Crypto & NFT Terminology
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Some frequently used terms used on Crypto & NFT communities and their meanings:
- ATH- All Time High
- ATL- All Time Low
- Airdrop- When a coin/token gets dropped to a person's wallet for free
- Ape in- The act of purchasing a NFT or a coin
- Bearish- Expectation that a coin/NFT will go down in value
- Blue Chip- Well known projects with not a lot of volatility
- Bridge- The process of transferring of tokens and/or arbitrary data from one chain to another for a fee.
- Bullish- Expectation that a coin/NFT will go up in value
- CEX- Centralized Exchange
- CT- Crypto Twitter
- DAO- Decentralized Autonomous Organization
- DApp- Decentralized Application
- DEX- Decentralized Exchange
- DYOR- Do Your Own Research
- DeFi- Decentralized Finance
- Degen- A person who purchases coins and/or NFTs without much/any prior research
- Devs- Developers
- Diamond Hand- A person who does not sell their NFT or coin despite it losing value
- Doxxed- When the identity of an anonymous developer, project founder or creator is revealed.
- Dump- The act of selling a coin
- FOMO- Fear Of Missing Out
- FUD- Fear, Uncertainty and Doubt
- Fiat- Government issued currency such as USD, Pounds and Euros
- Flipping- refers to buying items at low prices and selling them quickly for a profit
- Floor Price- The lowest entry price listed for a NFT project
- Fren- Friend
- GM- Good Morning
- GMI- Gonna Make It
- GN- Good Night
- HODL- Holding a coin/NFT for long term gains through losses and/or highs.
- ICO- Acronym for Initial Coin Offering. It is an unregulated funding method, where the development team for a new cryptocurrency sells digital assets to early adopters.
- IDO- Initial Dex Offering. In IDOs, new NFTs or tokens are launched via a decentralized liquidity exchange as a fundraising method for upcoming crypto or NFT projects.
- KYC- Know Your Customer. Process in which companies verify their users’ identities by requesting a series of personal information (e.g. passport/government-issued IDs)
- L1- Refers to a base blockchain network and it's underlying structure. (eg. Ethereum, Bitcoin)
- L2- Layer 2s are scaling solutions that operate on top of an underlying blockchain protocol (e.g. Ethereum) to improve its scalability and efficiency.
- LP- Liquidity Provider
- MEV- Maximal Extractable Value (formerly Miner Extractable Value)
- Minting- The process by which an NFT becomes part of the blockchain. Once an asset is put on the blockchain, it is “minted” as a token and cannot be altered.
- Multisig- Multi-Signature Wallet, It is a wallet that requires more than one signature for a transaction for moving funds for additional security.
- NFA- Not Financial Advice
- NGMI- Not Gonna Make It
- Paper Hand- A person who sells their NFT or coin too soon, or as soon as the value drops a little
- Pump and Dump- When a person buys a whole lot of a coin and promotes it to drive it's price higher, then sells it for a very big profit, causing loss for other people.
- Roadmap- A set of goals/achievements for a coin or NFT project which they work hard to reach
- Rug Pull- refers to a scenario when a team behind a seemingly authentic NFT project abandons it and runs away with investors’ funds.
- Secondary Market- After an NFT is minted, it can be sold or purchased on the secondary market, such as LooksRare
- Seed phrase- The 12 or 24 word phrase which is used to access crypto wallets
- Ser- Sir
- Shill- The act of promoting coins/NFTs
- To The Moon- When a cryptocurrency/coin will go up in value, to the moon is metaphorically speaking
- Tokenomics- A word coined by combining “token” and “economics”. Tokenomics include statistics, quality and data of a token that may interest investors.
- VC- Venture Capital
- WAGMI- We Are Gonna Make It
- WL- Whitelist
- Web3- An idea/vision for a new iteration of the web based on a decentralized online ecosystem powered by blockchain technology
- Whale- A person who has a lot of holdings in a NFT or coin.