Welcome to the Web 3.0! A place where you can breed and collect kitties, apes don’t find anything amusing and GUCCI loves a good garden. It can be quite daunting to get into this new technology. So if you want to hop into the metaverse, here is all the jargon you need to get started with Web 3.0 language.
This blog includes:
-Web 3.0 jargon
-Web 3.0 slang
General Web 3.0 jargon
What is Web 3.0?
Web 3.0 is the upcoming third generation of the internet where websites and apps will be able to process information in a smart human-like way through leveraging blockchain technology, open-source applications, and the decentralization of data and information.
Example: Web 3.0’s decentralized blockchain protocol will enable individuals to connect to an internet where they can own and be properly compensated for their time and data.
What is Metaverse?
An emergent networked online space with digitally persistent environments that people inhabit, as avatars, for synchronous interactions and experiences, accessing the shared virtual space through virtual reality, augmented reality, game consoles, mobile devices, or conventional computers.
For more information, check out our beginners guide here: Metaverse 101: Guide for beginners
What is decentralised?
A system that operates without the control of a central figure or authority, and replaces it with a distributed peer-to-peer network.
Example: DAOs operate in a decentralised manner, as everyone has the same information and the same authority over the decision making process.
What is DAO (Decentralized Autonomous Organization)?
An organization based on open-source code and governed by its users. DAOs typically focus on a specific project or mission and trade the traditional hierarchical systems of legacy corporations for guidelines written on the blockchain.
Example: Anyone who owns Decentraland’s platform token (MANA) can take part in the decision process, making the platform a DAO.
What is the blockchain?
A publicly-accessible system used to record information in a way that makes it difficult or impossible to change, hack, or cheat the system without the need for a central authority.
Example: Blockchains are the core technology on which cryptocurrency protocols like Bitcoin and Ethereum are built.
What is a Smart Contract?
A self-executing code deployed on a blockchain. Smart contracts allow transactions to be made without an intermediary figure and without the parties involved having to trust one another.
What is a wallet?
A software application or hardware device used to store the private keys to blockchain assets and accounts. Unlike a traditional wallet, a blockchain wallet does not actually store the coins or tokens themselves. Instead, they store the private key that proves ownership of a given digital asset.
Example: Metamask, Coinbase Wallet, Ledger, Trezor are different Web 3.0 wallets.
What is a Wallet Address?
Also known as a public key, this is an alphanumeric code that serves as the address for a blockchain wallet, similar to a bank account number. Other users can send digital assets to your wallet via your public key, but only you can access your wallet’s contents by using the corresponding private key.
What is an NFT?
A non-fungible token. A digital certificate of authenticity used to assign and verify ownership of a unique digital or physical asset.
Understand the authority of NFTs in our blog.
What is an NFT Domain?
NFT domains are domains that live on a public blockchain and give users complete ownership of their stored data. They are crypto wallet addresses that also function as website domains.
Example: .crypto, .x, .nft, .zil are NFT domains.
What is a collection?
A release by an artist containing a limited number of individual NFTs.
Example: The Bored Ape Yacht Club is a collection of 10,000 unique Bored Ape NFTs— unique digital collectables living on the Ethereum blockchain.
What is a collector?
A user that owns one or multiple NFTs
Example: Most CryptoKitties collectors are on Discord discussing different breeding tips.
What is a drop?
The release of an NFT project at a specific date, time and minting price.
Example: When is the next drop of tamacorgis? I am getting FOMO from all those collectors.
What is farm/farming?
The act of collecting NFTs to maximise returns, creating liquidity and utility for NFTs.
Example: Axie Infinity is a prime example of a blockchain game with NFT farming capabilities. In the Ethereum-powered game, players earn SLP tokens that they can then use to mint NFTs in the form of new Axies.
What is ‘to migrate’?
To move an NFT from the Gnosis Chain (previously xDai) network to Ethereum Mainnet. It simply moves an NFT between networks within an existing wallet address.
Example: In order to list her POAP for sale on OpenSea, she had to migrate it from Gnosis Chain to Mainnet.
What is ‘to mint/minting’?
To generate and preserve an NFT on the blockchain. In simple terms, uniquely publishing your token on the blockchain to make it purchasable. Marketplaces usually charge a minting rate for every NFT bought.
Example: The cost to mint one NFT can range from about $1 to over $1,000.
What is cryptocurrency?
A digital asset designed to be used as a medium of exchange. Cryptocurrencies are borderless, secure, and maintained by blockchains as opposed to centralized banks or governments.
Example: Bitcoin (BTC), Ether (ETH), and Solana (SOL) are types of crypto.
What is gwei?
Gwei is a blend of two words – giga and wei. It is a term for a very small amount of the Ethereum cryptocurrency and is commonly used when discussing transaction fees on the Ethereum network.
Example: One Gwei is equal to 0.000000001 ETH.
What is wei?
The smallest denomination of ether, named after cypherpunk and cryptocurrency pioneer, Wei Dai.
Example: 10^18 wei = 1 ether.
What are Satoshis/Sats?
The smallest denomination of BTC, equal to 0.00000001 bitcoin. Satoshis are named after Bitcoin’s pseudonymous creator, Satoshi Nakamoto.
What is market cap?
The total value of an asset based on its current market price. A cryptocurrency’s market cap is found by multiplying the price of a single coin by its circulating supply.
What is Genesis Block?
The very first block of a blockchain network.
Web 3.0 slang
What is DYOR (Do Your Own Research)?
This phrase is used to remind people to conduct their own investigation into an asset before investing in it.
Example: “I’m very bullish on this, but obviously DYOR”.
What is gm?
It means “good morning,” gm is a common greeting used in crypto circles.
What is GMI?
It simply means “gonna make it.” This term is frequently thrown around on Twitter to voice support for a project or person.
What is HFSP (Have Fun Staying Poor)?
A phrase commonly aimed at individuals who do not own any cryptocurrencies, or don’t believe in the value of a certain asset.
Example: “Did you buy some ETH yet?”
“No, crypto can crash any day now.”
“LOL okay HFSP.”
What is HODL?
An expression meaning “hold” and frequently taken to be an acronym for Hold On for Dear Life. It is a word used to describe the true lovers and supporters of a coin. It is a word used to encourage those that are battered from the beatings of a bear market.
Example: Hodl can be used especially when the market is going down to help investors resist the urge to panic-sell, i.e. “I AM HODLING”
What is holding the bag?
This is the unfortunate position you find yourself in when an asset you own quickly drops in value but you do not sell. You are thus left holding a bag of worthless coins or stocks.
Example: “I’m not holding the bag. I’m HODLING. The bull market isn’t over.”
What is lambo?
Short for Lamborghini. The ability to purchase Lambo is a goalpost for success, used in a myriad of phrases in the crypto and degen spaces.
Example: “I just purchased $43 worth of Dogecoin. Wen Lambo?”
What is moon / To the moon!?
This phrase implies that the value of an asset will go so high that it will reach the literal moon.
Example: “wen moon?” expression used when someone is impatient with an asset which is not increasing in value as quickly as they had hoped.
What is NGMI?
Short for “not gonna make it.” This is used to imply that a certain project or asset has a low chance of becoming valuable.
Example: “Everyone who sold their ETH during that dip ngmi.”
What is PFP?
Profile picture, usually referring to one of an NFT
Example: Reese Witherspoon’s PFP is from World of Women collection
What is Ser?
Meaning “sir,” a common intentional misspelling used in crypto circles
What is vaporware?
A product or project that is announced and marketed but never actually materializes.
What is WAGMI?
“We’re All Gonna Make It,” a common saying in crypto and trading circles signaling camaraderie and a positive outlook.