GM, Fren and WAGMI - Web3 Slang You Should Know

When you're diving into the Web3 scene for the first time, you'll quickly encounter a variety of terms and abbreviations that are commonly used there but might be less familiar to you. So that you can navigate and participate confidently within a Web3 community, we're providing you with an overview of frequently used terms and abbreviations that you should be aware of:

• GM: Abbreviation for "Good Morning" - Used in Web3 communities to wish others a good start to the day and spread a positive mood.
• Fren: Abbreviation for "Friend" - Used to express the connection and friendship with other community members and the resulting solidarity.
• WAGMI: Abbreviation for "We Are Gonna Make It" - Used to express belief in ourselves and our future within the Web3 scene in a very optimistic manner.
• NGMI: Abbreviation for "Not Gonna Make It" - The opposite of WAGMI. Used to express that something will not be successful.
• FOMO: Abbreviation for "Fear of Missing Out" - This term describes the feeling that arises when we fear missing out on something.
• FUD: Abbreviation for "Fear, Uncertainty and Doubt" - Describes a strategy used to spread uncertainty and doubt within the Web3 scene.
• DYOR: Abbreviation for "Do Your Own Research" - An important tip that reminds us to conduct our own research and not blindly trust.
• LFG: Abbreviation for "Let’s F*cking Go" - A motivational expression that encourages us to get started, pursue our goals, and ultimately achieve them.
• Looks Rare - An expression in the Web3 scene to indicate that an NFT (Non-Fungible Token) appears rare and could be considered valuable.
• NFT: Abbreviation for "Non-Fungible Token" - A type of digital artwork or collectible that is unique and not interchangeable. You can find a more detailed description of NFTs in our blogpost What is an NFT?.
• Gas: The name for a fee incurred during a transaction or interaction with a blockchain, such as minting NFTs. Gas fees are not constant but fluctuate based on the number of transactions occurring on the respective blockchain at that time.
• Minting: The process of generating new tokens or NFTs on a blockchain.
• DAO: Abbreviation for "Decentralized Autonomous Organization" - Refers to a decentralized autonomous organization that allows participants to contribute to decisions and collectively manage projects.
• DApp: Abbreviation for "Decentralized Application" - Refers to a decentralized application based on blockchain technology. Unlike regular apps, these are not operated or developed by a single provider.
• DeFi: Abbreviation for "Decentralized Finance" - Refers to a decentralized financial system in which users have access to financial products without having to rely on centralized institutions like banks.

With this overview, you should have all the important terms ready to start in the Web3 scene. And so that you can apply these right away, why not join our community on the M&J Discord server ✨? We look forward to having you!