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Web3 Glossary (Part 1) 📚

Happy Friday everyone!
I’ve noticed this week how little email I’m still using for my work - a lot of conversations and coordination now happen between Whatsapp, Slack and Discord.
I’m still getting about 30-40 emails a day, however, which has led to almost 2000 unread emails in my Blooming Founders inbox. 🥴
Honestly, I’ve been looking at it with dread. I don’t think I’ve ever accumulated that many emails and it’s been causing a lot of inaction, if not even a bit of anxiety because I know that I’ve probably missed some emails I should respond to.
So this weekend, I’m planning to purge my inbox.
Set up filters that label and archive newsletters that I want to read at periodic times, so they’re not in my inbox anymore, unsubscribing from newsletters that are not relevant for me anymore (goodbye co-working industry news!) - and maybe also unflag those 50 emails that have been sitting as “Action” on top of my inbox since December 2019. 🙈
Keeping up with emails has been an unofficial sport of working life, but now - for the first time in my life - my work doesn’t really rely on email that much anymore.
Coincidentally, a noticeable people unsubscribed from this newsletter last week which has been the highest since the migration to Revue and was a rather unusual event.
I wonder if they were also doing a spring clean, or maybe are just not interested in our new direction of web3, NFTs and building passive income.
Either way, it’s totally fine. The content you consume will shape you and if you think that web3 sucks, then there will be no point in following this newsletter. No hard feelings!
If you are interested, however, then you might enjoy the glossary I put together in the ‘Learning about web3’ section. 😊
Until next week, keep blooming!
Founder of Blooming Founders
Mantra of the Week
“If you can remember why you started, then you will know why you must continue.”
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Learning About Web3
Web3 Glossary - Part 1
If you have dabbled with web3 and NFTs, follow people on Twitter, or even joined a few Discord groups, you will likely have realised that it comes with a certain culture and that people use a lot of terms that may not be super clear at first.
Here is - in no particular order - part 1 of a web3 glossary, so you don’t have to feel like a noob (a new person):
WAGMI = ‘We all gonna make it’, used to express confidence that web3 is the future and everyone will benefit and/or make a lot of gains.
NGMI = ‘Not gonna make it’, used in response to someone who doesn’t believe in the potential of web3 or someone who does something stupid, such as listing an NFT for 0.05 ETH instead of 0.5 ETH (this specific activity is also called ‘fatfingering’).
Ape in = buy something without much thought or due diligence
Alpha = important information that could cause upward price movements
Fren = web3 version of ‘friend’, practically any stranger you encounter online
Ser = web3 version of ‘Sir’, similar to ‘fren’ but with a bit more respect. The baseline assumption is that everyone is male (which is a diversity issue). If people know that you are female, they might use ‘ma'am’.
Mint = the process by which an NFT is created for the first time and put onto the blockchain
Floor = the lowest price of an NFT collection
Sweep (the floor) = when someone buys multiple NFTs off the floor, thus raising the floor price. Often also depicted by the broom emoji 🧹.
Shill = promote something or be salesy about something. Some projects encourage shilling, others don’t. The ones that do are usually lower value projects.
Moon = when something moons, then its price has increased by a lot
Devs = short form for ‘developers’, who code the smart contracts
Rug pull = when you lose all your money because the devs pull out of a project. Sometimes it’s intended, in which case you got scammed. Sometimes, it’s possible that the project didn’t develop as they hoped for and they just gave up. Either way, your money is gone.
Rekt = web3 version of ‘wrecked’, when someone gets rug pulled or made bad investment decisions.
LFG = “Let’s f*cking go”, used to express excitement in general. Often accompanied by three rocket emojis 🚀🚀🚀.
DYOR = “Do you own research”, used as disclaimer and reminder for people asking questions about a project.
NFA = “Not financial advice”, used as a caveat when expressing views about future prices.
Degen = short form for ‘degenerate’, used to describe people chasing gains in crypto and NFTs, but also used as general term for ‘person’ since everyone wants to make gains.
Hodl = based on a typo of ‘hold’ in a Bitcoin forum years ago and used to express that you should not sell or don’t want to sell.
Diamond hands = someone who is hodling their crypto or NFT even though the price may be very volatile.
Paper hands = the opposite of diamond hands, i.e. someone who got scared by volatility and sold at a loss.
Wen = web3 version of ‘when’, made popular by phrases like ‘wen moon’ or ‘wen lambo’, which express the impatience of crypto investors as well as expectations to get rich overnight. Now used for anything that you can think of and wondering when it would happen.
Ded = web3 version of ‘dead’, usually used in response to something that you found very funny.
Fax = web3 version of ‘facts’, used to express agreement, often by just using a fax emoji 📠 or a fax GIF.
That’s all for part 1. I hope you’ve learnt something new!
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Lu Li
Lu Li @houseofli

Your weekly dose of insights on NFTs, web3 and startup growth.
Until next Sunday, keep blooming and wagmi! ✨

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