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Glossary

Commonly used words, phrases, abbreviations, and acronyms across web 3.
One of the most intimidating things about the space is the amount of new terminology that’s freely thrown around - feel free to refer back to the glossary at anytime.
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Address
a string of characters that represents a wallet that can send and receive cryptocurrency It is like a real-life address or email. Each address is unique and marks the location of a wallet on the blockchain.
Airdrop
a marketing campaign that distributes a specific cryptocurrency, token or NFT to an audience via wallets
Alpha
early investment advice or intel
Altcoin
Apeing In
buying into an NFT project, perhaps without due diligence or doing something recklessly
Bear Market
When prices of assets in a market fall by 20% or more from recent highs, it is called a bear market. As a result, investor confidence is low, and the economy and market turn pessimistic.
Block
file with information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain
Block Explorer
interface that lets you see transactions on the blockchain
Blockchain
a decentralized database that maintains a data list that cannot be manipulated
Bored Ape Yacht Club (BAYC)
Bored Ape Yacht Club (BAYC) is a collection of 10,000 Ethereum-based non-fungible tokens (NFTs) that launched in 2021. Called “Bored Apes,” these Ape NFT caricatures feature various facial expressions, clothes, and unique elements. Wildly popular in both the crypto community and wider online culture, many of the Bored Apes that initially sold for hundreds of USD now sell for millions.
Bull Market
A bull market in crypto and stock markets refers to a time during which the prices of assets grow dramatically. These markets act as a source of motivation for both investors and purchasers.
Burn
NFTs or coins are considered “burned” when they have been purposely and permanently removed from circulation. Often times sent to the Ethereum burn wallet which is just 0x0000...000
Cold Wallet
a place to store crypto tokens, cold wallets store digital assets off-line, making them secure from bad actors but difficult to trade.
Crypto
Cryptocurrency, a digital currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend.
CryptoPunks
CryptoPunks are one of the most well-known and highly valued collections of non-fungible tokens (NFTs) in the crypto industry. CryptoPunks were released in 2017 on the Ethereum blockchain and are characterized by the cyberpunk and London punk genres. After several years of maturation, many CryptoPunks have been auctioned off for millions of dollars. Apart from a highly sought-after reputation, the collection is verifiably limited to 10,000 punks. CryptoPunks were one of the first ever tokenized collections that initiated the ERC-721 standard for NFTs.
DAO
Decentralized autonomous organization, pronounced dow, the structure for a company or organization in web3. In a DAO everyone can have ownership and be involved in decision-making.
DAPP
Decentralized app, any practical application of blockchain and/or cryptocurrency. dApps can take the form of mobile games, communications platforms, and social media sites.
Decentralization
the transfer of control and decision-making from a centralized entity (individual or organization) to a distributed network
DEFI
DeFi (decentralized finance) is the movement within crypto that removes the control banks and institutions have on money, financial products, and financial services. It eliminates the fees that banks and other financial companies charge for using their services.
Degen
degenerate, a gambler, someone really shooting at all chances, taking extremely high risks. refers to people who invest in digital assets like NFTs or cryptos without doing due diligence. It can also mean any person getting in on web3 investments.
DINO
Decentralized In Name Only. Referring to all Crypto projects where a centralized group dictates most of development, monetary policy, node operations and mining
Dogfooding
Eating your own dog food or "dogfooding" is the practice of using one's own products or services. This can be a way for an organization to test its products in real-world usage using product management techniques.
ERC-20
simple interface that allows for the creation of tokens on Ethereum that can be re-used by other applications, from wallets to decentralized exchanges
ERC-721
defines non-fungible tokens (NFTs) on Ethereum, allows anyone to create tokens that are completely unique
ETH
Ether (ETH) is the native cryptocurrency of the Ethereum blockchain, and plays an integral role in the Ethereum ecosystem. Transactions on the Ethereum blockchain are paid for in micropayments of ETH referred to as gas, while ether also facilitates interactions with and between smart contracts throughout the Ethereum platform and ecosystem.
Exchange
A cryptocurrency exchange is a type of digital currency exchange where digital assets can be bought, sold, and traded for fiat currency or other digital assets. They are similar to mainstream exchanges where traditional stocks are bought and sold in the type of transactions and orders that users can execute.
FIAT
a term for government issued currencies, like the U.S. dollar or Japanese yen. Fiat is used to describe any currency controlled by a central authority. Cryptocurrencies with their decentralized design, serve as a counterpoint to traditional fiat currencies.
FLOOR
the lowest price available for an NFT in a collection. The minimum amount you need to buy one. This is an important metric to look at when evaluating an NFT project.
Gas
the fee required to conduct a transaction or execute a contract on the Ethereum blockchain.
Gas Limit
the maximum amount of gas that you're willing to spend on a particular transaction.
Genesis Block
the first block in the blockchain, used to initialize the crypto-currency
Genesis Drop
an artist's or project's first ever NFT drop
GWEI
denomination used to define the cost of gas in transactions on Ethereum
Hot Wallet
a place to store crypto tokens, hot wallets are online and easily accessible but also more susceptible to hackers
Immutable
data cannot be changed or modified by anyone after its creation, the core defining feature of blockchain
Interoperability
the ability to see and share information across multiple blockchains
Layer 2
a scaling solution that promotes mass adoption of the Ethereum platform, provides tools to create scalable dapps that prioritize performance, user experience, and security
Maxi
maximalist, someone who believes that one particular crypto is the only viable one by far and predominantly invests in it.
Metaverse
a digital universe with all the aspects of the real world—real-time interactions and economies.
Mining
process where blocks are added to a blockchain, verifying transactions, also how new bitcoin or some altcoins are created
Mint
the creation of a new NFT token. Minting is the process of turning a digital file into a crypto collectible or digital asset on the Ethereum blockchain.
NFT
An NFT (non fungible token) is a digital asset that confers ownership of a virtual good, such as a piece of digital artwork or online collectible. Most cryptocurrencies are “fungible”, meaning there is no meaningful distinction between one coin and another.
NFT Marketplace
A non-fungible token (NFT) marketplace is an online platform that allows users to buy, sell, and trade various types of NFTs. OpenSea and Rarible were some of the first NFT marketplaces that launched. Other prominent NFT marketplaces include NBA Top Shot, SuperRare, Nifty Gateway, Binance NFT Marketplace, and Coinbase NFT. There is also a growing number of NFT marketplaces that exist in many play-to-earn (P2E) metaverse and gaming projects such as Axie Infinity, The Sandbox, Decentraland, Gala Games, and others.
Node
the most basic unit of blockchain infrastructure that stores data
OpenSea
The world's largest marketplace for users to upload, buy or trade non-fungible tokens (NFTs) using cryptocurrencies.
P2E
play to earn, as in video games like Axie Infinity
Permissionless
often used to describe blockchains, a system where no entity can regulate who can use it and how
PFP
picture for proof or profile pic like Crypto Coven
POAP
proof of appearance protocol from @poapxyz
Polygon
The Polygon network is a layer-2 scaling solution for Ethereum that uses a system of interconnected Ethereum sidechains to facilitate faster, cheaper transactions and lower gas fees.
PROOF OF STAKE
a crypto mining system that rewards mining power to miners based on how many tokens they have, is more energy efficient than proof of work
PROOF OF WORK
a mining system involving solving computationally intensive puzzles to validate transactions and create new blocks
Regenerative Finance
uses money as a tool to solve some of the most challenging issues we face in the world.
Satoshi
1. a reference to Satoshi Nakomoto, the anonymous founder of Bitcoin who vanished shortly after his creation, leaving the project to be decentralized and collectively managed 2. a unit of exchange, the smallest part of a bitcoin.
Seed Phrase
a series of words that unlocks your crypto wallet It's like your bank account number, your social security number, date of birth, home address, and ATM pin—all in one. If someone gets it, they can take all your Crypto assets.
Self Custody
only you have the possession of your digital assets because you control the private key, versus holding assets at an exchange like Coinbase
Shill
the act of unsolicited endorsing in public. You're shilling if you're promoting an NFT you're dropping or a coin you’ve invested in.
Smart Contract
a piece of code that self-executes once certain conditions are met, like a vending machine but online
Social Token
a type of cryptocurrency that a brand, community, or influencer can use to monetize themselves
Stablecoin
a cryptocurrency with extremely low volatility, that has its market value pegged to some external reference such as the USD
Staking
Staking is the process through which a blockchain network user 'stakes' or locks their cryptocurrency assets on a network as part of the consensus mechanism, thus ensuring the security and functionality of the chain. Staked assets are usually held in a validator node or crypto wallet, and in order to encourage staking most projects reward the holders of staked tokens/coins with annualized financial returns, which are typically paid out on a regular basis. Staking is a core feature of Proof-of-Stake (PoS) blockchain protocols, and each blockchain project which incorporates a staking feature has its own policies for staking requirements and withdrawal restrictions.
Token
a representation of an asset, can be held, traded, or staked to earn interest
Tokenomics
Tokenomics, a portmanteau of “token” and “economics,” refers to the underlying attributes of a cryptocurrency token that incentivize users to adopt the token’s project ecosystem. Among cryptocurrency investors, the term is commonly referred to in terms of how the token is utilized within the project ecosystem, or how the token will follow a monetary policy as the project develops. Therefore, the term tokenomics encapsulates a variety of processes and concepts, some of which are hard-coded into a blockchain's protocol, and others which are more speculative in nature.
Trustless
an environment where there is no centralized authority such as a bank
Volatility
any cryptocurrency that experiences frequent and large upward or downward movement in prices is said to be volatile in nature.
Wallet
a place to store crypto tokens
Whale
someone who invests big in a certain NFT project or cryptocurrency.
White/Allow List
a list of addresses that get early and guaranteed access to mint NFTs at a specific date and window of time
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Term
Address
Description
a string of characters that represents a wallet that can send and receive cryptocurrency It is like a real-life address or email. Each address is unique and marks the location of a wallet on the blockchain.
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