DEMYSTIFYING NFT
NON-FUNGIBLE TOKENS (NFTS)
Non-Fungible Tokens (NFTs) are unique, digital items with blockchain-managed ownership. Examples of NFTs include digital art, collectables, virtual reality items, crypto domain names, ownership records for physical assets, and more.
Blockchain
A blockchain is a digitally distributed ledger that facilitates the process of recording transactions and information across a network. You can think of it as a decentralized or distributed database.
Many blockchains, such as Bitcoin, use enormous amounts of energy.
We love our planet and that is why Starlite.One has chosen Solana, where an average transaction uses 2,707 Joules — or less energy than three Google searches.
CRYPTO WALLET
A crypto wallet is an application or hardware device that allows individuals to store and retrieve digital items, like cryptocurrency and NFTs.
Although there are many others, we like the Phantom wallet, which makes it safe & easy for you to store, buy, send, receive, swap tokens and collect NFTs on the Solana blockchain.
Also known as your ‘public key’ the wallet address is unique. It’s the address people will use when sending you cryptocurrency or NFTs.
Your NFTs and cryptocurrency do not live in your wallet—they exist on the blockchain, under your wallet address. Your software or hardware wallet only contains the key to that address.
OUR WORK IN NFT
Starlite.One is producing music, alongside conceptual, applied and visual art in traditional physical/digital formats and Non-Fungible Tokens (NFTs).
This, like a limited edition vinyl record, compact disc, sculpture or painting, gives you the opportunity to own a totally unique piece of our work.
Artists such as Damien Hirst have embraced the medium and on October 10th, 2022, dramatically transformed physical artworks into NFTs by burning the physical versions.
NFTs are usually bought and sold using cryptocurrency, but due to their price volatility, we are not fans. You can buy our work using traditional currencies through our online shop which accepts all major credit and debit cards via the PayPal online payments system.
Once transferred into your crypto wallet, you can resell via many marketplaces such as our favourite, OpenSea. The creators make a small percentage each time they are sold.
WHAT ARE THE KEY TERMS TO KNOW IN NFTS
Cryptocurrency
A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it. It is a decentralized system for verifying that the parties to a transaction have the money they claim to have, eliminating the need for traditional intermediaries, such as banks, when funds are being transferred between two entities.
There are many cryptocurrencies available such as Bitcoin, Etherium and Solana.
Private key
A string of numbers (often 256 characters long) that represents your signature to authorize transactions on the blockchain.
Seed phrase
Your seed phrase is a list of words (usually ranging from 12-24 words) that can be used to recover your crypto should you forget your password or lose access to your wallet. When you first begin trading with your wallet, find your seed phrase and back it up somewhere safe, in multiple locations if possible. You’ll receive a seed phrase to write down when you first create a crypto wallet. This is how you can back up your key without actually holding the numbers. Also known as a ‘mnemonic phrase’ or ‘secret recovery phrase’. Don’t store your seed phrase on an online cloud storage service and never share it with anyone.
Collection
A collection is a body of work, like a store or gallery. If you see someone refer to an OpenSea collection as a store or gallery, don’t get confused – it’s all the same. We use the term collection to keep things simple.
dApp (decentralized app)
A blockchain-integrated website that requires you to connect and approve all transactions with your wallet signature. Examples include OpenSea, Uniswap, Zapper.fi.
Smart Contract
Smart contracts are decentralized code that run on blockchains. dApps are powered by smart contracts - buying and selling NFTs using OpenSea relies on the Seaport smart contract protocol.
Web 3
Web3 - also known as Web 3.0 - is an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, and token-based economics. Some technologists and journalists have contrasted it with Web 2.0, wherein they say data and content are centralized in a small group of companies sometimes referred to as ‘Big Tech’.