Glossary

FUD

Fear, Uncertainty, and Doubt.

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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.

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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 (

https://rarity.tools/⁠

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Roadmap

The promised pieces of utility the project will create. A roadmap is usually available on project websites.

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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.

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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.

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Drops

A colloquialism for a mint of a new or related project.

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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.

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Rugpull

A description for a project that intends to take the initial money generated from a mint and then cancel the project.

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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.

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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.

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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.

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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.

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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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