Guide

14 Crypto Terms You Need To Know

Common Crypto Terms Explained

Are you new to the crypto space and want to invest in some valuable projects? or perhaps you want to support your favorite artist/cause by buying their NFTs. Whatever the reason, one of the first thing we tell our readers is to educate themselves, read free blockchain literature, follow virtuous web3.0 influencers and always always DYOR.

WAIT! What? Oh yes. We understand that while doing so, you may stumble upon some crypto jargons and expressions that can make you scratch your head. So in this article we’ve listed some of the most commonly used crypto & NFT jargons that you may encounter in your quest to become a web3.0 citizen.

PFP {What does PFP Mean?}

What does PFY mean in crypto industry?

PFP NFTs is short for “Profile Picture” Non-Fungible-Tokens. These are a collection of thousands of characters with distinct and unique traits, all put together algorithmically. Meaning, Artist would start with a theme character (let’s say a Fashionable Women), either hand-drawn or digitally-drawn, and then create tens and hundreds of different attributes (Hair, eyes color, mouth shape etc.) and accessories (Clothes, sunglasses, earring etc.) to go with it. Then a developer would generate an algorithm which will assign these different attributes & accessories to the “Theme character” while ensuring that no two of them are alike.

Some of the popular PFP NFT Projects includes: CryptoPunks, Bored Ape Yatch Club, Boss Beauties & 1989 Sisters. These PFP NFTs can be used as avatars for social media accounts and recent twitter announcement of new hexagonal profile pictures have soared their popularity even further. Here’s an example of the term:


IRL {What Does IRL Mean?}

IRL is Short for “In Real Life”. Usually, Crypto aficionados, Influencers or Community members know each other via Discord, Twitter spaces or other social media platforms. So, in case of a event where they plan to meet in real physical world as oppose to the virtual world, they’ll use IRL.


POAPs {What are POAPs?}

POAPs is an acronym for “Proof of Attendance Protocol“. Analogous to Conference lanyards, Historical concert tickets & collectible badges, POAPs are essentially unique NFT collectibles which serve as a digital proof that someone attended, or participated in an in-person physical or virtual event.

The official POAP slogan is “Bookmarks for your life” and many active member of crypto space collects these event-exclusive NFTs to commemorate their life experiences through these events. One basic use-case of POAPs is that Community leaders can recognize, reward or engage with a member based on their POAP collection.

Coming to the technical side, P.O.A.P. is the platform and infrastructure that enables the creation and storage of memories by POAP issuers and POAP collectors, while POAPs, the collectibles, are NFTs minted and secured on Gnosis Chain (formerly xDai), an Ethereum-based sidechain.


LFG {What does LFG Mean?}

LFG is an abbreviation for “Let’s f*** Go”. You may come across this term time and again in your Twitter Feed. People use LFG to convey their excitement about a project or a positive news.


SHILL {What does SHILL Mean?}

Shilling is a form of social media marketing in the crypto & NFT Space. In relation to cryptocurrencies, influencers may endorse some projects in which they themselves have an interest or were paid to hype-up. In NFT world, it is a rather simple way to direct some attention of potential buyers.

The Crypto market is flooded with new NFTs projects everyday and its difficult for both the NFT Creator as well as Collectors, who are eyeing good NFT Projects. So, usually NFT Collectors and influencers ask their followers to “Shill” some good NFT projects.

Equally a good opportunity for NFT Artists, these “Shill your NFTs” tweets by prominent collectors is a good way to promote their NFTs to a larger audience and build an interest around their already minted or upcoming project. They can drop images and marketplace links of their projects in the tweet while their supporters can back them.


AMA {What does AMA Mean?}

AMA is an abbreviation for “Ask me Anything”. Crypto influencers, NFT Projects, Artists and celebrities often hold live AMA sessions on discord, telegram & twitter spaces to keep in touch with their community whilst get a feedback from them. Community members can ask any question and they try to answer as much as possible.


DEGEN {What does DEGEN mean in crypto?}

Degen is short for “degenerate”, and usually refers to “degenerate gamblers” in the crypto space. Degens will go outside the realm of “Calculated risk”, to buy, farm & trade in risky projects, without sweating over a possible “Financial Loss”.


NFA/ DYOR {Meaning of NFA and DYOR}

NFA and DYOR are an acronym for “Not Financial Advise” and “Do Your Own Research”, respectively. People active in crypto space often tend to highlight upcoming Crypto/NFT projects they believe in but simultaneously put out NFA/DYOR disclaimer for their followers.


RUG/RUG PULL {What is rug pull in crypto?}

Rug or Rug pull in crypto/NFT projects refers to the malicious act when a founder/ Dev team behind a project abruptly abandon the project and run away with investors’ funds.

In NFT Space, Iconics – a 8000 NFTs of 3D Artwork on Solana made “Rug Pull” headlines last year in September, when the artist behind the project raked in around $140,000 before disappearing. All the social media accounts of the project were wiped out and investors got “emoji’s” instead of promised “3D Artwork”.

Another one of the popular “rug pull” which happened in the month of November 2021 was SQUID GAMES. The “squid Games token” was created after the name of popular South Korean series SQUID GAMES, which was the main reason behind its hype. With the extreme demand of “SQUID GAMES” TV Series, the “Squid Games token” gained so much hype that its price rise to more than 2000% within a week. The investors in the Squid Games token were also not allowed to sell during the price pump due to some coding restrictions. But after that the “real rug pull” part begins when its anonymous founder dumped tokens on all the investors of Squid Games Token due to which the price of this token dumped more than its launch price.


APEING IN

Whether its fear of missing out on a new hyped-up project or getting swayed by a celebrity’s persuasive posts, many newbies in the world of Crypto and NFTs, often blindly rush to invest in a coin/NFT without doing their own research. This phenomenon is usually referred as “Apeing In“. Also, the same goes for experienced collectors or Crypto Degens, who just want to hastily invest in a new project based on their followers suggestion or associated team’s merit. The term must’ve coined from the verb “To Ape”, which means “blatantly imitate something or someone in every way“.


FLIPPENING {What is Flippening}

The term Flippening was colloquially coined in the year 2017 to represent the idea of a hypothetical situation in which Ethereum (ETH) overtakes Bitcoin (BTC) in terms of market capitalization. Similarly the term in NFT space represent “Bored Ape Yacht Club (BAYC)” Floor Price Higher Than “CryptoPunks” – the OG NFT collection.


FLIPPING

Flipping NFTs means buying them early at low prices and then selling quickly for a profit. The concept is analogous to the real life flipping of trading cards, rare toys, and comics for profit.

Many crypto advisors on Twitter advise newcomers to keep flipping till they’ve enough liquidity to buy some solid NFTs (which has great team, marketing & value), and then hold onto those NFTs.


MOONING {What does mooning mean in crypto?}

A Cryptocurrency or a NFT Project is “mooning”, means that it’s price has skyrocketed and still seeing an upward trend.


WAGMI {What does WAGMI Mean in crypto?}

WAGMI is an acronym for “We All Gonna Make It“. Its a statement hoping for NFTs to get Widespread adoption, so it becomes as commonplace as (let’s say) smartphones. And everyone in the near future can understand and cherish them as much as NFT Community does today.

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