Impress Your Friends with these 30 NFT and Web3 Acronyms - Deepstash

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Web3 is mired in a dizzying array of acronyms that make diving an uphill battle. Here are some which will help you become more familiar with this exciting, dynamic space.

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Impress Your Friends with these 30 NFT and Web3 Acronyms

Impress Your Friends with these 30 NFT and Web3 Acronyms

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Cold Wallet, DAO, Defi and Diamond Hands

Cold Wallet: A wallet that stores assets. It is not connected to the internet which adds an additional layer of security.

DAO: Decentralized Autonomous Organization

Defi: Decentralized finance; financial entities that operate using sm...

ERCs, Fiat, FUD, Fungible

ERC 20, ERC 721, ERC 1155: Most common token standards on Ethereum (for things like NFTs)

Fiat: Traditional currency like USD or EUR

FUD: Fear, uncertainty, and doubt

Fungible: With many goods/assets, it’s not r...

Gas, GM, Gwei, and HODL

Gas: Transaction fees to process things on a blockchain. gas fees are often suggested by a wallet or platform depending on the congestion of the network but you can opt to lower or raise them which may influence the speed (or certainty) with which your transaction is processed.

Hot Wallet, KYC, and Minting

Hot Wallet: An internet-connected wallet that stores digital assets. It’s wise to exercise caution with these and generally avoid holding too much value in them to help mitigate against risk.

KYC: Know your customer. Many exchanges/wallets/platforms require...

NFT, NGMI, Oracle, and Paper Hands

NFT: Non-fungible token (see fungible above). An NFT can be almost anything from a photo to a video to a song.

NGMI: Not gonna make it (often used to refer to individuals that make less-than-ideal decisions to buy/sell in the space)

Oracle:

POS, POW, Private Key, and Public Address

Proof of Stake: A mining construct that states a miner can mine/validate block transactions based on how many coins they hold.

Proof of Work: A mining construct that achieves consensus through solving complex mathematical problems using computation to valid...

Roadmap, Smart Contract, and Sniping

Roadmap: Many NFT projects have a “roadmap” that lays out their plans for a project. It’s helpful to look at these with a critical eye.

Smart Contract: A self-executing contract that spells out the terms for buyers and sellers in code that is recorded and d...

Staking, Token, Whitelist, and WGMI

Staking: An arrangement where you agree to lock up your assets (cryptocurrency or NFTs) for a period of time in exchange for rewards (usually tokens or cryptocurrency or NFTs). Rewards are similar to interest for keeping money in a savings account.

Token: A...

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This article explains the basics of NFTs and then explores how to create an NFT using two of the most popular marketplaces. It is meant to be a brief guide to help you get started.

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