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.
View this post on Instagram
Stands for one-to-one and refers to a unique piece from a larger collection, for example, art, NFTs, etc.
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.
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.
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).
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.
Refers to the native cryptocurrency from the Cardano blockchain platform. It was launched in 2017 by Charles Hoskinson.
AI generated NFT
AI generated NFTs are digital tokens created using Artificial Intelligence (AI) software. Users input the prompt either image or text, and AI program creates an image or series of images accordingly. AI NFTs have been popular since 2021.
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.
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.
Was first used with Bitcoin. It shows all the non-Bitcoin forks or alternative coins.
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.
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.
ApeCoin is the native cryptocurrency used in BAYC ecosystem. ApeCoin holders can participate in the governance of Yuga Labs, DAO.
Stands for All Time High and refers to the highest price a digital asset has reached in the past.
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.
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.
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.
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.
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.
Or centralized finance, which is the alternative to DeFi, includes trade-fi institutions including centralized crypto exchanges like Binance.
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.
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.
Collaborative NFT marketplace
Collaborative NFT marketplace creates a community of like-minded people were they can connect to creators through owning their NFTs, commenting on their NFT collections and rating their NFTs.
Refers to an NFT project that copies the appearance of an existing project.
Includes people who share an interest in Crypto, NFTs, Metaverse, and web3. They usually keep in contact using social media and Discords.
Is another 10k PFP project created by LarvaLabs in 2017? It is generally the first generative collection of NFTs.
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.
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.
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.
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.
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.
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.
Is used to show the cancellation of an NFT for sale from an open market.
Is short for decentralized exchange which is a peer-to-peer marketplace where transactions are conducted directly between crypto traders with no middleman.
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.
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.
Stands for Do your own Research which suggests buyers do research before an investment in any digital asset.
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.
Is a famous ERC standard that enables the criterion of new tokens on the Ethereum network.
ERC-721 is another ERC token standard for NFTs. It is the most widely used standard today in blockchains and markets.
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.
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.
Extended Reality (XR)
Extended reality (XR) is a collective term that refers to immersive technologies including virtual reality (VR), augmented reality (AR), mixed reality (MR), and other immersive tech.
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.
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.
Means buying items at a low price and selling them for higher prices for benefit, especially in NFT markets.
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.
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.
Stands for the owner of the cryptocurrency or NFT rewards that are airdropped.
Contains the entire history of a blockchain and verifies all transactions recorded in the blockchain. it helps secure the blockchain for everyone.
Is something that can be replaced or exchanged for an identical item. For example, 1 ETH to another or dollar to dollar exchange.
Are the profits or values gained through making or trading NFTs or any other cryptocurrencies?
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.
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.
Refers to a cryptocurrency or an NFT which is going to lose its value due to market changes.
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.
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.
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.
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.
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.
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.
Refers to the main layer of a blockchain, such as Ethereum and Solana. Layer 1 solved the problems with decentralization, scalability, and security.
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.
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.
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.
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.
MetaPay is a means of payment that allows users to make purchases in the Metaxion universe. The MPay token is the native token to the metaverse-based payment system. This payment method requires customers to have a MetaPay token to invest in the Metaxion universe.
Metapreneurs is an NFT collection with one-of-the-kind hand-drawn NFTs. It was launched in January 2022 by Jad Al Fakhani.
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.
The metaxion universe is a different ecosystem present in the Metaverse. To make purchases on metaxion, users must first own MPay tokens.
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.
Refers to producing something for the first time. In the case of NFTs, minting represents the creation of a new NFT.
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.
This shows the condition that the price of an NFT or a crypto coin skyrockets a lot and gets very expensive.
Is someone who acts irrationally on coin/NFT projects and has blind faith in them.
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.
Music NFTs are digital tokens that bring musical component to the NFT world. They also live on a blockchain and are tradeable, just like any other non-fungible tokens.
Next Earth metaverse
Next Earth is a metaverse that uses blockchain technology to manage virtual land NFTs on a 1:1 replica with Earth. It allows users to buy and sell land NFTs. It also focuses on environmentalism and 10% of all its transactions are donated to environmentalist charities.
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.
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.
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.
An Exchange-Traded Fund can be traded on the stock market. NFT ETF contains shares of a wide range of companies involved in the ETF industry and related industries like blockchain technology and cryptocurrency.
Is a device that connects to a blockchain. it supports the blockchain by validating transactions made.
Is used to name newcomers to the crypto space and those who are inexperienced.
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.
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.
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.
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.
Otherside metaverse is a virtual world developed as an online multiplayer game. It is associated profoundly with BAYC ecosystem. It was created by Yuga Labs and presents an immersive gaming experience in MMORPG model.
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.
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.
Profile Picture Non-Fungible Tokens are valuable digital artworks that are mostly used as profile pictures on asocial media sites.
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.
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.
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.
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 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.
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.
Roblox is an app that allows users to play a wide variety of games, create games and keep in contact with others. It combines gaming, social media and social commerce.
RTFKT is a digital fashion and collectible company founded in January 2020. It is a creator-led organization that brings collectors, investors, artists, gamers, and fans together.
Soulbound tokens are permanent, non-transferable NFTs that cannot be given away or transferred to others from a private blockchain wallet.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Represents the art that is created by traditional methods and then is turned into NFTs. For example, oil paintings or drawings.
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.
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.
Virtual search is a technology that uses artificial intelligence (AI) to enable shoppers to search online. It uses any type of images instead of text or keywords to provide the best results in the case a user cannot describe what they are looking for.
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.
Is a multi-millionaire or the owner of a large NFT collection. Their trades have a direct influence on the market and prices.
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.