Know Your Web3 Lingo

If you’re looking for more info about web3, NFTs, and how it all works, check out my previous post. If you’ve delved deeper, and want to know what the heck people are talking about on Twitter and Discord…see below!

πŸ€— WAGMI

“We’re all gonna make it” – showing positivity and camaraderie in an NFT project or web3 as a whole

πŸ–Ό PFP

Depending on who you ask, PFP means “picture for proof” or “profile pic”. It refers to your avatar or profile picture, and is usually a one-of-one rare NFT.

β˜€οΈ GM

“Good Morning”

πŸ“Š Floor

The floor, or floor price, is simply the cost of the cheapest NFT in a collection

🀩 Bullish

If you are “bullish” about something, it means you’re optimistic and/or excited about it

πŸš€ To the moon!

An expression that means someone believes an NFT or other investment they’ve made will grow so high that it will reach the moon

πŸ’°HODL

An intentional misspelling of the word “hold”, which means to hold onto an investment you’ve made (and risk it losing value) rather than selling it for a profit

πŸ€‘ DeFi

Defi, or decentralized finance, is the act of utilizing the blockchain to send or receive funds, and does not rely on traditional financial institutions like banks

⛽️ Gas

You pay gas fees when you make any sort of blockchain-based transaction, such as: buying an NFT, transferring funds to a wallet, etc. Gas fees are dependent upon the value of the transaction, and the number of other transactions being made at the same time

Keep these in the back of your brain, and whip them out in conversation to impress everyone with your web3 knowledge! 😎

Thanks for reading! :)

β€”Rach

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