Skip to content
Home ยป Web3 ยป 26 web3 glossary terms that will make you smarter

26 web3 glossary terms that will make you smarter

Web3 Glossary Term

If you’ve found yourself doing a Google search things like “wagmi meaning” “what does gm mean”, and generally NFT and crypto slang terms – welcome to the world of Web3.

Web3 is the next iteration of the internet where blockchain-based web applications will democratize the way we use and interact with the web through crypto, NFTs, DeFi, DAOs and more.

This democratization, more importantly, has paved the way for newer, peculiar terms, acronyms and misspellings by the Web3 generation of users. If you know and use wagmi, gm, hodl, buidl and more of these terms – it means you belong.

But if you’re struggling with these terms and your NFT and crypto slang terms search doesn’t reveal much – don’t worry, we’ve got you.

โ˜€๏ธ btw, we’ve recently developed a brand new and more detailed web3 and crypto glossary. You can check it out here ๐Ÿ‘‡๐Ÿผ

AIRDROP: this can be a particular amount of cryptocurrency, or social tokens, NFTs that are ‘dropped’ into a wallet. Most NFT projects and social token creators airdrop these items as rewards.

ALPHA: someone who happens to know a lot more than the common man, or has ‘insider intel’. In the cryptocurrency and blockchain community, alpha is also used to refer to an individual who is a skilled and successful trader or investor. The term is used to describe someone who consistently makes profitable trades and investments, and is seen as a leader or expert in the community.

ANON: used to refer to an anonymous person on the web, usually in a sarcastic tone.

BAGS: how you would say bags of money, except this mean bags of assets in big quantities.

BUIDL: buidl is a misarranged take on the word ‘build’. It is used to motivate and call users to build and contribute to the blockchain and crypto ecosystem. Vitalik Buterin, the co-founder of Ethereum, has been associated with the use of the term.

Even though the origins of buidl are not known, Vitalik’s public use and advocacy of it has helped popularize it within the community.

DEGEN: it’s short for ‘degenerate’ and refers to someone who is obsessed with crypto, takes massive risks in trading and overlooks anything going on in their life, including care for themselves.

DIAMOND HANDS: this terms is used for those who hold on to their assets, even if the sky falls. The term is a metaphor, suggesting that the individual’s resolve to hold onto their investments is as strong and unshakable as diamonds.

By holding onto their investments through ups and downs, these individuals signal their confidence in the long-term value of their holdings. The term is often used to contrast with individuals who sell their investments at the first sign of market trouble, often referred to as “weak hands.”

FREN: a warmer way of saying ‘friend‘, especially between developers in the web3 spce.

FUD: refers to feeling of fear, uncertainty, and doubt which are quite common experiences in the volatile and risky world of NFTs and crypto.

GAS: a fee that is charged upon transaction over the Ethereum network. It’s lower when traffic is low, super high when traffic is high.

GM: simply put, it means ‘good morning’ and is used to create communal harmony, positivity among crypto and NFT folks. Used on online forums, chat rooms, and social media platforms, people often use “GM” as a way to greet others, particularly when discussing cryptocurrency-related topics. It is a shorthand way to wish someone a good start to their day, similar to how one might use “Good morning” in face-to-face conversation.

GN: similar in tone and spirit to GM, but for the night when community member is signing out.

HODL: an acronym for ‘Hold On for Dear Life’ and also disarranged term for ‘hold’. Crypto HODLers, like buy-and-hold stock investors, pride themselves on “holding on” by not selling their cryptocurrency, no matter what happens in the crypto markets.

LFG: an acronym for ‘Let’s F***ing Go’. It’s used to get people excited and hyped about something, or even celebrate their achievements.

MOONBOY/MOONGIRL: refers to an individual who believe their asset’s value will be ‘going to the moon’ or increasing in a relatively short duration. This term can also be used to describe someone as overly hopeful about the future of their asset/s.

NFA/DYOR: Not financial advice/Do your own research. Disclaimers often used by individuals on social media who do not want to be held accountable if you take their crypto or NFT trading advice. Often said together as a phrase, โ€œNot financial advice. Do your own research.โ€

NGMI: an acronym for ‘not gonna make it’. Usually termed as a negative word used for people or projects that don’t show any promise of being successful in the long haul.

NORMIE: refers to a person who doesnโ€™t hold any cryptocurrency or NFTs, or someone who lacks knowledge about crypto or NFT markets.

p.s. if you consider yourself a normie, choose from some of our web3 projects and start in this space.

PAPER HANDS: The opposite of diamond hands. Paper handing or having paper hands refers to those who buy and sell assets within shorter timeframes, typically anywhere from a few minutes to a few months.

PFP: an acronym for ‘profile picture’ that exist on places like messaging platforms and social media. More often than not, these PFPs are popular NFTs.

RUG/RUGPULL: A scam or misleading project, where the founders of a project suddenly disappear (with the money). There have been several rugpulls in crypto, DeFi, and NFTs. No one is safe from โ€œgetting rugged.โ€

SER: ser, misspelled, means ‘sir’. It’s just a way to greet or address someone in the NFT community, sometimes even used sarcastically to correct someone.

SHILL: refers to an individual engaged in promoting crypto and NFT projects among various communities.

WAGMI: one of the most popular terms used in the Web3 space, wagmi means ‘We’re all gonna make it’ and is used to inspire positivity, optimism and hope that in the end we’re all going to succeed in the crypto, NFT space and it’s all gonna work out.

WHALE: referred to an individual, with enough coins or tokens to cause a major impact on market prices by buying or selling large amounts of assets.

WHITELIST: it’s a list for those who are allowed to mint first from a new collection. Only then do others get to.

Whitelists are often used as a security measure to restrict access to a blockchain network to a specific group of users or entities, usually those who have been pre-screened and deemed trustworthy. This helps prevent unauthorized or malicious actors from accessing the network and potentially causing harm.

In some cases, whitelists may also be used to manage access to Initial Coin Offerings (ICOs) or token sales, where only those on the whitelist are eligible to participate and purchase tokens. In these situations, being on the whitelist is often seen as a sign of prestige and may confer certain benefits or privileges to the participants.

These terms and their meanings are just the tip of the iceberg, but enough to get you started in the space. Good luck starting out – keep your head up high and strike up a conversation! ๐Ÿ”ฎ