A concept referring to the next iteration of the World Wide Web, the fundamental infrastructure of which relies on blockchain technology. The ethos of Web3 is to create a more equitable and decentralized system that empowers users with ownership over their online interactions and their data. A loosely defined and evolving term, Web3 encompasses NFTs, the metaverse, and DeFi, among other domains.
A computer system that runs across many traditional computers and is protected by cryptography. Blockchains reliably and securely execute programs, known as smart contracts, without the need for trusting any one particular remote computer.
In computer science, cryptography is the study and practice of securing information and communication.
Online, multidimensional universe that can synchronously accommodate individual users and groups as well as their identities, holdings, and transactional systems within a larger and expanding ecosystem whose reliability, in part, is supported by the blockchain.
A unit of data, stored and managed by programs on the blockchain. Non-unique or “fungible” tokens represent mutually interchangeable digital items such as cryptocurrencies.
A uniquely identifiable token with an exclusive provenance. NFT’s can be used to prove ownership of digital items, including works of art.
Programs running on a blockchain that automatically execute a set of instructions. Smart contracts enable NFTs to be sold, traded, and transferred on the blockchain.
A device or software program for transacting with blockchains. Wallets enable one to create, buy, trade and securely access digital assets. Web3 wallets act as an entry point into DeFi (Decentralized Finance) and NFT applications, among other uses.
Art that is created in part or in whole with the use of an autonomous system or computer code and often relies on elements of randomness or chance.
A term referring to NFTs that “live” on the blockchain; in other words, both the smart contract tied to the NFT and the media content of the NFT (“the art”) are written into the blockchain. Most NFTs are still stored off-chain.