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