A collection of terms used in web3 gaming
General Web3 Terminologies
Airdrop
A distribution of cryptocurrency, tokens, or a new NFT to a large number of wallets (usually active members of the community) in order to increase the adoption and circulation of such currency.
Blockchain
A digital ledger that records transactional data across multiple computers within a network, so that data cannot be altered.
Bridge
A tool that enables the transfer of crypto assets from one blockchain to another.
Cex (Centralized Exchange)
A platform that allows users to buy and sell cryptocurrencies and other digital assets. These exchanges act as intermediaries between buyers and sellers, facilitating the transaction in return for a fee.
Crypto Coin
A form of digital currency that is native to its blockchain; it stores value and acts as a medium of exchange
Cryptocurrency
A digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend.
Cryptography
The concept of securing information and communications through the use of codes so that only the person for whom the information is intended can understand it.
Crypto Token
Digital assets that are built on top of an existing blockchain, and can serve a wide variety of functions.
Crypto Wallet
A software or hardware device that enables users to store and use cryptocurrency.
DAO (Decentralized Autonomous Organization)
A legal organization with no central authority. Whose rules are managed by Smart Contracts , and tokenholders participate in the management and decision-making of the organization.
DApp
Digital applications that run on a decentralized network, rather than a single computer or server
Decentralization
The transfer of control and decision-making from a centralized entity (individual, organization, or group) to a distributed network.
DeFi (Decentralized Finance)
A financial ecosystem based on blockchain technology. Allows users to perform day-to-day financial transactions without the need for intermediaries (Bank, Brokerage etc).
DEx (Decentralized Exchange)
Is a peer-to-peer cryptocurrency marketplace, that allows traders to swap and trade crypto assets, without intermediaries (usually brokerage).
Farming
Also known as staking or yield farming, is a method of investment that involves holding and staking of cryptocurrency in a wallet or smart contract, to help secure a blockchain network, and earn rewards in return.
Fiat Currency
A currency that has been established as a valid form of money usually by the government, and is accepted as a legal tender for payment.
Fungible Tokens
Fungible tokens are non-unique assets e.g Cryptocurrencies because they have the same value as other coins of the same type, at any given moment.
Gas
Gas in crypto refers to the cost required to perform a transaction on the Ethereum network.
GameFi
The integration of Gaming and Finance. It is characterized by its 'play-to-earn' (P2E) business model, where blockchain games offer economic incentives to players.
GameFi Guild
Community of crypto gaming enthusiasts, who come together to work on a variety of tasks, and to provide support for each other.
Gaming Assets
These are realistic masterpieces that can be used in games for the creation of a real-life environment. These include graphics (characters, environments, logos), background music, special effects, and sound effects.
Governance Token
Tokens which give holders the right to vote on issues that govern the development and operations of a blockchain project.
HODL
An acronym for hold on for dear life. A widely known concept in the crypto community that refers to the strategy of not selling your digital assets, even amid extreme price changes in the market.
IGO (Initial Game Offering)
A strategy where a gaming company issues a new cryptocurrency or token that is specific to its gaming platform, to raise money for an early-stage game.
Metaverse
A virtual universe that combines elements of the real world with elements of the digital world. It refers to a fully-immersive, shared virtual world that is accessible through the internet and provides a sense of presence, community, and agency to its users.
Metamask
MetaMask is a software cryptocurrency wallet used to interact with the Ethereum blockchain. It allows users to access their Ethereum wallet through a browser extension or mobile app, which can then be used to interact with decentralized applications.
Minting
Is the process of generating new coins by authenticating data, creating new blocks, and recording the information onto the blockchain
NFT
A unique digital asset that is stored on a blockchain and represents ownership or proof of authenticity of a specific item or piece of content, such as a digital artwork, music, video, or even tweets.
NFT Collection
A unique digital asset that is stored on a blockchain and represents ownership or proof of authenticity of a specific item or piece of content, such as a digital artwork, music, video, or even tweets
NFT Drop
The public release of an NFT collection for the purpose of sale or promotion. Often used as a marketing strategy by artists, musicians, or content creators to generate interest and excitement for their digital creations.
NFT Floor Price
The minimum price that an NFT (Non-Fungible Token) can be sold for during an auction or a direct sale.
NFT Marketplace
A blockchain-based online platform to sell and buy non-fungible tokens (NFTs).
Peer-to-peer
Peer-to-peer refers to the exchange or sharing of information, data, or assets between parties without the involvement of a central body or entity.
Play-to-earn
A blockchain-based gaming model that incentivizes players with in-game tokens.
Rug pull
A crypto scam in which a project creator or group of individuals lie to the public to attract funding and quickly run off with investors' digital tokens.
Roadmap
A business planning technique that lays out the short and long-term goals of a particular project within a flexible estimated timeline.