Skip to main content

The web3 and crypto space can be an intimidating place at first. From figuring out wallets and currencies, to the metaverse and NFTs, it can be a lot. Add the seemingly complex web3 vocab into the mix and it might just make you want to cash out and give up.

Fortunately for you we have the ultimate guide to web3 crypto slang and jargon series. Read on and you’ll be sounding like a blockchain pro in no time.

Keep an eye out for our weekly article and keep your crypto lingo fresh.

It seems like a lot of new terminology when you’re new to the world of crypto and web3. But actually it makes sense. It is a whole new world with a whole new world of terms, phrases and abbreviations.

Think about all the web1 and web2.0 related terminology you use as part of your daily life that weren’t around, or had a different meaning before such as:

  • Email
  • Cookies
  • Selfie
  • Bot

Do you need to know the web3 slang and jargon to get involved in the space?

Definitely not. But it will make things a lot easier. The longer you are involved in the space the more it will just feel like everyday language. But for now our handy bite sized guides will give you the prowess you need to look and feel like a pro.

Read next: Why send crypto via email or telephone if you don’t know where to use it? 

Scroll to Continue

Recommended for You

What is the web3 slang and jargon?

1. 1/1 of x

1/1 of x represents one unique NFT from a set of X NFTs. For example The Bored Ape Yacht Club is a collection of 10,000 unique Bored Ape NFTs.

2. 1:1 Art

A single unique piece of NFT from an artist, usually the price of 1:1 art, is much more expensive than an extensive collection because it is far more scarce and unique.

What celebrities own the most expensive NFTs? 

3. Copycat

This well known phrase usually refers to an individual who copies someone else. In the web3 world it refers to a knock-off project that copies another more popular project.

4. DAOs

Autonomous Decentralized Organization are not governed by a single individual or entity. Each DAO's rules and governance are coded in smart contracts on the blockchain and cannot be changed unless voted on by the DAO's members. More and more recent NFT/ Metaverse projects are establishing DAO treasuries in which funds are collected from NFT sales and holders can decide how to use the treasury and future project direction, among other things. One such example is Decentraland DAO.

5. dApp

A decentralized application or dApp, is a software application that doesn’t run on a centralized servier. Instead it partially runs on a distributed network (blockchain). This means one single entity will never have control over all the information or services of the app.

6. DeFi

In contrast to traditional finance or CeFi (centralized finance), where a bank or company controls your money, DeFi stands for "decentralized finance." No one but you has access to it. Smart contracts automate the use of cryptocurrencies and decentralized applications (dApps).

7. Devs

This is simply a short word for developers and refers to those who created a project.

Stay tuned for part 2 next week!