Cryptoslang like a pro: 35 terms you should know

Web3 Twitter can be daunting. Come armed!

  1. Airdrop

    The action of sending NFTs, digital collectibles, cryptocurrency and tokens, for free to wallets.

  2. Ape

    Short for Bored Ape Yacht Club (BAYC) NFTs.

  3. Ape In

    To invest in a project or a token, usually out of FOMO. This usually lacks research.

  4. BUIDL

    BUIDL is the warped version of 'Build' and refers to the movement in the space pertaining to meaningful contribution to the blockchain ecosystem, moving beyond the whole trading gambit. To BUIDL is to start contributing proactively in order to help adoption.

  5. Burn

    Burning an NFT means taking it out of circulation by destroying it. This is usually done by sending it to a wallet address that is inaccessible.

  6. DAO

    Short for Decentralised Autonomous Organisation, a DAO is a structure with no central authority. Usually a bottom-up entity, it is collectively owned and the members share a core vision they believe in.

  7. Degen

    Short for 'degenerate', it's a widely-used term for crypto investors who play the game day in and day out, mostly in decentralised finance.

  8. Delist

    To delist is to remove an NFT from an exchange.

  9. Discord

    A social platform where Web3 communities talk about stuff they're BUIDLing, NFT projects, Metaverse Projects, DAOs and anything under the sun belonging to a shared interest or goal.

  10. Diamond Hands

    An investor who refrains from selling an investment, volatile holding despite downturns or losses.

  11. DYOR

    Acronym for 'Do Your Own Research'. Often added as a disclaimer when crypto pundits dish out any advice on tokens and NFT projects.

  12. Flipping

    Buy low, sell high. Much like houses or furniture, flippers trade NFTs for profit.

  13. Floor price

    The floor price of an NFT collection is the lowest price of an NFT within the collection. Updated in reatime, it's the minimum amount required to pay to own the NFT in that collection.

  14. Floor sweep

    When someone buys all the NFTs off a project's floor. Floor sweepers are often likened to ticket scalpers.

  15. FUD

    Fear. Uncertainty. Doubt. Usually used when an NFT collection is feared to be a dud or when the market is on a downhill slope.

  16. Fungibility

    In simpler terms, replaceability. A currency is fungible because you can pay for it using the same amount of money. A painting or a belonging, however is unique and therefore, non-fungible.

  17. Gas fees

    Transactional fees that blockchain users incur to use the computational resources that make transactions happen. Gas fees ensures spammers don't get the best of the blockchain by clogging the network with a high volume of transactions.

  18. Generative art

    A project in which NFTs are generated from a pool of limited assets. In a generative art collection, each NFT can have a unique set of traits while still sharing individual traits with other NFTs in the collection.

  19. GMI / WAGMI / NGMI

    Gonna Make It / We Are Gonna Make It / Not Gonna Make It are all terms used to express feelings of optimism and pessimism about the future of Web3.

  20. Metadata

    The collection of data that assigns ownership and differentiates one NFT from another.

  21. MetaMask

    The widely-used Ethereum wallet for transacting ETH and trading/minting NFTs on various platforms.

  22. Metaverse

    A a shared, realistic, and immersive computer simulation of the real world environment that uses augmented reality (AR), virtual reality (VR), and blockchain to create a space for users to interact with each other.

  23. Minting

    Minting an NFT refers to converting digital files into digital assets stored on the blockchain. When you mint an NFT, you're basically bringing it into circulation on the chain and it's now stored on it, and cannot be altered.

  24. Paper Hands

    It's the opposite of Diamond Hands and it's exactly what it sounds like. Someone who's flimsy with their trading habits i.e. someone who sells in panic when the market is down and gives into FUD.

  25. PFP

    A profile picture. A PFP NFT is often used as social currency on social platforms like Twitter, Instagram and Reddit.

  26. POAP

    Short for Proof of Attendance Protocol. A type of NFT you claim when you attend an event, in real world or virtual. A POAP is used to verify the attendees or to unlock benefits and experiences for the holders.

  27. Rarity

    A measure of how different or unique an NFT is from others in the same collection. Rarity can range from common features that appear in the entire set of NFTs to one-of-one traits that only appear a single time or a few times in a collection.

  28. Roadmap

    A document that charts out the goals and future plans for an NFT project.

  29. Royalties

    Money collected by a creator or artist through an NFT's or token's resale. Artists can forever earn royalties via NFTs if it's hardcoded in the smart contract. Some NFTs pay royalties each time it's sold.

  30. Rug pull

    A rug pull is a scam where a creator or developer creates a worthless token, collects substantial funds from investors and then runs away with the money.

  31. Shill

    To shill an NFT is to shout from the rooftops about how awesome it is.

  32. Smart Contract

    A self-executing digital contract on the chain. It automatically executes, controls or documents events and actions as per the terms hardcoded into a contract or an agreement.

  33. Utility-focused NFTs

    NFTs that unlock real-life or virtual experiences or value for you. For example, the Flipkart x eDAO digital assets aka 'Culture Sparks' unlocked a host of offers and experiences for the holders.

  34. Whale

    Whales are entities, individuals, institutions and exchanges that hold significant amounts of tokens of a particular cryptocurrency.

  35. Whitelist

An early bird list of buyers or users who get guaranteed access to mint a new NFT collection at a specified date and time before anyone else.

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