Non-fungible tokens (NFTs), blockchain domains, and cryptocurrency are all the rage right now, dominating headlines and affecting all industries. With the rapid availability of blockchain domains, also referred to as NFT domains or decentralized domains, many organizations are being thrust into this new modern digital universe, with little-to-no knowledge of what it is or what they should be doing to promote and/or protect their brands in this new landscape.
Whether you plan to actively participate in this new world, or you are at the early stages of educating yourself on what it is and why it matters, here are 10 key terms you need to know.
- Web 3: The next iteration of the web, which leverages blockchain technology, open-source applications, and the decentralization of data and information. Web 3 aims to return ownership of data and content to its users. Also referred to as the “decentralized web” and the “read-write-trust web.”
- Blockchain: A publicly-accessible digital ledger used to store and transfer information without the need for a central authority. Blockchains are the core technology on which cryptocurrency protocols like Bitcoin and Ethereum are built.
- NFT (non-fungible token): A unique and non-interchangeable unit of data stored on a blockchain. NFTs can be anything digital, such as art, music, in-game items, and videos. Unlike fungible tokens, NFTs are not interchangeable with one another.
- Wallet: A software application or hardware device used to store the private keys to blockchain assets, such as cryptocurrencies and NFTs. Unlike a traditional wallet, a blockchain wallet does not actually store the coins or tokens themselves. Instead, it stores the private key that proves ownership of a given digital asset (e.g. Metamask, Coinbase Wallet, Ledger, Trezor).
- Wallet Address: Also known as a public key, this is an alphanumeric code that serves as the address for a blockchain wallet, similar to a bank account number. Anyone can send digital assets to your wallet via your public key or domain name, but only you can access your wallet’s contents by using the corresponding private key.
- Blockchain Domains: An alternative to the current Domain Name System, blockchain domains, which are NFTs, are intended to replace long alphanumeric wallet address (i.e, 0xc34506a7b51Dge87c700Rj4R463729486730D6f900n7d1) with a single name wallet addresses (i.e., banana.crypto). They are also used as URLs when creating censorship-proof, peer-to-peer websites and can be used as a universal Web 3 username.
- Minting: The process of validating information, such as domain ownership, and registering that onto the blockchain.
- Gas Fee: A fee that must be paid in order to execute a transaction or contract onto blockchain networks
- Unstoppable Domains: A leading blockchain domain provider that offers nine blockchain domain endings, including .crypto, .wallet, .bitcoin, .nft, and more.
- NFT marketplace: Platforms where NFTs can be stored and where people can buy and sell NFTs, including blockchain domains. NFT marketplaces include OpenSea, Rarible, Nifty Gateway, and more.
As blockchain continues to grow in popularity, questions about how to protect intellectual property, brands, and consumers will increase as well. Appdetex delivers comprehensive solutions to help global brands build, manage, and secure their intellectual property on platforms and ecosystems across the modern digital universe, including Web 3. If you want to learn more about how you can help keep your brand resilient online in the face of this emerging technology, please contact us, and we’ll be glad to help.