Understanding Web3 and Crypto Twitter: A Beginner's Guide
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Chapter 1: Introduction to Crypto Slang
Many individuals perceive cryptocurrency and NFTs as schemes promising quick wealth, often overlooking the supportive communities emerging in the Web 3.0 era. While scams and market downturns exist within the crypto world, they are not unique to it; such issues are prevalent across traditional finance as well. Conversely, the optimistic communities formed around cryptocurrencies and NFTs are fostering connections in unprecedented ways. Familiarizing yourself with the specific jargon used in these communities can help you engage more effectively and expand your social circle.
Below is a compilation of fifty frequently used terms in the crypto and NFT arenas, beginning with the most fundamental.
Crypto — Cryptocurrency
A simple abbreviation for cryptocurrency, it refers to decentralized digital money that operates on blockchain technology.
NFT — Non-Fungible Token
NFTs are unique digital assets, including art, trading cards, and more, that can be created and traded on the blockchain.
GM — Good Morning
A cheerful way to greet members of the NFT community each morning.
GN — Good Night
A friendly farewell, often shared by those in different time zones as they end their day.
FREN — Friend
A playful shorthand for "friend," often used to foster camaraderie in the crypto community.
IRL — In Real Life
Represents activities or jobs that occur outside the virtual realm, emphasizing the duality of online and offline lives.
GMI — Gonna Make It
A positive affirmation suggesting that someone is on the path to success, no matter how subjective those goals may be.
NGMI — Not Gonna Make It
A cautionary term often used to describe mistakes made by individuals or projects.
WAGMI — We're All Gonna Make It
A rallying cry that underscores the supportive nature of the crypto community.
WEN — When
A frequently used expression in online discussions, often indicating impatience regarding project developments.
Chapter 2: Essential Crypto Terms and Their Meanings
This video titled "Web 3.0 Frequently Asked Questions - Beginner's Guide!" provides insights into foundational concepts in the Web 3.0 space.
SER — Sir
A respectful form of address that can be used regardless of gender.
Degen — Degenerate Risk-Takers
Refers to individuals who take significant risks in their investments, often without thorough research.
Apeing In — Buying Immediately
The act of purchasing an asset without extensive research, driven by the fear of missing out.
Alpha — Early Investment Insights
Information or tips about investments that may not yet be public knowledge.
DYOR — Do Your Own Research
A reminder to conduct personal research before following investment advice.
Wallet — Digital Asset Storage
A secure place for storing cryptocurrency and NFTs, available in various forms.
Address — Wallet Identifier
A unique string representing your crypto wallet, used for transactions.
Blockchain
A decentralized database that records transactions across a network of computers, ensuring data integrity.
BTFD — Buy The F**ing Dip
Encouragement to buy assets during market lows.
HODL — Hold On for Dear Life
An ethos in the crypto community advocating for long-term holding of investments.
The video "Finding Web3 Jobs on Crypto Twitter" offers strategies for navigating job opportunities within the crypto space.
BUIDL — Build Useful Stuff
A call to action to create valuable projects within the blockchain ecosystem.
dApps — Decentralized Applications
Applications that operate on a blockchain network without a central authority.
DAO — Decentralized Autonomous Organization
A form of organization governed by smart contracts, allowing collective decision-making.
DeFi — Decentralized Finance
Financial services that operate without traditional banks or institutions.
Fiat — Government-Issued Currency
Traditional currency that derives its value from government regulation.
Floor — Minimum NFT Price
The lowest price at which an NFT in a collection is listed.
MINT — Creating an NFT
The process of generating a new NFT on the blockchain.
Shill — Promoting for Personal Gain
The act of promoting an asset to generate interest and increase its price.
PFP — Picture For Proof
Profile pictures often used to show ownership of specific NFTs.
POAP — Proof of Attendance Protocol
NFTs awarded for attending events, serving as digital badges.
P2E — Play to Earn
Games that allow players to earn real-world value through in-game assets.
Metaverse
A digital reality where users interact in immersive environments.
OS — OpenSea
The leading marketplace for buying and selling NFTs.
GAS — Transaction Fees
Fees required to execute transactions on a blockchain network.
GENESIS Collection
The initial NFT collection from an artist or project.
Maxi — Maximalist
An investor who strongly believes in one particular crypto or NFT project.
Probably Nothing
A sarcastic phrase indicating that something may actually have great potential.
FOMO — Fear of Missing Out
The anxiety of missing a profitable opportunity.
FUD — Fear, Uncertainty, and Doubt
A tactic used to create negativity around an asset.
REKT — Experiencing Significant Losses
Slang for being financially devastated after a poor investment.
RUG — Scam by Project Founders
A term for when project developers abandon their commitments after receiving funds.
Whale — Large Holder
An entity or person with substantial assets that can influence market movements.
Pump and Dump
A scheme to artificially inflate the price of an asset for profit.
Paper Hands — Early Sellers
Investors who sell too quickly due to market volatility.
Diamond Hands — Loyal Holders
Those who maintain their investments through fluctuations.
Bag Holder — Stuck Investor
An individual unable to sell their investments at a favorable price.
To the Moon
A celebratory phrase indicating rising asset prices.
OG — Original Gangster
Early adopters of a project who earn respect in the community.
NFA — Not Financial Advice
A disclaimer indicating that the information shared should not be taken as financial counsel.
AWOOOOO — Expression of Excitement
A communal cheer among Doge Pound NFT holders.
Final Thoughts
As cryptocurrencies and NFTs gain traction, understanding the unique terminology of Web3 is crucial. This emerging landscape is reminiscent of the early internet days, and as interest grows, these terms will likely become mainstream. Always remember to conduct thorough research before diving into investments, as the potential for profit exists alongside significant risks. Invest wisely and only what you can afford to lose. As always, this is not financial advice, so do your own research!