Cryptocurrency and NFT Glossary – Ecran Total

Full screen has brought together common words and expressions so that at the next dinner with family or friends you can understand the problems behind these new technologies and these changes in consumption.

⚠️ We would like to point out that investing in cryptocurrency or in NFTs involves enormous risks as they occur in an unregulated virtual universe. It is necessary to have a very strong conviction in the project financed by an asset to invest in it, and to realize that it is possible to lose everything very quickly or to finance dubious projects… This article is no investment advice.

Airdrop : “Falling out of the sky”, an Airdrop is a generally free distribution of NFTs or cryptos. Airdrops are reserved for communities (e.g. those who already have a token or an NFT from a collection)

Possess : Token, NFT, etc., the value of which can represent a real asset.

blockchain : Technology for storing data in blocks, known as very secure and transparent because it is enough to know the “hash” of a transaction to find its terms.

BSC: Binance Smart Chain (one of the main chains) > www.binance.com

Burn : Destruction of token. The main effect of burning is to reduce the number of tokens in circulation and therefore preserve its value by cultivating its rarity. The burn can be registered in the smart contract and practice automatically with every trade.

Collectibles: Collectibles > View the “Bored Ape Yacht Club” collection

DAO (Decentralized Autonomous Organization) : A Decentralized Autonomous Organization (DAO or in French “Decentralized Autonomous Organization”) is an organization that operates through a series of smart contracts that establish and provide governance rules to an organization. These rules are transparent and immutable because they are part of a blockchain network, which is a technology for storing and transmitting information that is transparent, secure and operates without a central control body.
We speak of an autonomous organization because, once deployed on a public broadcaster, the planned operation cannot be stopped or modified other than planned (admission of new members, modification of certain decision-making parameters, etc.) > read more here

disagreement : 👾 Free proprietary VoIP and instant messaging software. Communities that follow artists usually meet in Discord groups.

drop : This is the precise moment when a collection’s NFTs become accessible.

Challenge : In front of ” Decentralized Finance » Decentralized financing on the blockchain.

DYOR : Do your own research – the world of NFTs and cryptocurrencies can be a bit wild and full of traps and even scams. It is therefore advisable at all times to investigate the reasons behind the creation of a currency or the issuance of NFTs. It is generally necessary to look at the project behind these assets to ensure the viability of the tokens/NFTs. For this, issuers produce a document called the “white paper” > Read the Bitcoin Whitepaper

ERC-20 / ERC-721/ERC-1155 : These are technical standards. ERC 20 allows the issuance of tokens whose value is volatile. ERC 721 (type that appeared on the Ethereum blockchain in 2017) is reserved for non-replaceable assets (whose floor price is individually determined). Specifically, ERC 1155 allows issuance of assets in packages (known as: lotteries

Turn around : Sell an asset for a profit.

Bottom price : Bottom price. Unlike cryptocurrency, NFTs do not have a volatile value that is determined by trading, it is the OTC exchange to the highest bidder that determines the price, so it is imperative for NFT issuers to set a price floor. The bottom price is generally the lowest price accepted for an item in a collection.

FOMO (fear of missing out) : Acronym expressing the fear of missing out on an opportunity in the market.

fungibility : Tendency of an asset to change value during an exchange. The more fungible an asset, the more solid its value. A euro note or coin is very replaceable, when it changes hands, its value is not affected. On the other hand, works of art are less so.

Gas : it is the currency used to reward the actors of the blockchain who record the transactions. The chains (Bitcoin, Bsc, Ethereum, Tezos, etc.) have different gas prices (gas fee). A transaction does not always consume the same amount of gas, it depends on the number of transactions taking place at the same time. The chain will automatically increase its consumption and give priority to transactions for which the gas rates are the most attractive.

gaswar : It is the war or the battle for Gas. When multiple transactions are registered in the blockchain at the same time, the price of gas rises exponentially.

hashes : Unique transaction reference code. To transparently find an exchange on the chain, it is enough to know its hash.

CHICKEN or HicEtNunc : This is a marketplace for NFTs from the Tezos chain > Consult here

HODL : Holding, i.e. holding an asset for as long as possible – relinquishing it would have an impact on the asset’s overall price. HODL is a typo that stuck.

marketplace : NFT marketplace and exchange.

metamask : Encrypted digital wallet that works with different blockchains. Metamask or one of its equivalents is essential to maintain its assets (cryptos and NFT). This is the connection between this wallet and the marketplaces that make it possible to set up everyone’s personal galleries, but also to carry out exchanges. The metamask makes it possible, in particular in the WEB3, not to create or log in a user account anymore, it has in itself become a means of anonymous and secure authentication.

metaverse : 3D virtual universe, where you can use and display your NFTs. The best known are The SandBox and Decentraland > Play on TheSandBox

coin : Consists of recording the token or NFT and the identification data in a blockchain. This action therefore makes it non-changeable and allows for sharing between owners.

NFT (non-fungible token) : It is an encrypted asset, which can have an elaborate graphic (art type) or a simple QR code. Once registered on a blockchain, it is numbered and therefore unique.

open sea: The largest NFT marketplace > 🏪take a look

Swimming pool : Virtual vault to store and stack his assets (to Stack). Pools allow other users to have constant liquidity so that lenders are reimbursed.

Project : Certainly the most important definition of this non-exhaustive glossary. The project, as the name suggests, is the mission and promise of the initiator of an asset. In exchange for the issued assets, internet users fund the project. The quality of the project, the rewards of the project leader (Airdrop) and the scarcity of issued tokens make it a reliable investment or not.
dJust as an investor would buy Netflix stock because he believes the project executed by the company will increase his share in value, the crypto investor believes his holdings will increase in value. The analysis of White paper and Tokenomics (the economic obligations of a token) is essential.

For example, the project behind the BAYC (Bored Ape Yacht Club): There is the promise of belonging to a very closed group, to a certain community. And for this, the channels of these NFTS organize exclusive events in Los Angeles, New York, etc… ” More recently, a weekend of owner festivities took place in New York, with a real yacht party and concert featuring Chris Rock, Aziz Ansari and The Strokes. † (The press for free)

The owners of these NFTs are part of a very closed club, where it is possible to partner with Christian Bale, Jimmy Fallon, Shaquille O’Neal or Omar Sy.

Pump & Dump: Pump and dump is a market manipulation technique that consists of artificially increasing the price of an asset in order to resell it. In the stock market and in the traditional markets, this technique is prohibited and severely reprimanded, but the cryptocurrency market does not regulate this practice.

Smart contracts: Computer protocols that perform a task when the terms of a contract are met. For example, depositing cryptocurrency in a wallet at a certain price can automatically perform the delivery of an NFT > more information

token : Digital assets that can be exchanged on a blockchain and raise money in the universe of cryptocurrencies. It gives access to a right of use and not to shares in the capital. An NFT is a specific token because it is non-functioning.

Wallet : Digital and encrypted wallet. Metamask.io is the best known. 💸 create my portfolio

Whale 🐳: This expression refers to very large wealth owners. When they sell (close their position), prices are likely to crash.

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