain with smart contract functionality. Ethereum tokens are called ETHER, which can be used to buy and sell goods and services (like Bitcoin).

Intangible

Something that is not physical in nature, but gives the author or artist the right to secure legal protection by preventing others from reproducing the work.

• NFT Exchanges

OpenSea, Binance NFT Marketplace, Nifty Gateway, Known Origin, SuperRare and Rarible, to name a few.

• Non-Fungible Token (NFT)

A unique digital token or ‘certificate’ that cannot be interchanged with anything. Being one of a kind, an NFT allows for artwork to be tokenised to create a certificate of ownership that can be bought and sold. The buyer receives this blockchain-based certificate of ownership, which showcases every previous owner including the date and time of every prior transaction.