What are the key terms to understand in Dropspot?

Understand the key terms used in Dropspot.

Non Fungible Token (NFT)

An NFT is unique and represents ownership of some kind of digital item, such as digital art, music, sports collectibles and game assets. An NFT is secured and stored on the public blockchain.


A sequence of blocks or group of transactions that are chained together and distributed among users. As a digital ledger, economic transactions can be programmed to record virtually everything of value. The main benefit of blockchain technology is its decentralised feature, where transactions do not require an external authority (i.e. bank or government) to operate, and validate the authenticity and integrity of the data.


A form of digital currency or digital asset that enables secure trading and ownership, and is supported by blockchain technology.

Crypto Wallet

A digital wallet that allows you to send, receive and spend cryptocurrencies like Ada, as well as manage all your digital assets in one secure place. The use of a private key (i.e. password) is used to keep your crypto safe and accessible and prove your ownership of your digital currency and assets. You use this private key to initiate transactions and take control of the balance held in your crypto wallet.

Smart Contract

A program stored on the blockchain that automates the execution of an agreement when predetermined conditions are met. The automated digital agreement creates and keeps track of NFT's, and verifies and executes the binding transactions of a contract between various parties.

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