- 0.001 ETH already loaded in the wallet (useful for moving or selling the artwork)
- Basic information about cryptoart and links to explore further
The wallet comes with basic information about cryptoart for first time buyers. Some of the terms are underlined like a link, hinting that they can be used as search keywords.
We provide here also a short glossary:
the secure technology behind Bitcoin and many other cryptocurrencies.
a wallet is an address on the blockchain, accessible with a password. Similar to having an email address but you use it to send and receive tokens instead of messages.
a type of blockchain with extra functionality called smart contracts.
the basic token in the Ethereum blockchain, similar to a currency like Euro.
besides Ether, it is possible to create other types of tokens using the blockchain, including what are called non-fungible-tokens – NFT for short.
is the type of token used in cryptoart. Tokens are categorized according to standards called ERC. The most common type of NFT uses the ERC721 standard.
a software that is executed on the blockchain. Contracts are used to create tokens and to sell them, among other things.
a fee paid for every transaction adding information to the blockchain. This fee is not fixed. When lots of people are using the blockchain it costs more. Different types of transactions also have different fees. A big transaction like the creation of a new contract costs more. Using a contract to create a token costs less, and transfering a token even less. This fee is not paid to the website you are using but to the blockchain miners.
several computers around the world authenticating transactions and keeping the blockchain secure. They use a system called proof of work. A downside of this system is that as the blockchain became more popular more computers started mining and using big quantities of electricity. The Ethereum blockchain is planning to implement a new system (proof of stake) to solve this problem.
the blockchain transactions are not processed instantly, they take several seconds or even minutes, because they need to be processed by the computers into the blocks that form the chain. Each block contains several transactions and will be confirmed by many other computers until enough confirmations are reached and the transaction is acknowledged.