Web3 Glossary (Part 2) 📚

gm everyone,

Since we will be talking a lot about web3 and NFTs, I felt it’s appropriate to change the greeting of this newsletter.

“gm” stands for “good morning” and - shockingly - I forgot to include it in the web3 glossary last week, even though it is one of the most used terms in web3.

Luckily, I can make up for it in this week’s part 2 of the glossary since there are so many new terms to get to know (check out the ‘Learning about web3’ section for more).

In other news, I had the pleasure to give a talk about “Investing in NFTs” to the Alma Angels group of angel investors this week. It was the first time that I did a talk about this topic and it made me realise how much I have learnt in the past 6 months.

In a way, investing in NFTs is not dissimilar to investing in early stage startups. In both cases, you are betting on a team that is looking to build something valuable.

Unlike startups though, you are in a semi-liquid market straightaway with other market participants. The success of your investment depends both on the performance of the team as well as market sentiment.

These market participants can be driven by a different psyche. That’s why it’s really important to do some due diligence on the community, before you jump into a project.

You don’t want to be backing a team, that might be talented, hardworking people, but got their community strategy wrong and are now dealing with impatient investors who want to get rich overnight (the worst kind).

If you want to learn more about the role of a community in web3, I will be speaking at a Twitter Space (for the first time ever!) next Thursday at 7pm GMT.

Check out this Tweet and set a reminder, if you’d like to join. 😊

Until next week, keep blooming!

Lu

Founder of Blooming Founders

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Here is Part 2 of the glossary. I put the terms in small letters this time, because in web3, capital letters don’t exist unless it’s an abbreviation or you are shouting. 😊

Again, in no particular order:

gm = good morning (something you can say pretty much all day because web3 is global and it is morning somewhere)

gn = good night, usually used when you leave a conversation in Discord and it is actually late for you

FUD = ‘Fear, Uncertainty, Doubt’, when someone talks negatively about a project. This can cause other people to panic sell and can be used for price manipulation. The person who spreads FUD is called the ‘fudder’ or ‘fudster’.

BTD / BTFD = ‘Buy The Dip’ or ‘Buy The F*king Dip’, used when the price drops, but you hold a positive long term view on the project. Also used to try to get other people to buy, so the price doesn’t drop further.

pfp = profile picture, a lot of NFT project are designed to be used as profile profile pictures and people often compliment each other on their pfps.

looks rare = ‘probably not worth much’. A lot of NFT projects are based on rarities of certain traits (just like with trading cards). The higher rarity rank, the more valuable something is. ‘Looks rare’ is often ironically when someone minted an NFT that is quite ‘common’.

gas fees (or just ‘gas’) = transaction fees when interacting with a blockchain

metadata = the collection of data that defines ownership and differentiates one NFT from another. 

airdrop = sending cryptocurrency tokens or NFTs for free to wallets. This can be an effective marketing strategy, if done right.

copy pasta = web3 term for ‘copy cat’ (with intentional misspelling of ‘copy paste’), used for knock-off projects which copies another more popular project

derivative = used for projects who take inspiration from another more popular project, but also has some originality so it isn’t quite copy pasta yet.

generative art = art that is algorithmically generated, ideally in real-time when minted.

hopium = can be translated to something like ‘irrational hope’. When someone says ‘the hopium is real’, they mean: ‘I’m really not sure if this price will ever recover, but I’m just hoping for the best’.

copium = similar to hopium, but in this case you are coping with doing (or not doing) something.

ngl = not gonna lie, used in conversation like in the real world, but somehow web3 people use it a lot.

iykyk = ‘if you know, you know’, used to see if someone else in ‘in the know’ (in which case they will understand what you’re saying)

probably nothing =  used in an ironic way and means “probably something very important"

whale = someone who owns a huge amount of NFTs in an NFT collection or someone who has a lot of money invested in a cryptocurrency.

Twitter raids = doing a flash campaign on Twitter. When community members are encouraged to ‘raid a tweet’, it means that they should promote the NFT in the comment section of a specific tweet, so that the poster (usually someone with large followings) takes notice of the NFT. To me personally, it’s a red flag and I would stay far away from projects who promote raids.

P2E = ‘play to earn’, usually used for Blockchain-based games that reward players with tokens. 

OS = short form for OpenSea, the largest NFT marketplace. Sometimes also referred to as ‘Brokensea’ because it cannot handle the traffic and goes down a lot. People also say that they ‘get rugged’ by OpenSea, when they cannot make transactions on the site.

reveal = some NFT collections have a “delayed reveal” feature, which means that you won’t be able to see how your JPG looks like and check its rarity until the official revealing day. If there is not delayed reveal, the project would say that there is ‘instant reveal at mint’.

That’s is for Part 2. Let’s see if I get more terms together for a Part 3. In any case, I hope you’ve learnt something new today!

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