📚Highlight glossary
This article covers key terms in the web3 space and how Highlight uses them.
NFT
A unique, non-fungible token that exists on the blockchain. An NFT is created by a contract and belongs to a collection. On Highlight, creators can deploy or create an NFT while collectors mint them.
Synonyms: Token, item
Mint
noun A sale mechanism in which collectors purchase NFTs (or obtain them for free) for a set price.
verb The act of a collector obtaining an NFT for a set price through the primary sale mechanism. Note that collectors mint NFTs while artists create or deploy them.
Contract
A program or a transaction protocol intended to automatically execute, control or document events and actions according to the terms of a contract or an agreement. A contract is responsible for, among other things, creating collections of tokens.
Creating a token on Highlight means deploying a contract. Collectors then mint the token.
Collection
An umbrella term for a designated set of NFTs that are created at the same time. A collection may contain any number of unique or non-unique NFTs.
When creating a token on Highlight, this launches the creation of a collections contract.
Edition
A type of collection in which all NFTs are identical, except for their name and token ID.
Open Edition
A type of edition that allows the minting of an infinite number of identical NFTs. An open edition may be open for minting for any amount of time. Therefore, once the mint closes, there will be a finite number of NFTs from this edition minted. It is up to the artist to communicate whether they may open this edition again.
Highlight allows for the creation of Open Editions during token creation. Under "Edition Size", simply select "Unlimited".
Limited Edition
A type of edition that only allows the minting of a finite number of identical NFTs. Once all of the NFTs in the edition are minted, it is implied that no more will be produced.
To deploy a limited edition collection on Highlight, select "Fixed" under "Edition Size" during token creation.
Generative
Generative NFT collections are a genre of digital art generated using algorithms and computer programs. These algorithms are designed to produce unique and often unpredictable artworks, offering a fresh and dynamic approach to artistic expression.
Well known artists and their works include Tyler Hobbs' Fidenza, Dmitri Cherniak's Ringer, Matt Deslauriers' Meridian, to name a few.
Series
A type of collection that contains a finite number of unique but generally related NFTs. For our purposes, both BAYC and Meridian would be considered series. Once all of the NFTs in the series are minted, it is implied that no more will be produced.
One of one
A type of collection that contains exactly one NFT or that NFT itself. Currently, one-of-one NFTs are the only NFTs that can use the auction distribution mechanic on Highlight. Synonyms: One-off
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