Your Must Have Web3 Glossary

A Few Essential Words To Know To Stay In The Loop In The Crypto World

• APE in: The act of going all in on an NFT project.
• Blockchain: A digitally distributed immutable public ledger that facilitates tracking assets and recording transactions, among other functions.
• DAO: “decentralized autonomous organization”, or internet-native organization collectively owned by their members with no central authority.
• DeFi: “decentralized finance”, refers to finance that does not require the use of central intermediaries and instead rely on smart contracts on blockchains.
• DYOR: Do Your Own Research, or investigation into an asset before investing in it.
• FOMO: Fear Of Missing Out, and coincides with investors buying an asset after it has already seen a considerable increase in price, hoping to get in and out before a pullback occurs.
• FLOOR: the cheapest price to acquire an NFT in a collection.
• COLD WALLET: a place to store cryptocurrencies offline, securing them from hackers. Can be hardware devices or written forms of user’s private keys.
• HOT WALLET: a place to store digital assets of digital storage that is easily accessible and portable, but also more susceptible to hackers.
• MOON: refers to when the floor price rises rapidly, or that the value of an asset will go so high that it will “reach the moon”.

So now that you have all the must-know terms to use about NFTs and getting a better understanding of Web3, you’re well on your way to becoming a go-to resource for your friends or colleagues!