Common terms used in Web3

Before starting on Legends of Rock, it might be useful to go through some important vocabulary related to the NFT industry. Here is a collection of essential terms frequently used in the NFT space.

Blockchain

A blockchain is a digitally distributed ledger that facilitates the process of recording transactions and information across a network. You can think of it as a decentralized or distributed database. Legends of Rock interacts with the Ethereum blockchain (ream more about Ethereum below).

Non-Fungible Tokens (NFTs) 

Non-Fungible Tokens (NFTs) are exceptional, digital assets that are owned and managed through the blockchain. NFTs can include digital artwork, collectibles, virtual reality items, crypto domain names, ownership records for physical assets, and various other items that individualize the asset.

Ethereum / ETH

Ethereum is a blockchain, and ETH is the cryptocurrency used to make transactions on the Ethereum blockchain. 

Gas fees 

Think of gas fees as Ethereum blockchain transaction costs. We have no say in setting gas fees and they vary constantly – determined by supply and demand across the network (blockchain).

Web3 wallet

A web3 wallet is a digital wallet designed for use with decentralized applications and Web3. They use blockchain technology and allow users to store, manage and interact with cryptocurrencies and dApps directly from the wallet, providing more control to the users. Find out about the Web3 wallets we support here.

Token ID

A token ID is a unique identifier that is assigned to each individual NFT on the blockchain. It is used to differentiate one NFT from another and to verify ownership.

Private key

A string of numbers (often 256 characters long) that represents your signature to authorize transactions on the blockchain through your wallet.

Smart Contract

Smart contracts are decentralized code that run on blockchains. Decentralized Apps (dApps) are powered by smart contracts.