Web3 / Metaverse Lexicon

A Comprehensive Web3, Crypto, Metaverse and NFT slang terms:

AIRDROP

A free distribution of NFTs or cryptocurrencies, under specific conditions, issued either by the creators of a new NFT project, by an artist, a platform or a brand wanting to thank their communities with a reward.

APE IN

The act of getting into an NFT project without having done enough research.

ARTIFICIAL INTELLIGENCE – AI

A set of techniques used to create machines and programs capable of simulating human intelligence.

ASSET

A digital resource able to be exploited. An asset can be a stock, a cryptocurrency, an NFT, etc.

AUGMENTED REALITY – AR

The incrustation of virtual elements in a real environment visible with devices such as augmented reality glasses or a smartphone.

BEARISH

Thinking a project won’t last long and will lose value with time.

BLOCKCHAIN

A database relying on a decentralized system based on cryptography, which lists transactions organized in a sequence of blocks, with each transaction validated by a series of calculations. Blockchain is part of a family of distributed ledger technologies and is the basis of many cryptocurrencies.

BULLISH

Thinking a project will gain value with time.

COLLECTIBLES

Set of diverse and varied tokens which can be collected, resold, etc. One of the most popular NFTs collectibles include cryptokitties whose objective was to gather cats with atypical physical traits.

CREATE-TO-EARN

A concept in which users create their own NFTs and sell them in the market through a game or a dedicated platform.

CRYPTOCURRENCY

A digital alternative to traditional currency which was introduced by the cryptocurrency named bitcoin in 2009. It typically uses blockchain technology.

DAO

Decentralized Autonomous Organization refers to a type of governance within the Web. It allows owners of a cryptocurrency token to vote on the direction of a project.

DAPP

Decentralized Application, an app using the blockchain system (typically Ethereum).

DEFI

Decentralized finance, a set of financial protocols using the blockchain system. Opposed to the Traditional Finance represented by banks, brokers, loan organizations, and usual savings systems, DeFi aims at performing the same functions but in a decentralized way.

DIGITAL TWIN

Virtual copies of physical products, assets, or systems that share their data with the original physical version. This can be applied to any object imaginable and each digital twin includes the assets that represent systems, products or services, processes of firms and any other physical things that can be modelled digitally using virtual reality or 3D modeling technology.

DIRECT-TO-AVATAR

The act of selling goods or products straight to the user’s avatar which allows the brand to sidestep the need for intermediaries. Those products are usually digital wearables.

Grace can you add a definition for DLTs? 

Distributed Ledger Technology (DLT)

A decentralized peer-to-peer digital system for recording transactions between parties in multiple places (i.e. distributed) at the same time. The most widely known DLT is the blockchain protocol.

DROP

A put on sale by an artist, a platform or a brand of work or a collection in crypto.

ENGAGE-TO-EARN

Also called “contribute-to-earn,” a concept in which users get a reward for participating (by commenting, liking for example) in some activities related to a project and sharing the value around them. The reward can take the form of cryptocurrencies or NFTs.

ENS

Ethereum Name Service. It is a crypto domain address which can be purchased and owned for good. It can be used for a long wallet address or a crypto website. Common domain names include .eth, .bitcoin, and .crypto.

ERC-721

Standard automatically assigned to NFT, it refers to the non-fungibility characteristic representing a unique token. The main standard of an NFT will be based on a set of unique token information such as its popularity, its age, and its degree of rarity.

ETHEREUM

Ethereum is a decentralized, open-source blockchain with smart contract functionality. Ether is the native cryptocurrency of the platform. Among cryptocurrencies, ether is second only to bitcoin in market capitalization.

FLIP

The act of buying an NFT and selling it right after rather than holding, in order to make instant profits.

FLOOR PRICE

The lowest price of an NFT in a collection, used to measure the value of the NFT collection.

GAS FEE

A transaction fee for a crypto transaction, especially on Ethereum blockchain.

GENESIS

First work or first collection deposited by an artist or a brand on a platform. “Genesis” works are particularly sought after.

HODL

A deliberate misspelling of Hold. It makes it clear that someone won’t sell their NFTs.

HOLD-TO-EARN

A concept in which a user, by merely holding tokens, gets passive income.

LAYER 1

The first layer or entity of the blockchain is independent and autonomous of any other blockchain. It is a layer that is built on the foundations of the blockchain; in other words the network and internet protocols.

LAYER 2

The second layer or entity of a blockchain is totally dependent on the first layer. This second layer allows the main blockchain to be relieved of certain specific operations by providing features and optimizations such as scalability or modularity. As an example, Ethereum blockchain has Polygon blockchain as layer 2.

MARKETPLACE

A platform where NFTs can be bought and sold. Transactions related to NFTs take place on these platforms.

MEATSPACE

Refers to the physical world or meaning In Real Life (IRL).

METAVERSE

The web’s transformation into an immersive virtual and persistent 3D place. It is an online universe, accessible to everyone with an infinity of interactions. Learn more about the metaverse on our blog.

METAMASK

A popular crypto wallet on Ethereum Blockchain.

MINT

The act of forging or creating an NFT and registering it on a blockchain. It is the same principle as minting a coin in real life.

MOONING

Refers to the fast increase in value of a token or an NFT.

MOVE-TO-EARN

A gamification concept in which a user earns cryptocurrencies by simply walking, jogging, or running.

MULTISIG

Meaning “Multi-signature wallet,’’ a wallet requiring multiple signatures to validate a transaction.

NFA

Short form of “not financial advice.”

NFT

Non-fungible token, a unique digital tamper-proof property which cannot be interchanged and is certified through DLT.

OPENSEA

The most popular NFT marketplace.

POLYGON

A layer 2 Blockchain built on top of Ethereum and whose gas fees are very low.

PLAY-TO-EARN

A gamification concept in which users get a reward for playing in a game. The reward can take the form of cryptocurrencies or assets they can invest or use on multiple platforms. “P2E’’ is its short form.

PROOF OF AUTHORITY (POA)

A DLT consensus mechanism based on identity as a stake and which provides fast transactions.

PROOF OF STAKE (POS)

A DLT protocol which aims at reaching a distributed consensus.

PROOF OF HISTORY (POH)

A DLT protocol based on a reliable ordering of transactions recorded to the ledger to solve the issue of agreement on time.

PROOF OF WORK (POW)

Known as the oldest DLT protocol, it aims at repelling denial-of-service attacks or other abuses of service such as spam in a client-server environment.

PUMP AND DUMP

A manipulation consisting of artificially raising the price of a token’s project by making false statements, with the aim of reselling them, when bought at a low price, but having a high capital gain.

RUG PULL

Refers to an NFT or token project that went wrong because the team members behind the project left after receiving funds from investors.

SHARDING

Splitting an NFT into multiple pieces so that a group of people can buy it.

SHILLING

When someone promotes an NFT project on social media as a marketing strategy.

SKINS

An asset in the form of appearance a game character can take on to change its look without an impact on the game’s progression.

SMART CONTRACT

An extremely important feature added to the Ethereum blockchain, which allowed the advent of NFTs. The smart contract allows the creation of applications, and small programs using the Ethereum infrastructure and thus benefiting from its immutability, decentralization and security.

STABLE COIN

Refers to a cryptocurrency hooked to a fiat currency.

STAKING

A way to get passive income in crypto by keeping locked-up tokens on a DLT for a given period of time.

TO THE MOON

Used to refer to a project that is increasing in value.

TOKEN

A digital token exchangeable on a DLT. A digital asset used to raise funds in the cryptocurrency world and giving access to a right of use and not to shares of the capital.

UTILITY TOKEN

A digital asset offering specific services to its owners. It can be a domain name for example.

VIRTUAL REALITY – VR

The simulation of a user’s physical presence in an artificial environment with devices such as a VR headset. It allows the user to interact and move in a virtual universe.

WALLET

A digital wallet on a computer or mobile in which a user stores cryptocurrency or NFTs.

(DIGITAL) WEARABLE

What an avatar can wear as a garment or clothing in a digital environment such as a metaverse.

WEB3

The third generation of the Internet where online services and platforms move to a model based on blockchains and cryptocurrencies. It means that infrastructure is decentralized, and anyone in possession of a token associated with that infrastructure has some control over it.

WHALE

Most cryptocurrencies and NFT releases have “whales,” i.e. owners holding a substantial amount of assets. 

WHITEPAPER

A document giving exhaustive details about the functionality and purpose of a Web3 project, often written by developers or founders.