50 terms for cryptocurrency and NFT and their definitions

  • Many new terms and acronyms have been developed around crypto and NFTs.
  • For example, a PFP project is a profile picture project like the Bored Ape Yacht Club. HODL does not mean sell.
  • These terms help you translate NFT content as Twitter feeds.

If you are new to NFTS, some terms may be confusing.

I’m a full time YouTuber who focuses on demystifying everything that Web3 is, but when I first discovered the Web3 space, it seemed like people were speaking a different language.

Share ? Carpet cover? WAGMI? The jargon was a lot to absorb.

So after searching the internet for hours looking for answers, I have put together a list of Web3 definitions so that even the most tech-savvy people can understand.

Here are 50 phrases you need to know

  1. Parachute jump: To send any free cryptocurrencies like NFTs or tokens. It has nothing to do with Apple’s airdrop feature. Sometimes airdrop gives NFT holders something special. But usually airdrop is for gifts or a sketchy marketing tactic.
  2. Alpha: This is another term for “insider information”. If someone has “alpha”, they have information that the rest of the market has not yet discovered.
  3. monkey ind: Investing a lot of money in a new cryptocurrency or NFT project without first doing the right research. It comes from the meme “monkeys together strong”.
  4. Bearish: The belief that a project will lose value over time.
  5. blockchain: A type of database. Information is stored in groups (blocks) that cannot be changed after creation. The whole group of groups (blockchain = blockchain) is copied to many different computers so that the data is public and secure.
  6. Blue boat: As close to a “reliable” investment as possible in the NFT area. These NFT projects are well known and are generally considered to be of great value. Bored Ape Yacht Club, CryptoPunks, World of Women are considered bluechips.
  7. Bullish: The belief that a project will increase in value over time.
  8. Coin base: A popular platform for buying and selling cryptocurrencies.
  9. crypto wallet: A place (app or physical object) where you can store your crypto assets (NFT, Ethereum, etc.) A wallet is needed to buy things (NFT) with crypto. Some popular wallets are Coinbase Wallet and MetaMask.
  10. Crypto wallet address: A public address that you can give to people so they can send you crypto / NFT. This is usually a long alphanumeric string, but you can also purchase a shorter domain name if you wish. Mine is for example aprilynne.eth.
  11. Decentralized: Power is distributed to several people instead of going through a single person.
  12. CAD: Abbreviation of “decentralized autonomous organization”. The votes of the members of this group are automatically counted and used to make decisions. Sometimes actions are performed automatically. The code for all automatic actions is publicly available so everyone can make sure everything is working properly.
  13. DAPP: Abbreviation for “decentralized application”, it is an application built on blockchain. Instead of data being collected / manipulated / sold by Big Brother (* cough, cough, Meta *), all data is stored publicly on the blockchain.
  14. CHALLENGE: Abbreviation of “decentralized economy”. This basically means the bank, but without fees / approvals for transactions and loans. You can lend, trade and borrow cryptocurrencies through a public code that automatically saves / verifies transactions.
  15. Diamond needles: Holds on to a high-risk NFT despite pressure to sell. Sometimes people use this as a reason when one of their NFTs starts to lose value. It comes from “diamonds are created under pressure”.
  16. Doxxed: When the true identity of a team behind an NFT project is revealed. Usually used to build credibility for a project.
  17. Drop: The first launch of a new collection or project.
  18. ANIMALS: Abbreviation for “do your own research”. This is a warning, and frankly a pretty good piece of advice, often added to the end of an NFT project review. It is pronounced as the Dior brand.
  19. ETH DOT (.eth): A personal crypto wallet address that anyone can purchase. For example, my Ethereum wallet address is aprilynne.eth.
  20. Ethereum: A popular blockchain used for NFTs is often criticized for slow and expensive transactions. Also home to Ether (ETH), the second most popular cryptocurrency.
  21. To return to: Buy an NFT and resell it quickly instead of holding it with the intent of trying to make an instant profit. This is a fairly common but risky strategy.
  22. Scene: NFTs for the base price of a collection.
  23. Floor price: The lowest market price for NFTs in a collection. Often used as an empirical measure of the value of an NFT project.
  24. Floor sweeping: When someone buys all the NFTs in a collection for the bottom price. Buyers can do this because they believe in the project. Sellers can do this to artificially raise the base price of the NFT collection.
  25. FOMO: Abbreviation of “fear of missing something”. It is an emotional factor that pushes someone to irrationally adhere to a project.
  26. FUD: Abbreviation for “fear, uncertainty, doubt” and used to express concerns about the legitimacy / value of an NFT project. For example, someone can enter an NFT Discord server and stream FUD.
  27. Gas costs: Basic transaction fees for crypto (Ethereum) transactions. The busier the Ethereum network, the more expensive the gas charges. This is one of the most criticized features of the Ethereum network.
  28. GM: Abbreviation for “hello”, it’s a popular greeting on NFT Twitter. It signals that someone is online.
  29. HODL: A spelling mistake of “hold”, which has become widespread and has been given the abbreviation “hold on (to) dear life”. The term signals that someone is not selling despite potential volatility and uncertainty.
  30. GLF: Abbreviation for “Let’s go fucking”. Usually used to put energy on an NFT project.
  31. Market: A platform for buying and selling NFTs. Popular NFT marketplaces include OpenSea, Rarible and Magic Eden.
  32. Metamask: A popular crypto wallet. MetaMask has a logo that looks like a fox.
  33. Metaverse: A virtual world where you have an avatar and you can buy things, play games and even start businesses. Many different companies (* cough, cough, Meta *) try to create a metaverse that “wins” and goes mainstream.
  34. Slog: Take a digital asset and place it on the blockchain to create an NFT.
  35. mooning: Describes the trend when the numbers rise. This means that prices are rising very fast.
  36. NGMI: Abbreviation for “will not do it.” It is used to grill people and projects that will not last long in the NFT space.
  37. OpenSea: A popular NFT market. Currently only supports NFTs on Etherium and Polygon blockchains.
  38. paper hands: Selling NFTs under pressure. Usually used by “diamond hands” as a roast against people who are actually selling.
  39. PFP project: Abbreviation for “profile picture project”. These are collections launched with the intention of being avatars that people can use as their Twitter profile picture to change ownership.
  40. Polygon: A blockchain used for NFTs that is popular because of its lack of gas charges. Technically built on top of Ethereum.
  41. Pump and dump: A malicious plan to artificially “inflate” (raise) the price of an NFT project before everything is sold at once, and effectively “dump” the price while making a profit.
  42. P2E: Abbreviation for “pay to win”. You get paid in crypto / NFT to play certain types of games.
  43. Road map: A general public plan for an NFT project. Usually provides an overview of the timing and usefulness of the project.
  44. rug sweater: An NFT project went wrong. People lie about an NFT project to trick others into buying. Once they have collected the money, they drop the project, walk away with the money, and everyone is bored and crushed.
  45. Share: Degradation of a single NFT into smaller pieces, or fragments, so that a group of people can buy and own an NFT that is otherwise too expensive to buy in its entirety.
  46. Solana: A popular blockchain for NFTs known for its fast and cheap transactions.
  47. Smart contract: Public code attached to an NFT running on its own. Usually how the utility of an NFT is used. Useful because you do not have to trust the individual behind a project – you just have to trust the code that you can see and verify yourself.
  48. Strike: A way to earn passive income by locking your NFTs on blockchain for a certain period of time. You can earn rewards for this in the form of crypto.
  49. To the moon: A festive term used when the prices of an NFT project rise higher and higher.
  50. Benefit: Underlying value of an NFT. Utility is the benefits, products, services, benefits or rights associated with owning an NFT. Some NFTS offer e.g. 30% discount on future products, membership of private foundations, access to an online course, access to private events or trademark copyright.

Aprilynne Alter is an NFT YouTuber and startup founder.

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