We know it’s hard out there in those Twitter streets when you’re trying to break into the web3 world. While we can’t prevent a bunch of degens from criticizing you or your first time getting rugged, we can give you as much prep so you can talk the talk… or at least understand it.
Here’s a list of the top NFT terms and slang to know if you’re immersing yourself in web3.
Top NFT Terms to know for beginners
GM - Good morning. A positive, encouraging sentiment used in the web3 space that shares the human side of daily interactions within communities.
Airdrop- a distribution of cryptocurrency, tokens, or NFTs to a web3 wallet address. This is usually used as a marketing tool to build awareness around a project or brand.
Bullish - an upward or positive trend in the market. Also, used to show an aggressively positive attitude toward something one believes in.
In a sentence: “Bullish for my 9 year old to buy her first NFT with all of her birthday money this year.”
Bearish - a downward or negative market trend.
CID- weird tech term formerly known as hash, the content identifier attached to each NFT.
DAO- decentralized autonomous organization; a community-led entity with no central authority.
Degen- Short for degenerative, it refers to people who often make risky & costly decisions.
DYOR- Do your own research!
Floor price - the lowest price of an NFT within a certain category or collection.
FUD - Fear, uncertainty, doubt.
Gas fees - the fees associated with buying and selling NFTs to offset the computing energy of some blockchains, such as Ethereum.
HODL - Literally means to “hold” but was once misspelled and is now a meme. Also known as to “hold on (for) dear life”.
Mint - the process of publishing a digital asset to a blockchain
P2E - play to earn, a genre of games that lets users earn crypto or digital assets through gameplay.
PFP - Stands for profile picture. A common type of NFT collection put out by artists.
POAP - Proof of Attendance Protocol; a type of NFT given out to validate the attendance of a particular event.
Probably nothing - a sarcastic saying used when a project or something is actually worth watching.
Example: “Wait, a massive country just started buying crypto & investing in a metaverse? Probably nothing.”
Rugged - comes from the saying “get the rug pulled out from under you”, to get rugged is essentially to get scammed.
Shill - the act of marketing or advertising one’s project, brand, or crypto asset.
Example: “There’s a place and time to shill your NFTs, but it’s never in the #GM channel.”
Smart contract - a self-executing contract with the terms of agreement between the buyer and seller being directly written into lines of code.
WAGMI/GMI - A fun, encouraging acronym that stands for “We’re all gonna make it!”
Whale - someone who’s had massive success in the NFT space, either as a creator or collector.
Web3 - the third version of the internet.
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