The Lexicon of Web3 NFTs and Blockchain – New Technology

Welcome to the brave new world of web3, NFT’s and the
metaverse. In discussions on these topics we often hear the phrase
“.we are still early.” and that is certainly true.
Fortunes will be made and lost but there is no doubt that
developments currently underway will impact our lives in ways which
we, as yet, do not understand or appreciate.

As with any new technology, the NFT world is developing a
lexicon which needs to be appreciated and understood prior to
delving into any technical consideration of the matters at hand. A
somewhat lighthearted glossary of NFT terms appears below:

AGMI – Am I gunna make it? Phrase used
when publicly disclosing NFT’s held for a particular project
and seeking positive affirmation of your purchase from your Discord
peers.

Avatar – your image in web3. Usually the
NFT that has made you the most eth.

Beanie – divisive NFT personality. If you
followed his recommendations over the last year you have made
plenty of eth.

Boomer investing (derogatory) – any
investment not on web3.

Burn – the destruction of an NFT usually
done in exchange for a new NFT.

Cold Wallet – a blockchain wallet not
accessible online and therefore less likely to be hacked. If you
got a Bored Ape (current floor 100 eth) at mint it is in your cold
wallet which is now (or should be) stored in a safe deposit
box.

Discord – where NFTers and gamers
communicate.

Dox (ed) – your IRL identity particularly
when it is available and known to the NFT community.

Drop – NFT sent to your wallet usually
(but not always) by a project you are already involved in. Be wary
of unknown NFT’s dropped to your wallet; interacting with them
could result in you being hacked.

Eth  – Ethereum. Crypto currency used by
most NFT projects.

Flip – selling an NFT shortly after mint.
Ideally (but not always) for a profit.

Floor (price) – the minimum you need to
pay to purchase an NFT on Opensea.

FUD –  fear, uncertainty and doubt. What
is spread by that annoying person on Discord who thinks your
favorite NFT project is a rug.

Gas – the cost of an NFT transaction; also
the scourge of the NFT world. Usually cheap but can spike such that
gas is more than the cost of the NFT purchased.

Hack(ed) – when someone steals your NFTs.
Usually the result of giving your seed phrase to the friend you
just made on Discord or entering into a malicious contract.

Hot wallet – a blockchain wallet
accessible online.

IRL – in real life.

Lambo – (Lamborghini) – what all NFTers
think they will driving when the project they just invested in
makes them lots of eth.

Meta – formerly known as Facebook. Sworn
enemy of web3. Led by Zuckerberg, considered the devil incarnate by
NFTers.

Metaverse – concept of a persistent,
online, 3D universe that combines multiple different virtual
spaces.

Mint – purchase NFT upon issue by a
project.

NFT – non fungible token. Bitcoin is a
fungible token – each one is the same. NFT’s are (or can be)
all different and unique.

NFTer 
or degen(erate) – a purchaser or owner of
NFTs.

NFT girl – legendary NFT trader from
Sydney. Often heard saying: “I need more
eth..”

NGMI – not gunna make it. What you tell
the person who FUDs your favorite NFT project.

Opensea – NFT marketplace. Sales of
$US2billion for the month of January 2022.

Rug – a failed NFT project. Usually
accompanied by promotors disappearing (assuming they haven’t
previously been doxed).

Secondary – buy an NFT after mint, usually
on Opensea from someone flipping.

Seed Phrase – the key to your blockchain
wallet. Should not be disclosed to anybody. If disclosed you will
be hacked.

Whitepaper / Litepaper / Road Map -
written explanation of a project.

Whitelist – mythical invitation to be the
first to mint a new project and not have to participate in a gas
war with the plebes.

WAGMI – when am I gunna make it? When is
this project that I just invested in going to make me lots of
eth?

Web3 – a new version of the World Wide Web
based on blockchain and incorporating decentralisation and
token-based economics (tokenomics).

MORE TO COME..

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.