What terminology do I need to know before I begin?
Below you will find a list of useful terms to know as you use the OSB Launch Pad. You may want to review these before beginning.
・Non-fungible token (NFT)
A non-fungible token (NFT) is a unique digital item with blockchain-based ownership. Examples of NFTs include: digital art, digital collectibles, virtual reality (VR) items, crypto domain names, and ownership records for physical assets.
・Ethereum
Ethereum is a blockchain and “ETH” is the currency used to make transactions on it.
See the website at: https://ethereum.org/en/
・BNB
BNB is the blockchain and also the name of the currency used to make transactions on it.
See the website at: https://www.bnbchain.org/en
・Polygon
Polygon is a blockchain and MATIC is the currency used to make transactions on it.
See the website at: https://polygon.technology/
・Gas Fee
Think of your “gas bill” as the cost of blockchain transactions on Ethereum. The required amount is determined by the supply and demand of the entire network (blockchain).
・Wallet
A wallet is an application or hardware device that allows individuals to store and retrieve digital assets, such as cryptocurrency or NFTs.
・Wallet address
This is the address people use when sending crypto or NFTs. Wallet addresses are unique.
・Seed phrase
A string of characters to access the private key stored in the wallet.
A seed phrase is a string of 12-24 words generated by the wallet, and one seed phrase is generated for each wallet.
Also, the seed phrase may be called a “recovery phrase” or a “mnemonic phrase” depending on the wallet you use.
This seed phrase gives access to the cryptocurrency “private key” associated with that wallet.
Do not store your seed phrase in online cloud storage services or share it with others.
・Private key
A private key is confidential data used to prove who is the owner of crypto assets and is also used to manage them.
Unlike seed phrases, private keys are generated differently for each blockchain, such as BTC and ETH.
It is the proof of ownership for individual crypto assets (including NFTs) that you own, a key required for management, and (like the seed phrase), it should not be stored in online cloud storage services or shared with others.
·Collection
A collection is a series of asset designations, like a store or gallery. If you see someone refer to a collection as a “store” or “gallery”, don’t be confused – it’s all the same. The term “collection” is used to simplify things.
・Pool
A pool is a community that uses multiple PCs and smartphones to do things as a group instead of as an individual. OSB Launch Pad has a pool for each project.
・Lottery
With OSB Launch Pad, you can win lottery tickets by spreading your favorite projects on social media. Raffle tickets may be used to enter a drawing for the right to purchase NFTs.
Let’s spread the project far and wide to get a lot of lottery tickets!
Doing this will improve your odds of being able to buy your favorite NFT.
・Mint
“Mint” in NFT refers to creating and issuing a new NFT using a smart contract.
The word comes from the term used for printing new money.
Mint requires a different gas fee for each blockchain.
Be careful to budget your gas bill in advance.
・Giveaway
An NFT giveaway is an event that distributes NFTs for free.
By giving away an NFT for free, it will be used as an opportunity to spread the word about your work.
Please note that a gas fee will be charged when minting the NFT.
The currency required for gas costs varies depending on the blockchain you distribute on.
・Airdrop
The term “airdrop” comes from a feature of Apple products that allows for wireless transfer of large amounts of data at high speed.
Airdrops done in NFT campaigns are used by exchanges and other groups to distribute tokens free of charge, without having to raise funds.
・Claim
“Claim” is also known as “request”. You can claim NFTs on the blockchain to make them your own.
・Approve
Approval is required when using any blockchain operation, such as receiving an NFT.
This means authorizing and approving the site and other elements to handle the virtual goods.
For example, when using BNB to purchase an NFT with OSB LaunchPad, OSB LaunchPad cannot instantly claim the BNB because it does not have the authority to handle BNB in the user’s wallet.
Therefore, by giving OSB LaunchPad the authority to handle BNB with approval by the user, it is possible to purchase an NFT using BNB.
On phishing sites there are scams that manipulate the wallet and extract the contents by illegally requesting this approval (Set Approval for All, etc.), so please be careful.
If you visit a questionable site, use a tool like Revoke to unauthorize it.
Was this helpful?
1 / 0