Ⅷ. Basic Training

1. What is a crypto wallet?

A crypto wallet is an application or hardware device that allows individuals to store and retrieve digital projects (such as cryptocurrencies and NFTs).

2. What is an NFT?

An NFT (Non-Fungible Token) is a unique digital project with blockchain-managed ownership. NFT examples include digital art, collectibles, virtual reality projects, encrypted domains, and physical asset ownership records.

3. What is data assetization?

Data assetization is the process of making data tradable assets. During the Web2 era, a large amount of data has been generated but has not been effectively used. Web3 will assetize data, empowering it. Data assetization has the following advantages: (1) Data owners regain data autonomy; (2) Data owners own unique data asset certificates; (3) Data assetization revenue belongs to data owners.

4. Key terms introduction

(1) Blockchain

A blockchain is a digital decentralized ledger that records transactions and information easily on a network. You can view it as a decentralized or distributed database.

(2) Gas fee

The Gas fee is transaction costs associated with the Ethereum blockchain. OpenSea has no say in setting gas fees, which are determined by supply and demand within the network (blockchain).

(3) Wallet address

Also known as the public key. Your wallet address is unique and is used by others to send you cryptocurrencies or NFTs. Your NFTs and cryptocurrencies are not stored in your wallet, but rather on the blockchain under your wallet address. Your software or hardware wallet only contains the key for your wallet address. On the Ethereum blockchain, your wallet address starts with "0x." You can also use ENS domains.

(4) Private key

A digital string that represents your authorization to sign transactions on the blockchain (usually 256 characters in length).

(5) Backup phrase

A backup phrase is a list of words (usually 12-24 words) that can be used to restore your password if you forget it. When you first start using a wallet to make transactions, you can view your backup phrase and save it in a safe place. Please backup your private key in multiple locations. When you create an encrypted wallet, you will receive a backup phrase, which you can write down. This is how you can backup your key without actually holding it in your hand. Also known as a "backup word" or "secret recovery word." Do not store your backup phrase on an online cloud storage service or share it with anyone.

(6) Smart contract

A smart contract is a decentralized code that runs on a blockchain. dApps rely on smart contracts, which allow them to buy and sell NFTs using the Seaport smart contract protocol.

(7) DApp (decentralized application)

A DApp is a blockchain-based application that requires the use of a wallet signature to connect and approve all transactions.

(8) Collection

A collection refers to a group of works, such as those displayed in a store or gallery under a single label.