Web3 World
Topics Covered
- Basic Terminology
- Minting & Marketplaces
- Discord & Twitter
DeFi: Decentralized Finance. Crypto ecosystem transactions are all available to the public and are not regulated by a central entity (banks). For example, public transactions on the Sol ecosystem can be viewed on Solscan.io.
Fp (Floor price): Tells you how much people are selling/buying that specific NFT for. It can move up and down extremely fast. When buying into collections, buy the floor (cheapest) ones. All the market liquidity is on the floor, you want to maximize your profits by buying low and selling high.
Wen: Commonly used as when. Wen announcement, when Magic Eden (ME).
Whitelist (wl): Earning this role will secure your wallet a spot to mint on a project’s release date. Some projects give tiers of wl. OG for example gives you a lower mint price and an earlier time to mint. You can earn this role by playing games, liking/retweeting their posts, or doing project collaborations.
FOMO (fear of missing out): An urgent feeling like you must rapidly buy into a collection because you see all the sales/volume and noise on Twitter.
Bluechips: Projects with solid communities/founders. They are expensive; however, they end up with a lot of wl collabs and valuable information to help you make money. For example, Taiyo Robotics, DeGods, and Famous Fox Federation are some of them.
Roadmap & Whitepaper: In-depth information about the project. It will tell you what products they are working on and how they are spending your money.
Rug: When a project deletes its social media/discord and runs away with the funds.
Burner/Hot wallet: A wallet that is connected to the internet 24/7. You use it to connect to unknown websites to mint projects that might rug. Super useful to have several of them named and for specific purposes.
Cold wallet: A wallet that manually requires you to sign transactions and is not connected to the internet 24/7. Put your most valuable assets in here and do not connect them to unknown sites to keep them from being stolen.
Roles: NFT projects have different team members assigned to tasks. Also, when you join a new project, you can react to a message to get notifications for giveaways, announcements, games, etc.
Degen: Minting a project with no prior knowledge. Usually, they are cheap mints and have minimal to no information about the project or its founders.
First come first serve (fcfs): A type of collab that usually involves posting a screenshot of your discord role of another project and a screenshot of you following their Twitter so you can earn a wl role.
Minting & Marketplaces: Buying a random NFT from the project on their release day. Projects usually create their website to mint or use popular NFT marketplaces to launch. For Solana, there is Magic Eden, Coral Cube, Solport, LMNFT, and more. Those mentioned are the most popular launch pads/secondary marketplaces (where you list/buy/sell NFTs).
Discord/Twitter: Extremely important. Helps you discover new projects and keeps you updated with the latest announcements. Make more than 1 Twitter account specifically for NFTs. One for giveaways only and a personal NFT Twitter to grow. Networking in Discord is how you will make money, learning to navigate it is extremely critical to making money.
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