Regarding NFTs, you may come across technical terms that can sound intimidating. However, they are actually quite easy to comprehend. Kanazawa aims to broaden the NFT market niche, so we strive to simplify these essential terms for you. If you are a more advanced user: our aim in the article is really to give a short and simplified idea about each term.
What is Blockchain and Ethereum
A blockchain is a digital ledger that records public transactions in a distributed and decentralized manner. Ethereum is a blockchain platform. We have a dedicated article about both, with examples for new users.
What is Contract?
Smart Contracts, which are sometimes referred to as “Contracts,” are essentially a set of rules that dictate how tokens move within the Ethereum blockchain. They are automated programs that execute transactions without requiring manual intervention. While these contracts determine the token movement, end-users generally don’t need to worry about the specific rules.
What is Collection?
A collection is a set of NFTs governed by a contract.
What is Mint?
When adding an NFT to a blockchain contract, it must adhere to specific contract rules. These rules are primarily related to programming and make little difference to the end user. Whenever a token (NFT) is added to an Ethereum contract, it is “minted”.
What is Drop?
When an NFT that has been minted on the blockchain is offered for sale on the primary market, it is referred to as a “drop.” While many collections allow buyers to mint and drop simultaneously, this is different with the Kanazawa collection. We mint our NFTs ourselves and then list them for sale in the primary market (drop). While we may launch collections with different systems in the future, this is the most appropriate method for our company’s administrative profile at this time.
The terms “drop” and “mint” are easy to understand. They describe when an NFT is first created and are often used interchangeably. However, there are more complex terms that require further explanation. Don’t worry; our aim in this article series is to make everything easy to understand for beginners. Now, it’s time to delve deeper into what blockchain and Ethereum are.