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NFT Engaging Today’s Fans in Crypto and Commerce

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NFT Engaging Today’s Fans in Crypto and Commerce ( nft-engaging-todays-fans-crypto-and-commerce )

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Glossary of Terms Bitcoin: A type of digital currency that is created, distributed, traded, and stored with the use of a decentralized ledger system, known as a blockchain. Blockchain: A system of recording information in a way that is decentralized and makes it difficult or impossible to change or hack. Custodial: A trusted entity stores/ holds cryptographic keys that provide access to assets on behalf of the consumer. Cryptocurrency: A form of digital currency created by solving a complex series of cryptographic equations. Once “minted”, the crypto exists on a blockchain and is decentralized, meaning it is not controlled by a singular entity the way all traditional currencies are. (e.g., Bitcoin and Ethereum) Crypto Exchange: A marketplace to buy and sell assets/currencies. (e.g., Coinbase) Ethereum: A decentralized, open source blockchain with smart contract functionality. Fiat Currency: A government-issued currency that is not backed by a commodity such as gold. Fiat money gives central banks control over the economy because they can control how much money is in circulation. Fintechs: Refers to the integration of technology into offerings by financial services companies in order to improve their use and delivery to consumers. NFT (Non-Fungible Token): Tokens that are tied to and/ or represent ownership of an underlying media asset. Flow: A blockchain that allows developers to create and trade a particular type of digital asset called a non-fungible token. Fungibility: Something that is replaceable or exchangeable. (e.g., gold or silver) Blockchain Transaction Fees: Forms of payment to the miners or stakeholders who help operate the blockchain. NBA Top ShotTM: Home to officially licensed NBA digital collectibles that can be bought, displayed, and sold or auctioned through this new platform. NBA Top ShotTM “moments” celebrate epic game highlights, and include video, action shots, stats, and guaranteed authenticity of ownership. Nifty Gateway: Started in 2017, the self-described “premier marketplace for Nifties” is home to some of the world’s top creators. Non-custodial: The consumer is responsible for storing the cryptographic keys that control the tokens themselves. Non-Fungible Something that is unique and irreplaceable (e.g., autographed item). OpenSea: The first and largest marketplace, similar to eBay for NFTs, with millions of assets organized into hundreds of categories for user- owned digital goods, including collectibles, gaming items, digital art, and domain names. Tokenization: The process of turning a meaningful piece of data, such as an account number, into a random string of characters called a token that has no meaningful value if breached. Stablecoin: A new class of cryptocurrencies that attempts to offer price stability and is backed by a reserve asset. SuperRare: A marketplace to collect and trade unique, single-edition digital artworks. Smart Contract: Computer code that executes simple if/then functions. Metaverse: A virtual-reality space in which users can interact with a computer-generated environment and other users. API: A set of functions and procedures allowing the creation of applications that access the features or data of an operating system, application, or other service. White Label: When a product or service removes their brand and logo from the end product and instead uses the branding requested by the purchaser. All brand names and logos are the property of their respective owners, are used for identification purposes only, and do not imply product endorsement or affiliation with Visa. 17

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