Glossary of Crypto/NFT Terminology

If you’re new to the wonderful world of crypto getting your head around all the terms and jargon can be pretty overwhelming. We’ve complied our glossary of common crypto terms to help you get up to speed.

Airdrop‍

Sending coins or tokens to specific wallet — often for free.

Ape In

Investing in a new crypto project — usually in a hurry without doing much research.

Asset

An asset is a digital collectible, such as an NFT, Token or Cryptocurrency.

Blockchain

Blockchain is a distributed digital ledger that stores data of any kind. A blockchain technology is commonly used for cryptocurrency transactions, NFT ownership or DeFi smart contracts. Blockchain is unique in that it’s totally decentralized, rather than being maintained in one location. Blockchain database are held on multiple computers, referred to as nodes, spread out across a network.

Burning

Destroying an NFT and removing it from circulation.

Cardano

A blockchain with cheaper fees and less outage than some other popular protocols.

Collectible

Something that has value or rarity — a unique piece of digital art that holds an intrinsic value.

DAO

A decentralized autonomous organization(DAO) is an autonomous organization regulated through a set of rules embedded on computer programs, technically known as smart contracts.

DApp

DApp is an abbreviation for Decentralized App. Like a standard digital app but using blockchain technology — storing copies of its data on a large number of participating computers owned by users, not by the creators of the dapp.

Derivative

Project that is influenced by another project — can work if done right, but watch out for blatant knock offs.

Diamond Hands

Someone who plans to hold onto an NFT for the long-term, regardless of market conditions. Opposite of Paper Hands.

Discord

Popular online chat application.

DYOR

In crypto its always a good idea to Do Your Own Research.

Flipper

Some who buys an NFT for the sole reason of re-selling it for profit as soon as possible.

Floor Price

The lowest sale price for an NFT from a certain collection.

Gas

Gas is the fee you pay to buy assets, send ETH or set up a smart contract on the Ethereum blockchain. The fee is paid to cover the computing energy required to process and validate transactions.

Generative

Generative art is when a computer program randomly selects different graphic elements (traits) and layers them on top of each other to create a new and unique art piece. The more traits you create, the more unique art pieces you can generate.

HODL

‘hold on for dear life,’ refers to taking a long-term approach to cryptocurrency regardless of price increase and decreases.

InterPlanetary File System (IPFS)

Is a peer-to-peer distributed file system that makes it much more difficult to pull the plug and make published information suddenly disappear.

Marketplace

Trading platform where NFT buyers and sellers can trade.

Metadata

The metadata in an NFT is the actual content and the description about the content described in the contract stored on the blockchain.

Metaverse

A digital universe.

Mint

The process of adding an asset to the blockchain.

Moon

When an NFT Collection rapidly appreciates in value.

Non-Fungible Token

A unique asset that is not interchangeable with any other asset(s). Non-fungible assets represent specific information (IP rights for example), and act as one unit that cannot be divided into smaller fractions.

Fungible Token

An asset that is interchangeable and indistinguishable with some other asset(s). For example same denomination bills and coins are fungible assets.

Paper Hands

Risk adverse collector who sells their asset too soon.

Passphrase

A passphrase is a sentence like string of words used for authentication that is longer than a traditional password and difficult to crack. If you forget your passphrase your funds can be lost forever — storing and hiding your passphrase on an indestructible steel plate is one recommended way to keep your passphrase secure.

Rarity

NFT rarity decides how rare an NFT is and in turn, how valuable it is.

Royalties

% of future sales that get paid either back to the creator or some other party.

Rug Pull

When a NFT project is abandoned after its initial sale.

Smart Contract

A smart contract is a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code.

Utility

Utility NFTs are NFTs that offer clearly defined intrinsic value — providing a use to the digital asset outside of owning a piece of artwork.

Wallet

A wallet is an app that allows cryptocurrency users to store, send and receive digital assets.

Whale

Individual that owns a large proportion of a collection.

Whitelist

A predefined list of people (typically designated by Wallet addresses) who are able to mint an NFT in advance of a public mint.

--

--

--

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Interview with Adel de Meyer, Co-Founder of DAPS Coin

Adel de Meyer and Bitmoji

What is TenX? (PAY)

Rigel Protocol, a decentralized blockchain protocol for all DeFi needs.

Who are the Cryptocurrency Whales & How They Affect to the Coin Market

Can the Combination of STO + IEO Become the New Step in Crowdfunding Evolution?

PERI Finance Announces IEO on Gate.io

Whales Move Over 11,000 BTC in Just Hours

What's New Of BRD?

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Karbon

Karbon

More from Medium

Givaway and Whitelist, how these two mechanics will be implemented in our project, we will tell…

TUS Discord Re-Opens

TUS Discord Re-Opens

EVERYTHING YOU NEED TO KNOW ABOUT THE DEADHEADS ECOSYSTEM

Yummy Update — 01