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NFT Dictionary for N00bs

This guide will help you sound like an NFT pro. LFG!

Given enough time, every market develops its own language and TLAs (Three Letter Acronyms).

The crypto and NFT world is no different.

In fact,

Platforms like Reddit, Discord and Twitter have supercharged the whole process, leaving normies and no-coiners (look it up below!) scratching their heads in confusion.

So whether you’re an NFT n00b or OG I think you’ll find something of interest here.

Bookmark this page, so you can refer back to it whenever needed.

All words in italics are defined in the list.

AFAIK — As Far As I Know.

Airdrop — when you receive tokens in your wallet without purchasing them. Usually, this is a good thing, but sometimes can be a trick used by scammers to load your wallet with fake tokens that direct you to the scammer's website that then empties your wallet when you connect to it.

Alpha —the degree to which an investment outperforms the rest of the market. Alpha of 1.0 is a 1 per cent improvement. Alpha of 10.0 is a 10 per cent improvement and so on.

Altcoin — any cryptocurrency that’s not Bitcoin, aka a shitcoin according to Bitcoin Maximalists.

AMA — Ask Me Anything, sessions put on by the creators before an NFT drop, usually on Discord.

Aping/Ape in/Aped — to buy into a cryptocurrency or NFT, as in, “I just aped into that NFT, idk if it’ll moon, I just like it”.

Are devs doxxed?— question asked by the community to founders of a new NFT/token project. If the dev’s (developers) are doxxed (i.e. not anonymous) it’s less likely the project will be a scam so long as the team members can be traced.

ATH — All-Time High, as in, “ETH is trading at an ATH!”

Axie Infinity — is an Ethereum blockchain-based game in which players raise, battle and trade digital pets known as Axies. The game has achieved staggering success with a market cap of over $2bn. There are two main ERC-20 tokens used in the Axie Infinity ecosystem: Axie Infinity Shards (AXS) and Smooth Love Potions (formerly Small Love Potion) (SLP).

Axie Infinity Shards — AXS is an Ethereum token that powers the Axie Infinity game.

Bag Holder — someone who holds a position in crypto or keeps an NFT until its value turns to dust.

BAYC — Bored Ape Yacht Club — 10,000 individual ape characters as PFP NFTs currently selling for astronomical prices. Used as a flex on Twitter profile pics.

Bear — someone who is fearful the market will crash, as in a bear market co-opted from Wall St slang.

Bear Market — any market that is going down in value.

Bitcoin — the first and original cryptocurrency as outlined in a whitepaper by the anonymous creator(s) Satoshi Nakamoto.

Bitcoin Maximalist — someone who believes Bitcoin is the only cryptocurrency needed and everything else is a shitcoin. Usually, because they hold large bitcoin investments.

Blockchain — a distributed, decentralised, immutable database that is the basis of trust in Web 3.0 technology.

Boomer — someone from the Baby Boomer generation trying to get to grips with crypto, but in practice anyone older than 25 years old with a contrary viewpoint on crypto as in “Okay Boomer, whatever…”.

BTCcrypto exchange currency symbol for the bitcoin cryptocurrency.

BTD — Buy The Dip, when a market decreases in value it usually offers the opportunity to buy at a lower price unless it’s a shitcoin and it’s going to dust in which case you are going to get rekt.

Bull — someone who is optimistic that a market will moon, as in a bull market co-opted from Wall St slang.

Bull market — a market that is going up and up in value, ideally to the moon!

Burn — to destroy or delete, usually referred to in the context of burning coins or tokens, for example, Ethereum now burns part of the gas fee on every transaction, moving it towards Ultrasound Money

Cappin/Capping— slang meaning lying or faking, also used as “no cap” meaning “no lie”

Chad — a young white male with a planet-sized ego, usually of the American frat boy variety.

Coin — a cryptocurrency coin like ETH or BTC with its own blockchain.

Coinbase — a popular Nasdaq listed US cryptocurrency exchange. See also Coinbase Pro and Coinbase Wallet.

Coinbase Pro — a popular US-based cryptocurrency exchange offering more sophisticated trading options, better spreads and lower fees than offered on Coinbase.

Coinbase Wallet — a popular Chrome browser-based extension and phone app hot wallet for storing cryptocurrency and NFTs.

Cold wallet — a place to store your cryptocurrency and NFTs offline for extra security. Your wallet’s private keys may be stored in a hardware wallet, or written on a piece of paper and stored in a safe place. If you lose your private keys, you can transfer the crypto to another wallet by using the recovery phrase.

Collection — a portfolio of NFTs with a common theme for sale on an auction platform like OpenSea, usually part of a drop.

Collector — a person who buys NFTs for art or for speculative purposes to flip them for a profit.

Consensus mechanism — is a method of authenticating and validating a value or transaction on a blockchain without the need to trust or rely on a central authority. Typical consensus mechanisms are Proof of Work (PoW) or Proof of Stake (PoS).

Cozomo de’ Medici — Twitter alias used by Snoop Dogg for crypto and NFT chat.

Creator — in an NFT context, a person that creates the asset for the NFT, e.g. a jpeg, audio file, video file.

Crypto Bags/Bags— referring to the cryptocurrency you hold, as in your bag of coins.

Crypto bro(s) — a derogatory term used by no coiners in an attempt to generalise crypto or NFT advocates.

Cryptocurrency — the native coin of a blockchain, also known as a protocol coin, for example, the Bitcoin blockchain has bitcoin (BTC), Ethereum blockchain has Ether (ETH), etc.

Crypto community — the community of crypto and NFT degens usually found hanging out on Twitter and Discord.

Crypto exchange — a place to buy, sell and trade cryptocurrencies and tokens.

Cryptography — the science of converting ordinary plain text into encrypted text and vice-versa through the use of private and public keys. Cryptography is the foundation of blockchain technology.

CryptoKitties — the NFT based blockchain game that almost broke the Ethereum network in 2017 and pushed up gas prices to astronomical levels, until recently suffering a severe hype deficit, but the generation 1 CryptoKitties are now making a comeback.

CryptoPunk — created by Larva Labs, the OG of NFTs and now some of the most valuable NFTs you can buy, ranging in price from a few hundred thousand dollars to many millions for the more rare traits. Only 10,000 ever minted, the ultimate Twitter PFP flex and a long term store of value, even Visa has bought one!

CT — Crypto Twitter, referring to the crypto-community on Twitter.

Cypherpunks — a movement started in the 1980s advocating use of strong cryptography and privacy as a way of effecting social and political change, the group's achievements fed into the blockchain technology of today.

Dapp — a decentralised application, maybe a phone app or web app that interacts with a blockchain like Ethereum via smart contracts on the back end, basically a Dapp = frontend + smart contract backend.

DCA — Dollar Cost Averaging, when you buy into an asset like ETH on a regular basis, for example, monthly purchases, rather than dump your load in one go and hope for the best. DCA helps smooth out the lows (and highs) of buying into a volatile crypto market.

DeFi — Decentralised Finance, the provision of financial services like loans and currency swaps without the need for a central bank or exchange, created in opposition to traditional Centralised Finance (CeFi)

Degen — short for degenerate, a gambler who yolo’s all their ETH by purchasing an unknown NFT in the hope it will moon.

Dex — a Decentralised Exchange allows for peer-to-peer ( i.e. without a centralised exchange authority) transactions to take place, an example being Uniswap and SushiSwap.

Diamond Hands 💎🙌 — someone who holds their cryptocurrency or NFT until it moons.

Discord — chat app for phone and desktop used extensively by crypto and NFT groups for knowledge sharing and shilling.

DLT — Distributed Ledger Technology, aka a blockchain like Ethereum.

Dog coin a shitcoin otherwise known as a memecoin based on the Japanese hunting dog breed, Shiba Inu, first popularised by Dogecoin. 2020/21 saw a proliferation of new dog coins, notably, Shiba Inu and Floki Inu. Trading in dog coins is fast and furious and the subject of extreme pump and dumps leading to both dog coin millionaires being created as well as some people getting rekt.

Dogecoin — (DOGE) is a memecoin created as a joke in 2013, but with a huge community and support, much loved by Elon Musk. Unlike Bitcoin with a cap of 21 million bitcoins only ever being minted, Dogecoin is massively inflationary, with around 15 million new Dogecoins minted every day! Sadly also frequently subjected to pump and dump scams.

Doxxed/Doxed — compiling and releasing a dossier of personal information on someone. Can be used maliciously to destroy someone’s anonymity. However, it’s good practice when minting a new NFT to ensure the creator(s) are doxxed so you don’t get rugged by an anonymous scammer.

Drop — the act of minting a single, or collection, of NFTs onto the blockchain, usually executed through an auction dapp like OpenSea.

DYOR — Do Your Own Research … common advice given in the crypto community where there are many scammers.

EIP-1559 EIP meaning Ethereum Improvement Proposal — 1559 also known as the London Fork — a change to the Ethereum protocol code putting Ether on the pathway to Ultrasound Money.

ERC-1155 — ERC meaning Ethereum Request for Comment- 1155 is a multi-token standard that can represent any number of fungible (ERC-20) and non-fungible tokens (ERC-721).

ERC-20 — ERC meaning Ethereum Request for Comment- 20 is a standard defining a fungible token like a cryptocurrency.

ERC-721 — Ethereum Request for Comment- 721 is a standard defining a non-fungible token (NFT), originally proposed by Larva Labs creator of CryptoPunks

ETH — or Ether, the currency symbol for the native cryptocurrency of the Ethereum blockchain.

ETH2.0 — an upgrade to the Ethereum network that aims to improve the network’s security and scalability. The biggest change is the move from the PoW consensus mechanism to PoS, a lower energy alternative.

Ether — or ETH, the native cryptocurrency of the Ethereum blockchain.

Ethereum — is a network protocol that allows users to create and run smart contracts over a decentralised network.

FCFS — First Come First Served, typically used for new NFT collection drops when the demand outstrips the supply

Fiat currency — a government-issued currency that is not backed by a physical commodity like gold or silver. For example, the US Dollar (USD) or Great British Pound (GBP). Fiat is a Latin word, which means a determination by authority.

Flex — showing off, especially showing you have money, for old money, it’s a Ferrari or gold Rolex. For the crypto-riche, it’s a CryptoPunk or BAYC PFP on Twitter.

Flip — to quickly buy and sell crypto/NFTs in order to make a profit.

Flippening — when the market capitalisation, or value, of Ethereum (ETH), overtakes the market capitalisation of Bitcoin (BTC). Probably sometime in 2022/23.

Floor (price) — the floor price represents the weakest hands in the market — the lowest price at which a seller is willing to undercut other members of the community. It’s common practice for speculators to purchase the NFT at the floor price of the collection so as to minimise losses, just in case they need to reverse out quickly at a later date.

Floki Inua dog coin/memecoin based on the name of Elon Musk’s pet Shiba Inu dog, Floki. FLOKI is cross-chain and available on both the Ethereum blockchain and the Binance Smart Chain. Not available to trade on Coinbase, usually traded on Uniswap.

FOMO — Fear Of Missing Out — the caveman-like instinct that propels the crypto and NFT community degens to buy into a shitcoin or dodgy NFT for fear of missing out that it’s the next big thing.

FOMO-in — following the herd and buying into a shitcoin or NFT even though you know you are buying at the top of the market and likely to get rekt.

Fractionalise — the process of taking an NFT, carving it up into smaller ERC-20 tokens and selling them off to a larger market. It allows for less wealthy individuals to buy into a more expensive NFT, like a CryptoPunk, that they wouldn’t otherwise be able to afford. Also provides more liquidity to the collector.

FR — For Real? As in, is it true?

Fren — Friend.

Fungible — an item that can be exchanged for another identical item exactly. For example, one ETH for another, or one US Dollar for another. On the Ethereum blockchain, fungible tokens are defined by the ERC-20 standard.

FUD — Fear Uncertainty Doubt, spreading fake news to try to derail a competing project or coin, a tactic much loved by Maximalists.

fudder — someone engaged in spreading FUD about a competing project or coin.

Fudding your own bags — what you say to someone when they slate the project they bought into because of frustration with its leadership, as in “dude, stop fudding your own bags, the project team are a g”.

G — Gangster. Term of endearment. As in, “Hey my G”.

Gas/Gas fees/Gas prices — the exorbitant price (measured in GWEI, a billionth of an ETH) you get charged on the Ethereum blockchain to complete a transaction like moving tokens from one wallet to another. One aspect of the Eth2.0 improvement program, due for rollout in 2022, is designed to alleviate high gas fees.

Genesis drop — the first NFT drop a creator makes on an NFT auction platform, ideally well-shilled from their Twitter account.

GG — Good Game.

GM — Good Morning.

GMI — Going to Make It, opposite of NGMI. Typed into chat channels to spur on other members of the crypto-community.

GOAT — Greatest Of All Time, e.g. BTC is the GOAT!

GTD — Going To Dust, when a coin or token looks like it was a bad investment, as in “that NFT is gtd”.

GTFO — Get The F*ck Out, as in “gtfo with that fud dude” if someone is talking bull.

GWEI — One billionth of an Ether (ETH) also known as a Shannon / Nanoether / Nano — unit of account used to price Ethereum gas transactions.

HFSP — Have Fun Staying Poor, what a crypto bro says to a no coiner who doesn’t understand crypto or NFTs.

HODL — a misspelling of HOLD from old Reddit, also “Hold On for Dear Life” meaning hold your coin or tokens until the bitter end, whether that be moon or dust.

Hot wallet — a wallet connected to the Internet and therefore susceptible to hacks. Typically an online exchange wallet, as found on trading apps like Coinbase or Binance. See also cold wallet.

ICO — an Initial Coin Offering, is a crypto version a stocks’ IPO (Initial Public Offering) and used to raise funds. In 2017, there was an ICO craze and many investors got scammed in rug pulls, giving the ICO industry a bad reputation for fraud that has been hard to shake off.

IDK — I Don’t Know.

IDEK — I Don’t Even Know.

Imma — I’m going to be.

IRL — In Real Life, i.e. the physical world outside of the online/virtual world of crypto, NFTs, Twitter and Discord.

IPFS — Interplanetary File System, peer-to-peer file storage system using hashes to recall and preserve the integrity of the file

JPEG/JPG — the file format typically used to encode the digital art in an NFT.

KMS — Kill MySelf, usually said after getting rekt in a doom trade, as in “That trade rekt me, imma kms!”.

LarvaLabs — creators of the OG NFT, Cryptopunks, as well as Meebits, Autoglyphs and a whole lot more! NFT Royalty.

Laser eyes — a bitcoin meme signalling support for BTC to break the $100k per coin valuation. Often associated with the hashtag #LaserRayUntil100k on Twitter.

LFG — Let’s F*cking Go! A common rallying call made by testosterone pumped moon boys when they think someone might be in two minds about aping into a dangerous trade.

LMFAO — Laughing My F*cking Ass Off.

London Hard Fork — also known as EIP-1559, was a code release designed to change the speed and incentivisation of Ethereum mining to slow ETH inflation.

Maximalist — a person who holds extreme views and is not prepared to compromise, especially with respect to their views on a particular cryptocurrency. Typically a Bitcoin Maximalist.

Meme — usually a graphic or gif with text representing a humorous idea, behaviour or style and spread over the Internet usually via social media or chat. Many of the most famous memes, like “Disaster Girl”, were sold as NFTs in 2021 and established as serious collectable fetching high valuations, some in the hundreds of thousands of dollars.

Memecoin — a cryptocurrency like Dogecoin (DOGE) that is based on a joke, like the popular Shiba Inu dog.

Metaverse — the term was coined by writer Neal Stephenson in the 1992 dystopian novel “Snow Crash” as an immersive digital environment where people interact as avatars. This space is now becoming reality and undergoing explosive growth having strong interactions with crypto and NFTs.

Mfer— as in “mother f**ker”.

Miners — a person or company involved in the mining of a specific cryptocurrency coin like Bitcoin or Ether. Miners’ use sophisticated software to undertake mining activities that secure the network in return for coin rewards.

Mining — the process by which new blockchain coins are entered into circulation by miners who are rewarded for ensuring the validity of the blockchain. Ethereum and Bitcoin currently use the Proof of Work (PoW) consensus mechanism to ensure the validity of their respective blockchains.

Minting — the creation of a new NFT on a blockchain through the use of a minting service usually integrated into the NFT auction dapps like OpenSea, Foundation, etc.

MOAR — a misspelling that means, you guessed it, “More!”.

Moon/Mooning — when a coin (e.g. ETH), or token, like an NFT goes exponential in price, aka “to the moon!”

Moon boys — testosterone pumped sub-25-year-olds with a tunnel-visioned view of their newly purchased crypto or NFT looking to pump the price up to the moon!

Never trust, always verify — treating everyone and everything as potentially malicious.

New coiner — someone new to the cryptocurrency space. Easily susceptible to FUD by maximalists and scammers.

NFA — Not Financial Advice.

NFTNon-Fungible Token, a digital token in the ERC-721 smart contract standard, that can be bought and sold on a blockchain. It may or may not include links to off-chain assets, like a jpg, mp3, mp4, pdf, or potentially a physical asset.

NFT Auction platform — a place to buy and sell NFTs, e.g. OpenSea, Foundation, SuperRare, HeN, etc.

NFT Whale — someone who buys a lot of NFTs, for example, Pranksy on Twitter.

NGMI — Not Going to Make It. For example, something said to someone who has paper hands.

NMP — Not My Problem.

Nocoiner — someone who holds no crypto coins and believes they are scams or Ponzi schemes. Usually a normie.

Non-Fungible — something that is unique.

Non-Fungible Token — see NFT.

Noob/N00b/Newbie — someone not experienced in a topic like cryptos or NFTs, easily open to scams like pump and dump and getting rekt on bad trades.

Normie/Normy — a person with a regular, conservative lifestyle, for example, a 9–5 job, married, 2 kids living in the suburbs etc. In contrast to a typical crypto degen sofa surfing from one friends’ apartment to the next until his coin moons.

NSFW — Not Suitable For Work, when the chat goes degen and you worry your boss will see it and fire your ass.

Off-chain — when you store the digital asset of an NFT (e.g. a jpeg) off the blockchain. For example, the jpeg of an NFT being sold can be stored on IPFS or a Google Drive. The issue is that the NFT on the blockchain might outlive the storage of the asset causing a dead link.

OG — Original Gangster, meaning the first, the original or old school, someone who has been around since the beginning, for example, Cryptopunks are the OG of NFTs.

On-chain — storing of the NFT digital asset (e.g. a jpeg) on the blockchain. For example, Cryptopunks are now stored on the Ethereum blockchain instead of in a separate storage system and referenced by the NFT. This has the benefit of keeping the whole NFT intact and lessens the risk of the digital asset ‘going missing’ over time. The main challenge to doing this is that most blockchains can only currently store small amounts of data, so most images, audio and video have to be stored off-chain.

OpenSea — the OG of NFT auctions. Also, by far the biggest NFT auction site currently.

Paper Hands 🧻🤲 — someone who sells their crypto or NFT at the first hint of a market downturn, usually underpricing themselves and having to FOMO-in again at a higher price later on.

PFP — ProFile Picture NFTs, like Cryptopunks, BAYC, etc. Used as a flex on social media.

POAP NFT —Proof of Attendance Protocol, NFTs awarded to attendees of events, whether physical or virtual, as proof you attended.

PoS — Proof of Stake is a type of consensus mechanism used by blockchains to achieve agreement, trust and security and keep the integrity of the blockchain intact. PoS mechanisms are lower in energy/emissions than PoW consensus mechanisms. Ethereum blockchain is expected to move to PoS, from PoW in early 2022. The energy required to run the Ethereum blockchain will change from the requirements of a small country to the requirements of a small town.

Position — when trading crypto you take a position. A long position means you have bought the crypto coin or token and are hoping for it to go up. A short position means you have sold the coin or token and are hoping for it to go down to profit.

PoW — Proof of Work is a kind of consensus mechanism used by blockchains like Bitcoin to achieve agreement, trust and security and keep the transactional integrity of the blockchain intact. Sadly, PoW consensus is hugely energy wasteful and is associated with extremely high CO2 emissions compared to regular web servers or other consensus mechanisms like PoS. Ethereum blockchain is expected to move to PoS, from PoW in early 2022. The energy required to run the Ethereum blockchain will change from the requirements of a small country to the requirements of a small town.

Private Key — the private key is what grants a user ownership of the crypto funds on a given cryptocurrency address. You must never ever share your private key with anyone, if you do, they can steal all the crypto in your wallet. The private key is like owning the safe and the key IRL. See also recovery phrase.

Pre-mine — also known as a Genesis sale, premining is the act of creating a quantity of blockchain-based tokens or crypto coins before it is launched to the public. Premining is associated with Initial Coin Offerings (ICOs) as a way to reward founders, developers, or early investors into the project. The Ethereum blockchain was premined in 2014–15 and ETH was issued to founders and early team members. Bitcoin was not premined.

Probably nothing — Used sarcastically, it probably is something. As in “Eth ath. Probably nothing”.

Proof of Stake — see PoS.

Protocol Coin — the native coin of a blockchain, for example, ETH on Ethereum blockchain, or BTC on the Bitcoin blockchain.

Pump and Dump — biggin’ up a crypto or token to get a bunch of newbies to buy in and then at the peak dumping your load (selling) and running off with all the money leaving your investors rekt. See also rugged.

Reaching — accusation, over-exaggerating something to make it seem worse than what it actually was, or taking something too far. As in, “this toad looks like Elvis”, reply “c’mon dude stop reaching”.

Recovery phrase — is used as a backup for your crypto private keys. You can regenerate all your wallet accounts’ private keys from the recovery phrase, never ever share your recovery phrase with anyone as they can get full access to your wallet.

Rekt — as in wrecked, a crypto trade that went spectacularly wrong, like when shorting ETH and the market moons not only losing the trader their initial premium but exposing them to staggering additional losses — seen as a badge of honour in certain circles like www.reddit/r/WallStreetBets.

RN — Right Now. As in “send it to me rn”.

Rug Pull/Rugged — when the developers abandon a crypto project and run away with all the investors’ funds leaving them rekt.

Satoshi Nakamoto — the anonymous inventor and creator of the Bitcoin whitepaper. It is unknown if Satoshi is a single person or group of people, their identity has never been verified.

Scam coins — fake coins designed to steal money from buyers of the coin through being clones of an existing coin or having already been completely premined.

Scammer — someone trying to steal your crypto or NFTs. The lowest form of life.

Seems rare — a common reply to a noobs question when asking for feedback on their NFT. As in, “What do you think of this NFT?”, your reply “seems rare”. Can also be used sarcastically/dismissively as a palm off.

Ser — Sir=Ser. Faux chivalric, especially made popular by Cozomo de’ Medici, aka Snoop Dogg’s crypto alias. As in “gm frens”, reply “gm to you ser”.

Shiba Inu —the phenomenally popular dog coin alternative to the memecoin/shitcoin, Dogecoin. Based on the ERC20 standard and traded on the Ethereum network with a total supply of one quadrillion. Subject to excessive pump and dumps.

Shill/Shilling — a person with an undeclared vested interest who enthusiastically promotes a cryptocurrency or NFT drop by using crowd psychology in order to help it succeed. It may be illegal in circumstances that lead to the possibility of the buyer being at risk of loss — in crypto circles ‘shilling’ is also used as a non-derogatory phrase to indicate marketing your work.

Shill Thread — whilst shilling your work on other peoples Twitter threads is akin to taking a dump on their doormat IRL, a ‘Shill Thread’, by contrast, is set up specifically to encourage sellers to add their work to the thread in the hope they will get noticed by a collector. In reality, most collectors ignore shill threads as they know the people advertising on it are desperate and probably not that good.

Shitcoin — anything other than bitcoin according to Bitcoin Maximalists. Also known as an altcoin.

Simp/Simping — Someone who tries way too hard to impress a person they like. Typically an NFT creator trying to get the attention of an NFT whale.

SLP — Smooth Love Potion, from the game Axie Infinity, is a token that is minted through gameplay as a reward to users.

Smart Contract — a smart contract is a contract that executes on a blockchain, like Ethereum, without any human intervention within the terms of the agreement specified in the code. Bitcoin doesn’t have native smart contract capability.

SMFH — Shaking My F*cking Head, said to a person showing unbelievable idiocy.

Sock Puppet — a scam account used to lure investors into fake investment services.

Stablecoin — a crypto coin that is pegged to a government-backed fiat currency like the US Dollar (USD). Typical examples are Tether and USDC.

Staking — locking your coin up for a specified period of time in order to contribute to the security of the blockchain and earn network rewards, usually in the form of an APR (Annual Percentage Rate). See also stETH.

Stacking Sats — purchasing small amounts of bitcoin (Satoshi’s) over long periods of time. See also DCA.

stETH — Staked ETH on Lido, is an Ethereum liquid staking solution that allows users to access the benefits of ETH staking while mitigating the costs and difficulty associated with running an ETH 2.0 node.

Tether — currency symbol USDT, is an ERC-20 stablecoin, backed by short term US Dollar securities. It trades 1 to 1 with the US Dollar making it ideal in different trading strategies.

TINA — There Is No Alternative. As in, “why are you investing in eth?”, response, “TINA”.

TINA RIF — There Is No Alternative Resistance Is Futile.

Token wrappingETH was created before the ERC-20 standard and so can’t be used on decentralised platforms (DEXs) like Uniswap. However, you can wrap ETH in an ERC-20 wrapper as WETH (wrapped ETH) to trade on those platforms. When you want ETH again, you can simply unwrap your ETH using an exchange like OpenSea at a rate of 1 to 1 with ETH minus a small amount of gas.

Tokens — tokens reside on smart contract blockchains and include currency tokens (ERC-20, like Tether USDT), reward tokens, utility tokens, security tokens, and asset tokens (ERC-721, NFTs).

Twitter — Web 2.0 social media app used extensively by the crypto and NFT community.

Ultrasound Money — when a cryptocurrency or token becomes deflationary and more is burnt than minted. Eth is becoming deflationary with the London EIP1559 fork and should be fully deflationary after the rollout of Eth 2.0.

USDC — is a stablecoin pegged 1 to 1 with the US Dollar available on a number of blockchains with smart contract capability, like Ethereum.

Uniswap — one of the most popular decentralized crypto trading protocols (DEX) used to exchange and trade different Ethereum blockchain tokens. Governed by holders of UNI, the Uniswap Protocol token.

Volatile/Volatility — when a market rapidly gyrates up and down within a short amount of time. A sure way for leveraged crypto derivative traders to get rekt.

WAGMI — We Are Going to Make It! The crypto/NFT battle cry when buying into a position, full of hope and innocence!

Wallet — a place to store your cryptocurrency and tokens, hot wallets are connected to the Internet, cold wallets store cryptocurrency and NFTs offline in a hardware wallet or piece of paper in a safe place

Weak Hands — see paper hands.

Web 1.0 — The Web from around 1990 to 2005, also known as the read-only web.

Web 2.0 — the Web, from 2005 to the present, also known as the read-write web. Enabled and dominated by social media platforms like Facebook, Google and Twitter.

Web 3.0 — known as the read-write-trust Web, where you own and control your own assets in the digital space. Web 3.0 is a movement to make the Internet more intelligent (The Semantic Web) and take away the power of the big tech companies and hand it back to the individual. Central to Web 3.0 technology is the blockchain.

Wen — When, as in “wen moon?”.

WETH/wETH — wrapped ETH, ETH wrapped as an ERC-20 token so it can be exchanged with other ERC-20 tokens on a DEX like Uniswap, or to purchase NFTs on platforms like OpenSea. See also Token Wrapping. Long term, WETH is likely to be phased out as ETH is updated to become ERC-20 compliant. ERC-20 may itself be replaced by new standards like ERC-223 in the future.

Whitepaper — a document released by a crypto project that gives investors technical information about its concept, and a roadmap for how it plans to grow.

Wrapped ETH — see wETH.

Whale — someone who owns a lot of crypto/NFTs, sometimes a degen blockchain coder who was awarded part of the premine thereby getting a substantial number of coins or tokens (like ETH) for a very low price, or even for free in return for services rendered.

Yodo — You Only Die Once. The opposite of Yolo. As in “Hey let’s buy that sh*tcoin, yolo!” reply “No, yodo dude”.

Yolo — You Only Live Once, typically a shout (typed), shortly after a degen crypto-trader hits the ‘buy’ button on what turns out to be a piece of crap NFT or coin trade, getting them rekt!

What have I missed?!

Leave a comment below with your questions or edits.

NOTE: This article was originally published in my NFT newsletter. If you want a weekly email drop on the state of the NFT market, you can subscribe here.

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