A non-fungible token is a unique and non-interchangeable unit of data stored on a digital ledger. NFTs can be used to represent easily-reproducible items such as photos, videos, audio, and other types of digital files as unique items, and use blockchain technology to establish a verified and public proof of ownership.
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$ETH is the cryptocurrency of Ethereum. You can buy Ether and other cryptocurrencies on exchanges such as Coinbase, Gemini and FTX.
Once a person purchases an NFT, all future transactions happen on a secondary market, such as OpenSea.
OpenSea is the first and largest peer-to-peer marketplace for cryptogoods (like an eBay for crypto assets), which include collectibles, gaming items, and other virtual goods backed by a blockchain.
On OpenSea, anyone can buy or sell these items through a smart contract.
A "smart contract" is simply a program that runs on the blockchain. It's a collection of code (its functions) and data (its state) that resides at a specific address.
Smart contracts are a type of account that acts like a wallet. This means they have a balance and they can send transactions over the network. However they're not controlled by a user, instead they are deployed to the network and run as programmed. User accounts can then interact with a smart contract by submitting transactions that execute a function defined on the smart contract. Smart contracts can define rules, like a regular contract, and automatically enforce them via the code. Smart contracts cannot be deleted by default, and interactions with them are irreversible.
Gas is essential to the Ethereum network. It is the fuel that allows it to operate, in the same way that a car needs gasoline to run.
Gas refers to the unit that measures the amount of computational effort required to execute specific operations on the Ethereum network.Since each Ethereum transaction requires computational resources to execute, each transaction requires a fee. Gas refers to the fee required to conduct a transaction on Ethereum successfully. Read more