The Only Web3 Glossary You Need
All the web3 slang every newbie needs in one spot!
Alpha: Useful and interesting information regarding NFTs or projects that is not known by most people, giving an advantage in the market
Apeing: Eagerly purchasing an NFT or token
Altcoin: Any cryptocurrency other than Bitcoin
Bitcoin: The most popular and largest cryptocurrency by market capitalization
Blockchain: A new technology that is comprised of a sequence of “blocks” or groups of transactions “chained” and distributed
BTD: An acronym for “Buy the Dip” often used to encourage people to purchase crypto during a price dip
Cold Wallet: A wallet that is rarely used and not connected to the internet
Cryptocurrency: A digital currency secured by cryptography
Crypto Wallet: A device which stores public or private keys for crypto transactions. It also offers the ability to encrypt or sign information
DAO: An acronym for “decentralized autonomous organization” meaning an organization’s members are the decision makers rather than a central government
DEFI: Short for “decentralized finance” which refers to person-to-person financial services on blockchains, for example Ethereum
Ethereum: A decentralized blockchain that establishes a person-to-person network that securely executes and verifies application code, also known as smart contracts
Floor: The lowest possible “Buy Now” price for purchasing an NFT
FUD: An acronym for “Fear, Uncertainty and Doubt” often used when sharing negative opinions surrounding crypto
Gas: A fee required to successfully complete a transaction or contract on the Ethereum blockchain
GM: An acronym for “Good Morning” often used within the community on social platforms
GN: An acronym for “Good Night” often used within the community on on social platforms
Hot Wallet: A wallet that is always connected to the internet
HODL: An acronym for “Hold On for Dear Life” often used to encourage people to hold onto their assets during price fluctuations
IRL: An acronym for “In Real Life”
LG: An acronym for “Let’s Go” used to showcase enthusiasm
MetaMask: A cryptocurrency wallet used to interact with the Ethereum blockchain often through a browser plug-in
NFT: Standing for “Non-Fungible Token” NFTs are cryptographic assets based on blockchain technology, with financial security comprised of digital data
NGMI: An acronym for “Not Going to Make It” often used when someone makes a wrong move in the space such as selling an NFT too soon
Permissionless: Open and fully decentralized networks that allows anyone to participate in the consensus process that blockchains use to validate transactions
PFP: A way to reference “Profile Pictures” in the form of NFTs
POAP: An acronym for “Proof of Attendance Protocol” referring to a specific type of NFT that proves attendance of an event
Private Key: A secure code that is required for any cryptocurrency transactions and also exist as proof of ownership of holdings
Rekt: An intentional misspelling of the word “wrecked” referring to overzealous cryptocurrency traders who fall victim to misleading information resulting in a huge loss of assets
Rugged: Often used in exchange of the word “scammed” rooted in the phrase “getting the rug pulled out from under you”
Smart Contract: Blockchain programs that run when prearranged conditions are met
Shill: The practice of actively promoting a project to inflate its value and lure new investors towards it
Solana: A blockchain platform known for its speed. Solana’s cryptocurrency is SOL.
TLDR: An acronym for “Too Long Didn’t Read” used to summarize points
Token: A virtual denomination of a cryptocurrency that exists as a utility which resides on its own blockchain and is used for investment or economic purposes
WAGMI: An acronym for “We’re All Going to Make It” often used on social media to encourage teamwork and encouragement in a community
Whales: Individuals who hold a large amount of cryptocurrency, They have the power to make or break a cryptocurrency because they control a large part of it.