15/05/2025
WEB3 TERMS EVERY CREATIVE SHOULD KNOW‼️‼️
To truly participate in the Web3 space, understanding key concepts is important. Here are 20 foundational terms that every creative should be familiar with:
1. Blockchain: A decentralized, transparent ledger that records transactions. It powers cryptocurrencies, NFTs, and smart contracts.
2. Smart Contract: A self-executing contract that has its terms of agreement written directly into code. It removes the need for intermediaries and enables automation of tasks like royalty payments.
3. Decentralization: The shift from a systems where one authority controls everything to distributed systems where power and data are shared across many participants.
4. Gas Fees: Transaction fees paid to process operations on a blockchain. These can vary based on network activity.
5. Wallet: A digital interface (e.g., MetaMask, Phantom) used to store, send, and receive crypto assets and tokens. It’s also how you authenticate your identity in Web3.
6. NFT (Non-Fungible Token): A unique digital asset stored on the blockchain. It can represent art, music, video, writing, etc and serves as proof of ownership for RWA.
7. Minting: The process of uploading your creative work to the blockchain to becomes a tradable asset (NFT).
8. Royalties: Percentages creators receive automatically from secondary sales of their NFTs.
9. Metadata: Descriptive information embedded in an NFT such as the title, creator, creation date, and traits. It’s what platforms use to display and organize NFT data.
10. IPFS (InterPlanetary File System): A decentralized protocol used to store digital files. Since most blockchains can’t store large files like images or videos directly, IPFS is used to host NFT content securely and permanently.
11. DAO (Decentralized Autonomous Organization): An internet-native organization governed by smart contracts collectively owned and managed by its members.
12. Seed Phrase: A 12- or 24-word phrase that gives full access to your wallet. Never to be shared.
13. Degenerates: individuals who take risks in emerging crypto projects, they are mostly early adopters and trendsetters.
14. WAGMI: “We’re All Gonna Make It.” A widely used expression in Web3 in optimism and collective progress.
15. GM / GN: "Good Morning" and "Good Night" – More than greetings, they are cultural markers of community presence and engagement in Web3.
16. Tokenomics: This term refers to the design and structure of a token’s supply, distribution, utility, and incentive mechanisms.
17. Airdrop: A marketing strategy where users receive free tokens for participating early in a project or for holding a certain asset.
18. Staking: The process of locking tokens into a protocol to support network operations and earn rewards.
19. Utility Token: A token that gives holders access to services, content, or community benefits within a project.
20. Floor Price: The lowest listed price of an NFT in a collection on a secondary marketplace. It serves as a baseline indicator of a project’s perceived value.
Web3 is more than tech. By learning the language of this new space, you empower yourself to build, collaborate, and grow.
MGSWeb3 is a dynamic community dedicated to equipping creatives, builders, and curious minds with the skills and knowledge to thrive in the Web3 space. Whether you're a designer, marketer, story teller, researcher, writer, or community builder, our program is designed to help you navigate and contribute to the decentralized internet (Web3).
‼️ Registration for Cohort 2 is on, sign up now with the link in the comment section!
