A Terminology Dictionary for Beginners in Blockchain, NFT, Web3 and Metaverse

1/1
1/1 is shorthand for One-of-One. Many digital artists release unique NFTs with a supply of one. These projects may or may not be part of a Collection

AMA
Is the abbreviation for "Ask Me Anything". Many projects hold live AMA sections to keep up the engagement with the community

AIRDROP
An airdrop is when you receive an NFT or token for being the owner of an NFT

BAGHOLDERS
A bagholder, essentially, is a very unfortunate soul who at the end of the day — maybe from a pump and dump — who got held with the bag and end up with a coin that they don't want and can't sell it either

BLOCKCHAIN
A blockchain is a digitally distributed, decentralized, public ledger that exists across a network

BEARISH
A bearish investor is one who believes prices will go down. As with a bullish investor, investors can be bearish about either the market as a whole or individual stocks or specific sectors. An investor who foresees a market-wide dip in is said to be bearish because he or she anticipates a sustained and significant downturn

BOT
It refers to an automated software that perform specific actions. A bot can be used to check the rank level in Discord, or you can use a Bot to check the Gas price

BULLISH
A bullish investor believes that the price of one or more securities will rise. This can apply at any scale of the market. Sometimes a bullish investor believes that the market is due to go up, foreseeing general gains. In other cases, an investor might anticipate gains
*Historical note: The term bull originally referred to speculative purchases rather than general optimism about prices and trend lines. When the term first came into use it referred to when someone grabbed a stock hoping it would jump up

DeFi
Short for decentralized finance, DeFi is an umbrella term for peer-to-peer financial services on public blockchains, primarily Ethereum
With DeFi, you can do most of the things that banks support — earn interest, borrow, lend, buy insurance, trade derivatives, trade assets, and more — but it’s faster and doesn’t require paperwork or a third party

DAO
Decentralized Autonomous Organizations
DAOs are an effective and safe way to work with like-minded folks around the globe. Decisions are governed by proposals and voting to ensure everyone in the organization has a voice

DELIST
When you put an NFT for sale, you pay gas. If you want to raise the price of that NFT, you need to pay gas to delist the item to remove it from listings. You can't raise the price without delisting an NFT and many times people forget to delist while a project is increasing in value

DIAMONDS HANDS
Diamond hands is a term used to describe people who have the guts to ride out a project over the long-term through the ups and the downs of its pricing

DOX
Doxxing is an online threat to user privacy. The word comes from an altered version of ‘documents’ – dox. It emerged about three decades ago when the first hackers used to ‘drop dox’ on people as a revenge tactic. To be dox can also be applied in a positive way within the NFT world as project leaders’ identities being revealed, this makes a project solidity grow

FLEX
Flex simply means to show off. People buy expensive items to “flex” to friends, family, strangers, and other collectors

FLOOR PRICE
The lowest price at which an NFT can be bought on a peer-to-peer marketplace for NFTs

FOMO
Fear Of Missing Out.
A feeling of anxiety or insecurity over the possibility of missing out on something, as an event or an opportunity

FUD
“Fear, uncertainty and doubt.” You’ll see it used when someone questions the legitimacy of an NFT project

GAS
Gas is the fee needed to make a transaction within, for instance, the Ethereum environment. Since every transaction must be verified by miners’ so resources as power is consumed, therefore the gas fees. Gas fees fluctuate depending on the number of transactions being verified at the same time

METAVERSE
A virtual-reality space in which users can interact with a computer-generated environment and other users

MINT
Mint is the process for turning digital files into non fungible tokens that can be bought using cryptocurrency

MOONING
Crypto-watchers will often get excited about minor bumps in price and boast that their coin is headed “to the moon"

NFT
Non-fungible tokens or NFTs are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other

OG
Is an abbreviation of "Original Gangster". Is someone that earned respect from the community. Also, because of being an "original" person who has been there from the beginning

PAPER HANDS
When someone sells too early. This can be a result of different scenarios: high risk therefore panic to sell, traders wanting to earn short term money, etc

PUMP AND DUMP
Pump and dumpers are people who try to gather a group of people to buy a cryptocurrency in order to create demand and raise the price

RUG-PULL
Rug-pulls differ from cash grabs in that they are more drawn out. A project founder either lies about their identity or attention for a period of time to lull collectors and buyers into thinking their money is safe in their investment

SMART CONTRACT
A Smart Contract is the code that deploys an NFT. Most Smart Contracts are Open Source, meaning they can be audited to determine if it’s secure

SECONDARY MARKET
Secondary Market is when you buy or sell an NFT on a marketplace like OpenSea. It’s called the secondary market because the buyer is not the first owner who bought at mint

SHILL
This term describes when a person is promoting an asset they own or a project they’ve invested in

SWEEP FLOOR
Sweeping the floor indicates a whale or group of buyers who are buying every asset in an NFT project that is listed at the floor price. This action raises the floor price for an NFT project in the immediate term

TRAIT
Many NFT projects offer a Collection of NFTs with a number of traits, making each NFT in the Collection unique. Some traits are rarer than others. NFTs with rare traits usually sell for more.

UTILITY
useful, especially through being able to perform several functions

WEB3
Web3 refers to the evolution of the internet to include digital ownership. Before Web3, the internet’s main function was being a web of information.

WHALE
A whale is someone who owns a lot of cryptocurrencies. If a “whale” sells a lot of their stake, it can cause the price of a cryptocurrency to dip by flooding supply