Basic information you need to know
Here's what you need to know to get into the NFT world and use Element, and it's helpful to scan it before you start.
- Non-Fungible Tokens (NFTs)Non-Fungible Tokens (NFTs) are unique, digital items with blockchain-managed ownership. Examples of NFTs include digital art, collectibles, virtual reality items, crypto domain names, ownership records for physical assets, and more.
- BlockchainA 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. Element supports the following blockchains: BNB Chain, Ethereum, Polygon, Avalanche
- Ethereum / ETHEthereum is a blockchain, and ETH is the currency used to make transactions on the Ethereum blockchain.
- Ethereum Virtual Machine / EVMIf a blockchain is EVM-compatible it means it is technically compatible with Ethereum, and tokens can be transferred between them. An example of an EVM-compatible blockchain is Polygon. Just because a blockchain is EVM-compatible does not mean you can directly send tokens from one chain to another. Tokens must be bridged across to the other chain.
- Gas feesThink of gas fees as Ethereum blockchain transaction costs. Element has no say in setting gas fees – they are determined by supply/demand across the network (blockchain).
- Crypto walletA crypto wallet is an application or hardware device that allows individuals to store and retrieve digital items, like cryptocurrency and NFTs.
- Wallet addressAlso known as your "public key." Your 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. On Ethereum, your address starts with a "0x". You can also use an ENS domain.
- Private keyA string of numbers (often 256 characters long) that represents your signature to authorize transactions on the blockchain.
- CollectionA collection is a group of NFTS cast on a chain under the same contract, such as CryptoPunks or Polychain Monsters.
- NotificationWhen your NFT receives an offer or sale, Element Marketplace alerts you to take a quick look so you don't miss important asset information.
- verifiedThe Element team constantly checks the legitimacy of any newly listed NFT contract, and its verification status will be displayed as a logo next to its collection name, as follows:
The verified icon may mean either of the cases below:
- 1.The contract address of the NFT matches one of the contracts that is created by the NFT project team.
- 2.The contract of the NFT belongs to its NFT project.
- 3.The NFT is verified on other famous marketplace as well.
This is to prevent users from buying fake NFTs that are usually created by scammers.
The unverified icon may be displayed for any one of the reasons below:
- 1.We are unable to determine or contact the project team for this NFT;
- 2.This NFT’s contract is malformed;
- 3.This NFT may be fraud or fake;
- Search There is a search bar at the top of each page where you can:
- 1.Enter the collection name (for example, moonbirds) and find the NFT collection
- 2.Paste the contract address of the collection and find the NFT collection
- 3.Enter a user name and find the user's profile
- 4.Paste the user's wallet address and find the user's profile