The digital world not only has attracted lots of people recently but also has brought about new lexicons of technical terms. All the enthusiasts of crypto, Web3, the Metaverse, and NFT may get confused with the new terms easily. In this dictionary we provide the most complete list of metaverse and NFT terms and slangs to help crypto and digital world lovers, either beginners or professionals, navigate such a wide world.
1/1
Stands for one-to-one and refers to a unique piece from a larger collection, for example, art, NFTs, etc.
1:1 Art
Represents a single unique piece of NFT from one artist. 1:1 art is usually very expensive since it defines a highly scarce and unique digital asset.
2FA
Shortens 2-factor authentication, which is an extreme security step to support digital assets. It refers to a code that is generated by an app on the user-defined device (e.g. mobile) or online, and is used along with usernames and passwords to improve the security of digital wallets or other precious assets.
Follow @nftnewspro Follow @nftnewspro10k PFP
Stands for 10,000 Profile Pictures and describes an NFT collection that includes about 10,000 images designed to be used as profile pictures on social media and the Metaverse (e.g. CryptoPunks).
AB
Art Blocks is a digital art platform that is built on the Ethereum blockchain to produce, trade, and store generative art. As an example, Fidenza, the ever most expensive piece ever sold, was under AB.
ADA
Refers to the native cryptocurrency from the Cardano blockchain platform. It was launched in 2017 by Charles Hoskinson.
Airdrop NFT Term
Refers to sending crypto coins, tokens, and NFTs for free to digital wallet addresses. Some NFT projects or Metaverse games may airdrop free NFT rewards to original NFT collection holders or investors. It seems like a marketing strategy in NFT or crypto-related projects to attract attention and add new investors.
Alpha
Is used to show that some piece of information is new or not common. It is mostly used to show users or traders an edge in the market.
Altcoin
Was first used with Bitcoin. It shows all the non-Bitcoin forks or alternative coins.
AMA
Or Ask Me Anything is used with people who turn up to share their information, especially when an NFT project is going to be launched.
Ape
Refers to individuals who rush into buying a new NFT or coin with no or limited research in the market. The term Ape seems to stem from the Ape Together Strong meme.
ATH
Stands for All Time High and refers to the highest price a digital asset has reached in the past.
BAYC
Or Bored Ape Yacht Club is one of the 10k PFP projects in 2021 that became widely successful. It was created by Yuga Labs and includes NFT pieces featuring apes.
Block explorer
Is a web interface that allows users to investigate the contents of the blockchain. It functions as the search engine for a blockchain to query information, like transactions and addresses.
Bot
Represents an automated software that is designed to perform specific actions. It can be used to do a trade and complete transactions for investors or do customization to warm a Discord server.
BSC
Or Binance Smart Chain is a decentralized chain created by the Binance exchange. It provides successful smart contracts and can be a popular alternative to Ethereum.
BTD
Shortens buy the dips. It refers to buying an asset while its price has dropped usually for a short-time correction. The asset seems to bounce back and increase in value over time.
CeFi
Or centralized finance, which is the alternative to DeFi, includes trade-fi institutions including centralized crypto exchanges like Binance.
Centralized
Refers to the condition that a service is provided by a business running a central order book with central servers. The business is run by a limited number of individuals who own all the decision-making power. It is the opposite of decentralized.
Follow @nftnewspro Follow @nftnewsproCold Wallet
Or hardware wallet is a device to store private keys or digital assets completely offline. It must be connected to a computer with an Internet connection to conduct a transaction. Cold wallets are less at risk of being hacked or compromised since they are offline and only the owner can unlock it.
Copy Cat
Refers to an NFT project that copies the appearance of an existing project.
Crypto Community
Includes people who share an interest in Crypto, NFTs, Metaverse, and web3. They usually keep in contact using social media and Discords.
CryptoPunks
Is another 10k PFP project created by LarvaLabs in 2017? It is generally the first generative collection of NFTs.
DAO
Or Decentralized Autonomous Organization is not governed by only one single person or entity. DAO includes codes for rules and governance that are stored in smart contracts on the blockchain. The codes cannot be changed unless members of DAO vote for it. With the development of NFT and Metaverse projects, DAOs get more attention and become more important as a treasury.
dAPP
Stands for decentralized application which is a software application. Such applications partially run on a distributed network or a blockchain rather than a centralized server. There is no single entity to control all the information and services which are decentralized.
Decentralized
Defines a way to operate under no central or single authority. The system instead takes advantage of multiple points of authority, like a peer-to-peer network. Members of the community vote for changes.
DeFi
Or decentralized finance refers to the recreation of traditional financial services using decentralized blockchains. Codes and logics are the basis of what happens. Among all the DeFi protocols, Aave and Maker DAO are the earliest and the most successful.
Degen
Shortens degenerate and refers to people who usually make risky and unprofitable bets. In the NFT world, a Degen often invests in digital assets without any research.
Digital Collectibles
Is a general term for NFTs which may not be fine art though still parts of an NFT series that is collectible, including rare pepes, NBA top shots, and 10k PFPs.
Delist
Is used to show the cancellation of an NFT for sale from an open market.
DEX
Is short for decentralized exchange which is a peer-to-peer marketplace where transactions are conducted directly between crypto traders with no middleman.
Discord
Is a community messaging tool used by members to communicate about crypto and NFT projects? It was first used by gamers to chat while playing. Discords are the best places to share the latest ideas and information on NFT and crypto projects.
Drop, NFT Term
Refers to a new NFT release often for a collection.
Dutch Auction
Is a bidding technique that starts with a high price and gradually gets lower until it reaches a fair price in the market. Such auctions can be timed or timeless.
DYOR
Stands for Do your Research which suggests buyers do research before an investment in any digital asset.
ERC
Is an Ethereum term and stands for Ethereum Request for Comment. This tool is used to introduce and get feedback from developers on technical proposals, for example for a new feature. If the proposal is accepted and proven, it turns into a new standard.
ERC20
Is a famous ERC standard that enables the criterion of new tokens on the Ethereum network.
ERC-721
ERC-721 is another ERC token standard for NFTs. It is the most widely used standard today in blockchains and markets.
ETH
Or Ether is the second-largest digital currency by market cap. ETH is the network for the native token and the lifeblood of Ethereum. It is used to trade NFTs and digital assets and pay network fees or gas fees.
Ethereum
Is not a cryptocurrency but a blockchain behind the Ether (ETH) and many other decentralized applications (dAPPs) available in the market. It is the first programmable blockchain. Ethereum was first launched by Vitalik Buterin in 2014 and allows users to enjoy the benefits of digital money without the need for banks for transferring. Moreover, it is very popular for facilitating web3 ideas such as NFTs DeFi, DAOs, etc.
Follow @nftnewspro Follow @nftnewsproFan Token
Is a cryptocurrency that is created by an individual or a group, often a sports team. It allows the token holders to participate in the team’s governing activities and gain rewards.
Fiat
Refers to the traditional money issued by governments. It is backed up with gold, silver, and precious jewelry with no intrinsic value other than the governing system. Fiat is mostly limited to a country or an economy, like the US dollar or Euro.
Flipping
Means buying items at a low price and selling them for higher prices for benefit, especially in NFT markets.
Floor price
Shows the lowest price listed for an NFT project. It is a good entry point for trading in digital markets.
Floor is Lava
Is used to show that the NFT project’s floor is being brought up quickly and the cheapest price is increasing. It may happen due to massive whale sweeps.
Fractionalize
This refers to dividing the ownership of NFTs or Bitcoin into smaller fractions so that more investors can afford a piece and the number of communities increases.
Freecoiner
Stands for the owner of the cryptocurrency or NFT rewards that are airdropped.
Full Node
Contains the entire history of a blockchain and verifies all transactions recorded in the blockchain. it helps secure the blockchain for everyone.
Fungible
Is something that can be replaced or exchanged for an identical item. For example, 1 ETH to another or dollar to dollar exchange.
Gains
Are the profits or values gained through making or trading NFTs or any other cryptocurrencies?
Gas Fee
Is the transaction fee you may pay while trading or minting an NFT in the Ethereum blockchain. it is directly dependent on time and traffic volume.
Genesis Drop
Represents the first NFT released by a creator, that is new to the market. It also can stand for the rarest or the most expensive item in a collection.
GTD
Refers to a cryptocurrency or an NFT which is going to lose its value due to market changes.
Gwei
Is a component of Ethereum. Each Ethereum token includes 1 billion Gwei. It is used to assess Ethereum gas fees charged. G stands for gas.
Hard fork
Divides a blockchain into half and allows each half to work simultaneously. It helps upgrade the blockchain until the community fully accepts the new fork. Ethereum used a hard fork to prevent a hack on DAO with permanent separation on Ethereum and Ethereum classic.
Hot Wallet
Is a cryptocurrency wallet that is connected to the internet using private keys. It is used to store digital assets though it is not the best choice. It is susceptible to a hack.
Illiquid
Refers to a time when the sale for an NFT project has stopped and the sale time is over. It also refers to the case when a buyer is out of ETH to spend on NFTs.
Immutable
Is a core principle of blockchain and NFTs showing that something cannot be changed, modified, or altered after creation. When an NFT mints on a blockchain, it is impossible to change its traits, properties, and information. The digital asset is verifiable and can be tracked forever.
IPFS
Stands for Interplanetary File System, a protocol and peer-to-peer network for storing and sharing data on a distributed file system. It was created by Juan Benet in 2015 to solve HTTP problems like uploading content and hosting data. It is a proper service to store NFTs.
Layer 1
Refers to the main layer of a blockchain, such as Ethereum and Solana. Layer 1 solved the problems with decentralization, scalability, and security.
Layer 2
Is the secondary framework in a blockchain. It helps solve the problems of transaction speed and weaknesses of layer 1. It provides faster, cheaper transactions as well as more accessibility.
Liquid
This refers to a condition where NFTs or crypto coins are lined up by the traders to do business. A liquid market is fairly priced and attracts lots of customers.
Market Cap
Shows the total value of a token or NFT. It presents the total of all assets in a collection based on its current market price. It is useful to guess the potential increase of a token.
McDonald’s
Plan B in the case of Web 3 and NFT space loses its community. It is a backup career plan in the case the NFT market fails.
Metaverse
Is a 3D virtual world where users can build, play, work and experience whatever they wish for. Users may use VR or AR techniques to improve their experience. It is a home for NFTs, crypto tokens, and Avatars. Just like the physical world you can buy land, build houses and go to concerts and movies. It seems a very fun place to hang out with others.
Mining
Is a competitive process of adding new blocks to a blockchain. It allows new tokens to be created and added within a blockchain. these new blocks can be traded in digital markets.
Minting
Refers to producing something for the first time. In the case of NFTs, minting represents the creation of a new NFT.
Mods
Is the moderator of Twitter and Discord channels. Moderators are used to ensure that the community experiences healthy, active, and informative communication in these spaces.
Moon
This shows the condition that the price of an NFT or a crypto coin skyrockets a lot and gets very expensive.
Moonboy
Is someone who acts irrationally on coin/NFT projects and has blind faith in them.
Multi using
Stands for a multi-signature wallet that requires two or more signatures to make a transaction. it is frequently used in DAOs. This wallet is controlled by a group of trusted people to guarantee the security of DAO.
NFA
Stands for Not Financial Advice. All experts who answer the questions or advice about crypto or NFTs finish their text with the term NFA. Therefore, they are not responsible for the decisions the readers make based on their analysis or answers.
NFT
Shortens Non-Fungible Token which is a unique digital asset living on a blockchain. NFTs are created based on smart contracts, mostly ERC1155 or ERC721. Every real-world asset could be minted as an NFT, like real estate, paintings, music, cards, cars, etc. NFTs cannot be directly exchanged with anything as they are unique items.
NFT Domains
Are minted on the blockchain, e.g .ENS and .NFT. It gives the chance to the users to set their Web3 usernames and gives them total ownership of their data. It even can be used to replace the ETH public wallet address.
Node
Is a device that connects to a blockchain. it supports the blockchain by validating transactions made.
Follow @nftnewspro Follow @nftnewsproNoob
Is used to name newcomers to the crypto space and those who are inexperienced.
Off-Chain
Is the term used to show that digital data is stored off a blockchain but on a central server? Some NFT projects choose to store the data of their projects on decentralized servers, such as IFPS. However, it could cost a lot for the projects.
On-Chain
Is a transaction that occurs on a modified, verified blockchain on a public ledger. On-chain data is stored on the blockchain instead of a central server or an IPFS.
Open Edition
NFT collections are known to have no limits for the amount of NFTs minted. Open Edition sets limited-time offers or ends after a goal is achieved instead of using rarity 1:1 NFTs. It is a unique feature with play-to-earn games, such as Axie Infinity that includes breeding as a key feature.
OpenSea
Is the most popular and decentralized NFT market in the digital world. It is the dominant secondary NFT marketplace, especially for games. It allows to launch the original collections, create communities and sell NFTs.
P2E
Or play-to-earn refers to blockchain-based games that feature an open economy. Such games use tokens and NFTs as rewards for winners that can be traded on crypto exchanges and make money.
P2P
Or peer-to-peer network shows a network of computers that share and interact directly with no central server. It creates higher security, transparency, and control over trades or transactions. KuCoin and Gemini are good examples of crypto exchanges that make use of P2P trading platforms.
POAP NFT
Stands for Proof of Attendance Protocol NFT and is a reward to attendees of an event as a virtual or physical POAP. They can be collected and used based on their utilities.
PoS
Or Proof of Stake is a consensus mechanism for securing and processing transactions on a blockchain. It is an alternative to Proof of work. Here, validators stake some cryptocurrency to verify transactions on the blockchain and create blocks. It reduces the computational power required compared to PoW. Ethereum is currently using PoS.
PoW
Or Proof of Work got popular with Bitcoin. It is a decentralized consensus mechanism that needs blockchain miners to solve complex mathematical problems with computers to verify transactions and mint blocks. This proves that doing a certain workload leads to solving a problem, preventing fraud, and improving the integrity of the network. Though, it is criticized for its wide power consumption and high power needs for computations.
Pre-mine
This refers to the point that crypto coins or blockchain-based tokens are created before a public launch. It can be a reward for early investors or a payment from the organization.
Pump and Dump
Is a scam in the crypto and NFT world. The asset is hyped up and the community buys in to raise or pump the price. When the price rises to a certain point, the main owners dump the assets and a new worthless asset is left for its new owners.
Rarity
rarity is the most important feature to determine the price of NFTs. The rarer the nFt, the more valuable it is.
Right-click, Save As
Is used to show people who do not understand NFTs and their values. NFT newcomers can get more information on that by joining Discord groups such as RCSA.
RoadMap
Outlines the plans for a coin or NFT collection. It presents strategies, goals, and plans of the development team that suggests the future actions and progress of the tokens.
Scalability
Refers to the capability of a blockchain to handle large amounts of transactions in a short period. This directly influences the decision to choose a blockchain for an application.
Schelling Point
Is a key concept in gaming theory. It is the focal point in a given point that independent participants arrive at the same conclusion about the game or tokens.
Secondary Market
Is a platform where NFTs can be traded after an NFT project is minted out. OpenSea, Rarible, and SuperRae are good examples of Ethereum-based secondary markets.
Follow @nftnewspro Follow @nftnewsproSeed phrase
Is a 12 to 24-word series that is generated by a digital wallet. It is the master password to access the wallet. It must be secured unless the connection to the wallet will be lost.
SFT
Or semi fungible token has the initial value of an NFT before being used for its sort of utility. Later, it loses its value and becomes fungible. It is most relevant for concert tickets or similar experiences in Web3 environments.
SLP
Is the native ERC20 gaming token. It is the income for gamers, for example in Axie infinity. It can be used to breed game pets. Gamers earn SLP by completing daily quests or winning battles. It is burnt if it is used for breeding.
Soft Fork
Is an update to the blockchain. It is different from a hard fork as it does not create a separate chain. It is easier to implement in comparison to a hard fork and is less disruptive. A soft fork can add new features and functions without changing the blockchain rules.
SOL
Is the native cryptocurrency for the Solana blockchain. It is faster in terms of the transactions per minute. Therefore, it decreases the transaction cost or gas fees.
Solidity
Refers to the programming language of the Ethereum Virtual Machine. It is used to write smart contracts and powers the blockchain. solidity is used with Ethereum, Binance Smart Chain, Tron, and many other EVM compatible blockchains.
Staking
Is a mechanism to lock away crypto tokens and NFTs for a certain amount to earn interest. It is also used by a project to encourage owners to hold and avoid listing the token on the secondary markets or selling at exchanges. The staking reward is the annual percentage yield.
TDA
Represents the art that is created by traditional methods and then is turned into NFTs. For example, oil paintings or drawings.
Token
Is a digital asset that is available on a blockchain. it can be traded and may represent digital or physical assets. Tokens also interact with dApp and have certain utility for gamers and investors. It makes the whole Web3 world more convenient. The term token also refers to an asset that can reside on other chains, like tokens on the Ethereum chain.
Trait
Is the feature that divides NFTs within a large collection. It makes each NFT unique. Traits are different in rareness and directly influence the price of the NFT. Some examples are gold skin, patterned fur, jewelry, laser eyes, etc.
Web3
Describes the new crypto-based web economy that runs on Ethereum wallet sign-ins like MetaMask. It also is functional with NFTs and the Metaverse.
Whale
Is a multi-millionaire or the owner of a large NFT collection. Their trades have a direct influence on the market and prices.
Whitelist
Refers to the chance that a wallet address is allowed to mint in a private sale of an NFT, right before the new NFT drop. Whitelist spots are announced to the holders of other NFTs, certain Discord members, or active individuals on social media.
Leave this field empty if you're human:
