Key Terminology

These terms are commonly used within the context of this guideline and the application of BITE CABM and BITE Virtual Gallery in the NFT market for contemporary visual art:

1. NFTs (Non-fungible tokens): NFTs are unique digital assets built on blockchain technology that establish ownership and authenticity of specific items or content, revolutionizing ownership and trading in the digital art world.

2. Blockchain technology: Blockchain is a decentralized and transparent digital ledger that securely records transactions, providing a foundation for verifying and tracking the ownership and transfer of assets, including NFTs.

3. OpenSea platform: OpenSea is a decentralized marketplace and platform that facilitates the buying, selling, and trading of NFTs, offering a wide range of collections and enabling artists and cultural operators to showcase their digital artworks.

4. OpenSea account: An OpenSea account allows users to access and utilize the OpenSea platform, enabling them to mint NFTs, create collections, list and sell digital artworks, and engage in transactions within the NFT marketplace.

5. Ethereum (ETH): Ethereum is a blockchain-based platform and cryptocurrency that supports the creation and trading of NFTs, serving as the underlying infrastructure for many NFT marketplaces, including OpenSea.

6. Fungible vs. non-fungible: Fungible assets, like traditional currencies, are interchangeable, while non-fungible assets, like NFTs, are unique and indivisible, representing distinct ownership and value.

7. Smart contracts: Smart contracts are self-executing agreements coded on the blockchain that automatically enforce the terms and conditions of transactions, providing transparency, security, and efficiency in NFT trading and ownership.

8. Minting: Minting refers to the process of creating and verifying NFTs, transforming digital artworks into unique tokens on the blockchain, establishing their authenticity and provable scarcity.

9. Ownership rights: Ownership rights refer to the legal and exclusive rights held by individuals or entities over NFTs, including the ability to transfer, sell, or license the digital artworks represented by the NFTs.

10. Provenance: Provenance refers to the documented history and origin of an NFT or digital artwork, providing a transparent record of its creation, ownership, and any previous transactions.

11. Digital artworks: Digital artworks encompass various forms of artistic creations, including images, GIFs, video works, digital photography, and high-resolution reproductions, presented and sold in digital formats through NFTs.

12. Metadata: Metadata includes additional information about an NFT or digital artwork, such as title, artist information, medium, dimensions, and descriptions, providing context and enhancing discoverability within the NFT marketplace.

13. Crypto wallet: A crypto wallet is a digital wallet that securely stores cryptocurrencies, including ETH, and enables users to manage and transact with their digital assets, such as NFTs.

14. Royalties: A percentage of the sale proceeds that is paid to the artist or rights holder for each subsequent sale of an artwork.

15. Auctions: A method of selling artworks through bidding, where the highest bidder wins the item.

16. Fixed Price Listings: Setting a specific price for an artwork that remains constant until it is sold.

17. Bundles and Collections: Grouping artworks together based on a theme, artist, or other criteria to create curated collections.

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