ARTFAIRPH/PROJECTS
Crypto Terms & Concepts
O.G.
Means “original gangster”, a term used in rap or hiphop culture; now it can be referred to any cryptocurrency trader and investor that is still around after the 2013–14 Bitcoin bear market.
Gas
The execution fee for every operation made on ethereum. Its price is expressed in ether and it's decided by the miners, which can refuse to process transaction with less than a certain gas price. To get gas you simply need to add ether to your account.
Wallet
A software program where cryptocurrencies are stored. It also holds transaction records of your buys and sells.
Doge
Short for Dogecoin; a new kind of cryptocurrency that was named after the Doge Internet meme of a Japanese Shiba Inu dog. This is pronounced "doszh-coin,"
PoW vs. PoS
Proof of Work (POW) requires huge amounts of energy, with miners needing to sell their coins to ultimately foot the bill; Proof of Stake (PoS) gives mining power based on the percentage of coins held by a miner.
DeFi
Short for Decentralized Finance and is an umbrella term for a variety of applications and projects in the public blockchain space geared toward disrupting the traditional finance world.
Drops
Much like in events, when batches of tickets are often released at different times -- this means a frenzied rush of eager buyers when the drop starts, so you'll need to be registered and have your wallet topped up ahead of time.
Open Editions
A series that allows a creator to buy an unlimited number of NFTs during the time of the sale.
Explore the Metaverse