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Glossary

FUD
Fear, Uncertainty, and Doubt.
PFP
An acronym used to describe many NFT projects whose individual NFTs can be used as a profile picture. The acronym can also be used to simply refer to a profile picture itself.
Traits
Traits describe the randomized features of an NFT. Some are rarer and therefore make an NFT more valuable. Trait rarity can be checked on third party websites ().
Roadmap
The promised pieces of utility the project will create. A roadmap is usually available on project websites.
Whitelist
Also known as an ‘allowlist’, lists all of the wallet addresses that will be allowed into private mints. Some projects have unique names for this.
Mint
A mint is an initial sale that generates NFTs using a smart contract. After the mint, no more of these NFTs can be generated.
Drops
A colloquialism for a mint of a new or related project.
Staking
Locking your token in a wallet preventing you from selling it for a specified amount of time. This often earns you rewards with projects.
Rugpull
A description for a project that intends to take the initial money generated from a mint and then cancel the project.
Airdrop
In the crypto world, an airdrop is a free distribution of tokens or coins from a company directly into its users’ or members’ wallets.
DAO
A Decentralized Autonomous Organization, colloquially referred to as a ‘DAO,’ is an organization that is controlled by its members and not subject to the authority of any single individual or entity. Unlike a traditional corporation or government, they are completely free of hierarchical, top-down structures. Its codes of conduct are recorded on a blockchain to ensure transparency and decentralization. Participation in a DAO is usually accessed through the acquisition of a digital token.
Fiat money.
Not to be confused with the car brand, fiat money is a term used to refer to any kind of currency that has been declared a legal tender by a government body.
Gas.
In the context of web3, gas refers to a fee that’s required in order to execute a smart contract or transaction on Ethereum blockchain. Gas, which is often denominated in a very tiny fraction of an ETH called a WEI, is paid to node operators, AKA miners.
IRL.
Shorthand for ‘in real life,’ IRL is an acronym commonly used in the web3 space to describe a person, place, thing or event in physical – as opposed to virtual – reality.

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