WHY?

Nft’s, cryptocurrency & the blockchain could be new to you or you could possibly know everything, we think it is important to know all the words regarding the subject that you are engaging with. For this reason we have prepared a list of words that are used which you might not be familiar with.

OFTEN USED TECHNICAL TERMS

WEB 3.0

The attractiveness of Web 3.0 is that it is decentralized, meaning that rather than consumers accessing the internet through services mediated by companies like Google, Apple or Facebook, individuals, themselves, own and govern sections of the internet. With the help of decentralised networks, Web 3.0 will ensure its users always remain in control of their online data. The next version of the internet is also expected to be more reliable as its decentralised nature removes the occurrence of a single-point failure.

BLOCKCHAIN

Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain.

NFT

NON-FUNGIBLE TOKEN, a unique digital identifier with unique identification codes and metadata that distinguish them from each other, they cannot be copied, substituted, or subdivided, they are recorded on a blockchain, and that is used to certify authenticity and ownership (as of a specific digital asset and specific rights relating to it). Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency. This differs from fungible tokens like cryptocurrencies, which are identical to each other and, therefore, can serve as a medium for commercial transactions.

DAO

In the NFT world, DAO refers to Decentralised Autonomous Organisation. The regulations and governance of each DAO are coded in smart contracts on the blockchain and cannot be changed unless voted upon by members of the DAO. DAO’s are funded through NFT sales, where holders of the NFTs can decide how to use the treasury and their future project direction.

MINT

Minting is the process of creating or producing something. In blockchain, minting means, validating information, creating a new block and recording that information into the blockchain. For example, someone can mint an NFT or mint a new cryptocurrency.

ETHEREUM

Ethereum is a decentralized, open-source blockchain with smart contract functionality. Ether is the native cryptocurrency of the platform.

MINT PASS

A mint pass is like a membership card to a special club. By holding the membership card (a mint pass) you are entitled to special perks. Typically these perks include access to a members only chat and the ability to mint a special NFT collection or, in some cases, to mint during an exclusive presale period.

SMART CONTRACT

Smart contracts are simply programs stored on a blockchain that run when predetermined conditions are met. They typically are used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary’s involvement or time loss.

TOKENS

Cryptographic tokens represent a set of rules, encoded in a smart contract – the token contract. Every token belongs to a blockchain address. These tokens are accessible with a dedicated wallet so ware that communicates with the blockchain and manages the public-private key pair related to the blockchain address.

TOKENOMICS

The term tokenomics is formed by combining the words token and economics. So, the term tokenomics basically describe the economics of a crypto token. It refers to all of a crypto token’s features that make it desirable to investors.

WALLET

Broadly speaking, a blockchain wallet or “wallet” is a digital wallet that allows users to store, manage, and trade their cryptocurrencies. Blockchain Wallet users can manage their balances of Bitcoin, Ether, and other crypto assets. Blockchain Wallet charges dynamic fees, meaning that the transaction fees can be different based on factors such as transaction size.

AIRDROP

An airdrop is a distribution of cryptocurrency, tokens, or NFTs that are sent to a web3 wallet address for free as a promotion, or as added value for participating in an experience or purchasing a digital asset.

BOT

Cryptocurrency trading bots are automated trading systems that work on behalf of the investor. They allow you to execute trades automatically when specific conditions for that trade are met. These bots take into account information, like current prices and volatility levels.

DAPP

dApp stands for “decentralized application”, which is a software application that partially runs on a distributed network (i.e. blockchain) instead of a centralized server. With the ability to decentralize information and services, there won’t be a single entity that has total control over all the information and related services on the application.

DEFI

DeFi stands for “decentralized finance”, unlike traditional finance or CeFi (centralized finance), where a bank or company has control over your money. In DeFi, no one but you has access to it. Both cryptocurrencies and dApp play important roles in DeFi, which are automated by smart contracts.

DEX

DEX stands for decentralized exchange. In a centralized exchange, the ownership of the coins is held by the exchange completely. In contrast, a decentralized exchange is a peer-to-peer marketplace where transactions happen directly between crypto traders without the need for a middleman.

P2E GAME

Play-to-earn crypto games are the ones that utilize NFTs through in-game assets and gifting such assets if a player has won a stage as soon as the win is achieved. Crypto assets will be rewarded to the players.

AR

Augmented reality is an interactive experience of a real-world environment where the objects that reside in the real world are enhanced by computer-generated perceptual information, sometimes across multiple sensory inputs, including visual, auditory, haptic (touch), and olfactory (smell).

VR

An artificial environment which is experienced through sensory stimuli (such as sights and sounds) provided by a computer and in which one’s actions partially determine what happens in the environment, also the technology used to create or access a virtual reality.

ROYALTIES

With NFTs, royalties are usually set by the owner during the minting process. Royalties from NFTs give the original owner a percentage of the sale price each time the NFT creation is sold on a marketplace. The average NFT royalty typically ranges from 5-10%.

GAS

Gas fees are payments made by users to compensate for the computing energy required to process and validate transactions on the Ethereum blockchain. “Gas limit” refers to the maximum amount of gas (or energy) that you’re willing to spend on a particular transaction.

PEER 2 PEER

Denoting or relating to networks in which each computer can act as a server for the others, allowing shared access to files and peripherals without the need for a central server.

IPFS

Short for “Interplanetary File System”, it is a protocol and peer-to-peer (P2P) network for storing and sharing data on a distributed file system.

MULTISIG

Multisig is short for “multi-signature wallet”. It is a wallet that requires more than one signature to a transaction before moving funds. It’s frequently used in DAOs. The DAO multisig wallets are controlled by a committee of trusted people, which guarantees the security of the DAO and making sure that the passed proposals will result in an on-chain action.

RARITY

Put simply, NFT rarity decides how rare an NFT is and in turn, how valuable it is. Rare NFTs are most highly sought after by collectors, which pushes their price up.

FLOOR PRICE

Means the lowest price listed of an NFT project. It doesn’t necessarily mean you should always buy NFTs at floor price as most of them are usually in lower ranking in rarity, it however, is a good entry point for new joiners for the project.

UTILITY

Utility NFTs are NFTs with valuations based on the access, perks, and opportunities they provide to token holders. Utility NFTs are NFTs that offer clearly defined intrinsic value in addition to the usual scarcity associated with NFTs. Utility can be where someone receives a functionality or an object related to the NFT they purchased, it could be a real life object, unique access to an event, exclusive in-person memberships, or future use in the digital world or physical / real world.

IOT

The internet of things is the interconnection via the internet of computing devices embedded in everyday objects, enabling them to send and receive data. IOT devices could offer utility to certain NFT holders.

TOKEN

Cryptographic tokens represent a set of rules, encoded in a smart contract – the token contract. Every token belongs to a blockchain address. These tokens are accessible with a dedicated wallet so that communicates with the blockchain and manages the public-private key pair related to the blockchain address.

TOKENOMICS

The term tokenomics is formed by combining the words token and economics. So, the term tokenomics basically describe the economics of a crypto token. It refers to all of a crypto token’s features that make it desirable to investors.

DEVS

Devs is short for “developers”. It refers to the developers of a crypto or NFT project.

STABLE COIN

Refers to a cryptocurrency that is pegged to a fiat currency. A stable coin tracks the underlying asset (e.g. USD), making its value stable over time.

SLANG TERMS & ACRONYMS

HODL

HODL is a term derived from a misspelling of “hold,” in the context of buying and holding Bitcoin and other cryptocurrencies. It’s also commonly come to stand for “hold on for dear life” among crypto investors and NFT communities.

DIAMOND HANDS

A diamond hands investor typically refers to a person who doesn’t panic sell if their investment decreases in value, although it’s occasionally also used to refer to an investor who holds if their investment increases significantly in value.

PAPER HANDS

The opposite of diamond hands is “paper hands,” which is a term used to describe an investor who sells at the first sign of trouble or doubt.

NOOB

Noob is a slang term that is used to refer to inexperienced players in a multiplayer gaming environment. Noob is derived from “newbie” and is considered to be a derogatory term.

OG

Short for “original gangster”. Slang for “original”. It refers to someone or something that is an original or originator, especially one that is highly respected or admired.

APE IN

When a cryptocurrency trader buys a token shortly after the token project launch without conducting thorough research, usually because they are fearful of missing out on potential gains that could be lost if they hesitate in order to conduct due diligence.

BOT

Cryptocurrency trading bots are automated trading systems that work on behalf of the investor. They allow you to execute trades automatically when specific conditions for that trade are met. These bots take into account information, like current prices and volatility levels.

COPY CAT

Copy cats in the NFT realm refer to a knock-off project which copies another more popular project, which isn’t unheard of in the art world either. Consequently, a lot of plagiarism claims are thrown around in the NFT space, but other than the removal of fakes from official NFT marketplaces, there doesn’t seem to be any other workaround for the moment.

DEGEN

Degen is short for “degenerate”, usually refers to people who often make risky and bad bets. In the crypto space, it can refer to people who invest in digital assets like NFTs without doing due diligence.

DYOR

DYOR is short for “do your own research”. It’s essentially used as a disclaimer when someone is commending an NFT project, but warning others to develop their own understanding on the matter first before making any moves.

FLIPPING

Refers to buying items at low prices and selling quickly for a profit. Flipping is gaining popularity in the NFT space, where people buy and sell NFTs to make a quick profit, especially during the early stages of the projects when there are higher demands.

FUD

Fear, uncertainty, and doubt (FUD) refers to a general mindset of pessimism about a particular asset or market. Most of the time, the term is applied to information or events that are having their negative effects exaggerated or made up (as in, “don’t listen to that, it’s just more FUD”).

IYKYK

“If you know, you know”. It implies that a message or post will make sense to some people but not the others.

MOON

When the price of a coin/NFT goes to the moon, it means it goes up or skyrockets.

MOONBOY

Moonboy refers to someone who is not rational and has blind faith in a coin/NFT project no matter what and bashes anyone who doesn’t think the same.

PFP

Short for “profile picture”.

GMI

Short for “Gonna make it”.

NGMI

Opposite of GMI, short for “not gonna make it”. Refers to people making bad trading decisions.

WAGMI

Short for “we all gonna make it”, similar to GMI, it’s to describe the future state when our investments have amazing returns.

WEN LAMBO

It’s a phrase referring to when people wonder when their crypto/NFT holdings will take off, making them rich enough to afford to buy a Lamborghini.

WHALE

Someone with a multi-million dollars portfolio or someone who owns a huge amount of NFTs in an NFT collection.

LFG

“Let’s F** Go”. People use it when they’re excited about something.

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NFT Dictionary

NFT Dictionary

WHY? Nft’s, cryptocurrency & the blockchain could be new to you or you could possibly know everything, we think it…