Articles on: For Beginners


What is Nuqtah?

Nuqtah is a blockchain enabler and a web 3.0 pioneer in Saudi Arabia as it’s the first local NFT marketplace in the region that helps creatives and NFT collectors to buy and sell art in the form of NFTs. We also empower enterprises interested to grow their business with web 3.0 technology by building the infrastructure for their blockchain-supported platforms and services.

When did Nuqtah launch?

December 2021 17th

What is an NFT?

An NFT is a shortcut for (Non-Fungible token); A prize, an asset, or a piece of something that is irreplaceable and has one exclusive owner at a time.
Each NFT is special because its identity is authenticated and stored in its metadata in a smart contract that distinguishes them from each other in any given blockchain.

Anything can be an NFT. because they represent real-world objects like art, music, in-game items, and videos. They are bought and sold online, frequently with cryptocurrencies like Ethereum or Polygon... etc.

What is cryptocurrency?

A cryptocurrency is an encrypted data string that signifies a unit of currency. It is monitored and organized by a peer-to-peer network called a blockchain, which also serves as a secure ledger of transactions, e.g., buying, selling, and transferring. Unlike physical money, cryptocurrencies are decentralized, which means they are not issued by governments or other financial institutions.

What is Blockchain?

NFTs and cryptocurrencies are stored on the blockchain. A blockchain is a distributed system that consists of a network of computers connected over the Internet which collectively performs the bookkeeping. In blockchain, one ledger is distributed and maintained across the network, making it difficult or impossible to change, hack, or cheat the system.

What is a wallet?

Digital wallets in our case are used to send, receive, and store crypto assets whether it is NFTs or cryptocurrency such as Ethereum.
There are multiple native wallets such as Metamask, Phantom, and Coinbase wallet. Providing you with a unique public address and a unique private key. Nuqtah uses Metamask as it is one of the safest and easy-to-use wallets to deal with Ethereum assets, especially for beginners.

What is Ethereum (ETH)?

Ethereum is the native currency of the Ethereum network and it’s commonly shortened to ETH, which is its ticker symbol.
You need ETH to pay for some of your interactions with the blockchain and to pay for the items you buy.

What is lazy-minting?

Lazy-minting is when an NFT is available off-chain once created and only gets minted once a sale takes place. This means that the artist doesn't have to pay any upfront gas fees to mint their NFTs. The person who buys the lazy-minted NFT will cover the gas fees. That is why we are proud to utilize lazy minting at Nuqtah's marketplace!

What are gas fees?

Gas fees are the payments individuals make to complete a transaction on a blockchain. These fees are used to compensate blockchain miners for the computing power they have to use to verify blockchain transactions. Gas fees are typically paid in the blockchain's native cryptocurrency.

What is a floor price?

NFT floor price is the lowest amount you will have to spend to buy an NFT from a collection. The floor price is decided by the individual who owns the NFT in a particular project and lists the NFT for sale at a price cheaper than all other sellers within that given project.

What is a utility

Utility gives the digital asset broader value beyond being just a collectible. For example, an NFT can have one or multiple use cases, a utility can be Airdroping NFTs to holders, free merchandise, or invites to private events, and much more.

Updated on: 01/12/2022

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