LUXY
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Glossary
Here you can read brief explanations about the most used concepts in LUXY Marketplace
Address - The identification of a sender or receiver of assets on a blockchain network.
Blockchain - A distributed database that is shared among the nodes of a computer network. (review)
Burn - Sending an asset/NFT to an address that nobody possess, removing it from circulation (review)
Collection - NFTs that are grouped together by the collection creator.
Collection Royalties - Fees that are paid to collection owners upon each sale done on LUXY Marketplace.
Listing - (noun) An NFT or Collection that is listed for sale. (verb) The act of posting an NFT or Collection for sale.
LUXY - NFT marketplace
$LUXY - The token that you can buy, sell and farm!
Gas - The cost that a blockchain network requires in order for you to transact. This is typically priced in the native coin of a blockchain such as MATIC, SYS, or ETH. In the future with Rollups, a variety of tokens might be useful for gas!
Fees - The low percentage that LUXY Marketplace charges for buying and selling
Manager - A permission level that is granted by Owners. A manager can be a different party than the Owner, who the owner grants the ability to customize or otherwise manage Collections.
Mint - The process of tokenizing a digital asset/NFT onto the blockchain. In other words, creating the token for an NFT which can be used to digitally represent and transact it.
Network - In the blockchain context, a network is a collection of interlinked computerized nodes that serve a role in support of the blockchain's functionality and usability.
NFT - Non-Fungible Token
NFT Royalties - Fees which are paid to NFT owners upon each sale of that specific NFT on LUXY Marketplace.
Transfer - The act of transferring ownership of an NFT without selling it
Smart Contract - A "smart contract" is a contract which has its terms and conditions codified as a computer program such that it automatically performs specific actions when certain conditions are met. This means the agreed functions can be carried out without human involvement or interference! A smart contract consists of a collection of code (its functions) and transaction data (its state) that resides at a specific address on the blockchain. Ethereum and other compatible blockchains like Polygon and Syscoin provide decentralized networks that support smart contracts!
Owner - Access level. Claimant of ownership. Can customize, edit and add managers to Collections
Wallet - Cryptocurrency Wallet such as Metamask
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