NFTs, DAOs, web3… Metaverse terms you must know in 2022

Some new tech buzzwords have emerged in 2021 to reflect the changing tech scene. Here are some words that came up this year and their meanings.

NFTs, DAOs, web3... Metaverse terms you must know in 2022

NFT

NFT was named Word of the Year for 2021 by Collins Dictionary.

An NFT is a certificate that you own a digital item, which can be the original version of a video, tweet or meme. They can be anything digital, but a lot of the excitement revolves around digital art.

They confirm ownership of items by recording details in a digital ledger called the blockchain, which is public and stored on computers on the internet, making it impossible to lose or destroy.

Metaverse

The word has been on everyone’s lips after Facebook rebranded its parent company Meta to showcase its ambitions in a virtual world.

According to the Oxford English Dictionary, the Metaverse is “a virtual reality space in which users interact with computer-generated environments and other users”.

This means that people can move between digital virtual environments by using headphones or a computer screen. The Metaverse existed long before Facebook’s rebranding and was especially popular in gaming.

decentralization

A big theme in the tech industry is decentralization, which means shifting power from big companies to users.

Decentralized Finance

DeFi, short for Decentralized Finance, is a financial system that does not require banks or centralized intermediaries to execute transactions. DeFi uses smart contracts, which are programs stored on the blockchain that perform actions automatically once agreed-upon conditions are met.

DAO

DAO stands for Decentralized Autonomous Organization. The DAO recently made headlines after crowdfunding DAO group ConstitutionDAO attempted to buy a rare copy of the U.S. Constitution at an auction hosted by Sotheby’s.

web3

Web3 is the name of what some call the next phase of the internet, which runs on blockchain technology and is decentralized.

The aim is to circumvent tech giants like Google and Meta, as the platforms and search engines on Web3 will not be owned or operated by major corporations.

But this egalitarian vision of the Internet may already be flawed, as the people who are currently pouring tens of billions of dollars into Web3 services are tech companies, software developers, venture capitalists and hedge funds.

The “slang words” you must understand when getting started with NFT

White List: WL for short, which is the white list of NFT projects. With the white list, you can preemptively buy or mint NFT, without having to compete with a large number of people for the runway when it is officially released.

Discord: DC for short, a community-based communication software. In recent years, many GameFi and NFT projects have assembled their own communities on it.

Airdrop: An airdrop, your wallet will automatically receive a certain amount of a certain digital asset or a new NFT without you having to pay any fees. This practice is not only popular in the digital asset world, but has also become a popular way for NFT projects to incentivize early holders, such as new artworks that can be used as Airdrops.

Mint: Don’t subconsciously think it means “mint”, but its verb usage “mint”, originally used to denote the act of an artist or collector issuing a piece of art on the blockchain.

Liver: The behavior of chatting and upgrading in Discord to get whitelist qualifications

Opeasea: OS for short, currently the most used NFT trading platform with the largest transaction volume

Floor Price: that is, the floor price, which means the bottom price, which means the lowest asking price of NFT on OpenSea, Larvalabs or other trading platforms.

Scientists: Engineers who write powerful code robots to achieve their goals, and scan the goods at the fastest speed when the project is on sale.

Gas Fee: that is, the gas fee. In Ethereum, you need to use ETH to pay for each transaction. For example, when you transfer encrypted assets from account A to account B, you need to pay Gas Fee to the miners who complete the transaction for you. Therefore, Gas Fee is also called “miner fee”.

Gas War: When all collectors try to mint the same item at the same time, the ensuing state of chaos pushes up the price of gas across the Ethereum network. The hardest problem in computer science, and the person who solves it will win a Nobel Prize.

Burn: Refers to the destruction of NFTs. For example, if only 5,000 pieces of collectibles originally scheduled to consist of 10,000 NFTs are sold, the development team may decide to “burn” the remaining 5,000 NFTs; for example, some projects allow token holders to “burn” two NFTs Mint a new, rarer coin.

DAO: Decentralized Autonomous Organization, refers to “decentralized autonomous organization”. When you hold an NFT in a project such as Head DAO, you, along with other holders, gain voting rights and governance rights over the future actions and overall direction of the project. Many NFT projects are building similar structures, thereby strengthening community dynamics and ensuring long-term support.

10k project: Refers to an NFT collection consisting of about 10,000 avatars. In 2017, the CryptoPunks series of collectibles pioneered this type of NFT project. To date, new collectibles are emerging from these NFT projects. It is worth mentioning that this term refers only to this type of avatar collection, and does not specify the exact number of avatars, so not all such NFTs consist of 10,000 avatars.

Avatar project: The meaning is basically the same as that of 10k project, which refers to collections containing thousands of NFT “avatars”, such as CryptoPunks, Bored Ape Yacht Club, Cool Cats, Gutter Cat Gang, etc.

MetaMask: MM for short, the most popular NFT wallet in the Ethereum ecosystem.

Whale: The giant whale, which refers to people who hold large sums of money, either yet to invest or have already invested in high-priced NFT projects. Therefore, anyone with a thousand E or 200 Bored Apes in an account would be considered a whale. Whale’s presence plays a major role in its ability to drive the market in both directions by buying or selling specific collectibles in bulk.

FOMO: It means Fear of Missing Out. The full name is Fear of Missing Out. It is similar to worrying about not being able to grab the desired product in Li Jiaqi’s live broadcast room and blindly following the trend to place an order and buy what you see.

NFTs, DAOs, web3... Metaverse terms you must know in 2022

Apeing (into something): This term has nothing to do with the Bored Ape Yacht Club. “ape into something” refers to FOMO (Fear of Missing Out), spending money that your account can’t support, and/or investing blindly without thorough research on the project.

Generative Art: It means algorithmically generated art, mainly generated in real time when NFT is minted. Arguably one of the key innovations in the digital art and collecting world in recent years. Well-known collectibles such as the Bored Ape Yacht Club, Cool Cats, Sup Ducks and Pudgy Penguins all originate from Generative Art.

Roadmap: A roadmap, a series of activities planned by an NFT project (usually a PFP) to add value to the community.

The “slang words” that NFT advanced must understand

GM: The abbreviation of Good Morning, a good day starts with mutual greetings~

GN: GM corresponds to GN, which is the abbreviation of Good Night. It starts with a greeting and ends a busy day with a greeting. This is probably the beginning and the end.

Fren: In the community, everyone across the screen can be your Fren. Yes, Fren is the abbreviation of the English word Friend.

GMI / WAGMI: The full writing of GMI / WAGMI is ‘Gonna Make It’ / ‘We All Gonna Make It’, which means “I want to succeed” / “We all want to succeed”, which is also a kind of enthusiasm for life Expect.

NFTs, DAOs, web3... Metaverse terms you must know in 2022

McDonald’s: As you can see, the word does take its literal meaning, meaning McDonald’s. However, in the slang of the NFT community, there are more deep meanings of “eating soil” and “moving bricks”.

AB: This is not the abbreviation of star, but the abbreviation of “ArtBlocks”, which is the most important NFT generative art platform in the world, with three series of “Curated” (ABC), “Playground” and “Factory”.

NGMI: The full name is “Not Going To Make It”, which means “it will never work/will not succeed”, which is a way of self-deprecating because of one’s own bad decisions.

NFTs, DAOs, web3... Metaverse terms you must know in 2022

PFP: means “Profile Picture”, mainly refers to the profile picture, common elements are apes, cats, dogs, skeletons and so on.

Szn: The abbreviation of the English word “Season”, which means the market cycle. Cryptocurrency szns is an accelerated IRL cycle, NFT szns is an accelerated cryptocurrency cycle, usually 1 Szn may last 1-4 weeks.

Liquidity: It means “liquidity”. For example, you can use ETH to buy JPG, then ETH is a liquid asset. However, the NFT community also likens “liquidity” to an impossible state, for example, any available ETH is instantly converted to JPG, so everyone is permanently illiquid.

Alpha: itself a term in the investment or hedge fund community, as opposed to beta (market performance), which represents outperformance through the skill of an asset manager.

NFTs, DAOs, web3... Metaverse terms you must know in 2022

Looks rare: An ironic slang that literally means it looks rare, but it is an irony that very common elements are always used in the NFT community and do not reflect unique characteristics.

LL: It means “Larvalabs”, the development company behind CryptoPunks, Autoglyphs and Meebits.

1:1 Art: Meaning that each piece is unique (1 of 1), this can be considered a contract with PFP and generative art collections, usually ranging from 200 to 10,000 pieces.

NFTs, DAOs, web3... Metaverse terms you must know in 2022

This is the way: It’s the way it should be, a rhetoric that praises positive behavior.

IRL: Abbreviation for “In Real Life”, that is, in real life.

Up Only: This term was originally coined by @CryptoCobain to describe Ethereum this year, roughly meaning “one-sided rise”.

Right Click Save As: Like the Looks care introduced earlier, it is full of sarcasm. The original meaning is “right click and save as”, which is used to describe the “trap” that some people who have just entered the NFT market often do – showing them downloading images from a web browser “Technical Capability”.

1/1 of X: Used to describe how many people have in a set of NFTs, Punks are 1/1 of 10,000. Fidenzas are 1/1 of 999.

OG: The full name is Original gangster, which means gangster, and later also means elders, that is, the “old people” in the NFT community.

NFTs, DAOs, web3... Metaverse terms you must know in 2022

Industry terms/discourses

1. Mint

“Forging” means. The act of an artist or collector initially releasing artwork on the blockchain.

2. Liquidity

“Liquidity” means. But this is an impossible state because any available ETH is instantly converted to JPG, so everyone is left in a state of permanent illiquidity.

3. Alpha

Alpha itself is actually a term in the investment or hedge fund community, as opposed to beta (market performance), which represents outperformance through the skill of an asset manager.

4. Discord

The information dissemination platform commonly used by the NFT community.

Discord features : practical, overcrowded, mixed.

5. HEN

The NFT art exchange market issued on the Tezo chain, there are many interesting but cheap NFTs and a terrible user interface, it is absolutely infuriating to use!

6. Roadmap

“Roadmap” means. An NFT project (usually a PFP) plans a series of activities that add value to the community, a roadmap is usually required in a PFP project, but asking for a roadmap in an art project is stigmatizing and needs to be careful not to accidentally Violation of securities laws.

7. Derivatives

“Derivative” means. Refers to a new project derived from the original NFT project, first popular in the Punk series.Derivatives can enhance the value of the original brand and should be objective when judging this type of project.

8. Burn

“Destruction” means. Other rewards are earned by sending an NFT to an address and losing control of it.

9. Stake

“Pledge” means. The same concept as in the Defi project, lock NFTs in smart contracts on exchanges to get other rewards.

10. Delist

Means “off the shelf”. Delist your NFT from Opensea (no longer available for sale) because the price is rapidly increasing and the NFT may be sold, and the market’s expected value of the NFT has changed.

11. JPGs

JPGs means our NFTs, which may be JPGs, GIFs, PNGs, audio, video or computer games.

12. Meatspace

“Physical space” means the real world.

13. Shilling

It means constantly promoting others to buy an NFT and making people feel irritated, or trying to generate FOMO in the community.

14. Aped

Usage from the cryptocurrency community on twitter to mean holding a larger position in an NFT in one’s portfolio. Apes has a long history in the NFT world, such as the first 24 ape-shaped CryptoPunks, and later the Bored Ape Yacht Club.

15. On-Chain/Off-Chain

The meaning of “on-chain” and “off-chain”. Refers to whether the relevant steps in any particular process take place on-chain or off-chain before being executed on the blockchain.

16. Looks rare

“Looks rare”. In the NFT universe, rarity usually leads to an increase in value, but this is used ironically.

17. Up Only

“Only going up” means. Originally popularized by the ETH market at the beginning of the year, this is where everyone wants NFT prices to go. Down Only (only down) is of course also a usage, but not as popular.

18. Floor Price

Means the “lowest asking price” of an NFT on OpenSea, Larvalabs or other trading platforms, and can refer to the entire series or a single collection within the series.

19. Schelling Point

“Focus” means. The game theory term that people think applies to NFTs and BTC, the original concept is “the focal point that each person expects is the choice that others expect him to be expected to make”, NFT projects that are considered to be the focal point usually have a store of value. Nature, the price will continue to rise.

20. Your Bags

The meaning of “your backpack” means the NFT wallet address.

21. Buying on secondary

“Buy in the secondary market” means. When you fail to mint an NFT, you have to buy it on a secondary market like OpenSea.

22. Sweep the Floor

The meaning of “sweeping the floor” means to scavenge all the NFTs with the lowest price in a certain NFT project, but then it is usually found that the backpack is too heavy.

23. Its Money Laundering

Means “money laundering”. In the NFT community, it is extended that the price is not real.

24. Right Click Save As

“Right-click to save” means. The first stupid move every non-NFT person makes when learning NFTs – showing off their strong technical ability to download images from a browser.

Noun/Phrase Abbreviations

1. LL

Abbreviation for Larvalabs. Larvalabs has founded many well-known NFT projects such as CryptoPunks, Autoglyphs and Meebits.

Usage : LL rarely tweets.

2. AB

Abbreviation for ArtBlocks. The world’s most important platform for generating NFT artwork, including three series Curated (ABC), Playground and Factory.

Usage: His ABC collection is super hot on the market!

3. PFP

Abbreviation for Profile picture, meaning “personal avatar”. Refers to avatars used on twitter or Discord.

Usage: That golden snail PFP is so cool!

4. Szn

Szn means Season, which means “season” and also represents the market cycle. The market cycle of cryptocurrencies is faster than the real-world market cycle, and the market cycle of NFTs is even faster than that of cryptocurrencies, usually only lasting 1 to 4 weeks.

5. IRL

Abbreviation of In real life, meaning “real world”. That is, the world outside OpenSea, Twitter, and Discord.

6. DAOs

Abbreviation for Decentralized Autonomous Organization, meaning “Decentralized Autonomous Organization”. Unlimited potential, but beware of SEC regulatory issues.

Usage: I will be launching my Cap T Nerd Glasses DAO next week

7. Rug

The abbreviation of Rug pull, the original meaning is to pull the carpet, and the extension means the absconding incidents that are common in the encryption industry.

8. Degen

Abbreviation for Degenerate, which in the NFT world means taking unreasonable and extremely high trading risks.

Usage: All non-Degen transactions will be penalized at Up Only 1:1 szn. Few. LFG. NFA. DYOR.

9. NFA

Abbreviation for Not Financial Advice, meaning “non-financial advice”. Similar to the usage of DYOR. Again, someone shared an idea, but your job is to decide if it’s right for you.

Usage: I Aped the golden snail, NFA.

10. OG

The abbreviation of Original gangster, which originally means “the original gangster”. In the NFT world, it refers to the veterans who entered the circle early and gained respect.

Usage: He is an OG CryptoPunks holder.

11. Noob/Pleb

Abbreviations for Newbie and Plebeian, meaning “chicken” and “civilian”. Contrary to OG, if you want to use these terms politely, it is best to use them only on yourself.

Usage: 6529 What a Noob, I can’t believe I forgot to cast a gold snail.

12. FUD

Abbreviation for Fear, Uncertainty and Doubt, an acronym for “Fear, Uncertainty and Doubt”. Used in the world of NFTs to complain that prices are too low and price predictions need to be readjusted.

Usage: Saying that Fidenzas will have a minimum price of 2500 ETH in 2025 is simply FUD.

13. GOAT

Abbreviation for Greatest of All Time, meaning “the greatest of all time”. Purely used to express respect and respect, it is usually represented by a goat pattern.

Usage: He is a GOAT when it comes to the golden snail trade.

Greetings

1. GM

Abbreviation for Good Morning, meaning “Good Morning”.

2. GN

The abbreviation of Good Night, meaning “good night”.

3. Ser

Ser means Sir, “Your Excellency”.

4. Mam

Abbreviation for Ma’am, meaning “lady”.

5. Fren

Fren means Friend, meaning “friend”.

Dialogue Words

1. GMI/WAGMI

GMI is the abbreviation of Gonna Make It, meaning “will succeed”, WAGMI is the abbreviation of We All Gonna Make It, meaning “we will all succeed”.

Usage : The Museum of Modern Art in New York just bought a CryptoPunk, WAGMI!

2. NGMI

Abbreviation for Not Going To Make It, meaning “won’t succeed”. Describe your bad decision in a self-deprecating way.

Usage : Buy a Fidenza with 5 ETH, NGMI.

3. FOMO

Abbreviation for The Fear of Missing Out, meaning “fear of missing out”. When you buy an NFT just because you are afraid of missing the next big market move.

Usage: I bought a golden snail NFT for FOMO, but I don’t know why.

4. Cope

The opposite of FOMO, expressing regret for doing something. Because I couldn’t buy it early before the price rose and I was FOMO, I regretted it and didn’t want to buy NFT again.

usage:

A: I know that the Golden Snail series NFT has risen 50 times and will be auctioned at Christie’s, but I didn’t like this conference, so I didn’t participate.

B: Okay, die laughing, Cope.

5. LFG

Abbreviation for Let’s fucking go, meaning “horse’s rush”. Used when you are excited about something. Recommended for use with the rocket emoji.

Usage: Newly minted golden snail NFT! LFG

6. DYOR

Abbreviation for Do Your Own Research, meaning “do your own research.” A disclaimer and not responsible for the opinions of others about NFTs.

7. OK Boomer

It can be understood as, “Okay, old man.” means. Can say that to anyone over 22 who disagrees.

usage:

A: The golden snail is not a real work of art.

B: OK Boomer, NGMI.

8. Seems legit

Another term for Seems legitimate, meaning that the project looks serious and may have good prospects. In addition to the literal meaning, sometimes there is an irony.

usage:

A: I will be launching baby instant golden snails on Solana.

B: Seems legit.

9. Wen moon?

A usage from the cryptocurrency community on twitter, meaning “When moon”. Asking when the price will be To the moon (price skyrockets), but it is mostly used ironically in the NFT community.

usage:

A: 6529 x golden snail joint model.

B: Wen moon, ser?

10. Valhalla

“Valhalla” means. The paradise in Norse mythology is also the paradise in the NFT world. There, dead Vikings party with those who own precious NFTs.

Usage: 6529 Either board Valhalla or work at McDonald’s.

11. McDonald’s

The well-known McDonald’s. It means that if you can’t get along in the NFT world, you can go to McDonald’s to work.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/nfts-daos-web3-metaverse-terms-you-must-know-in-2022/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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