Web3 glossary

GameFi is a combination of the words ‘Game’ and ‘Finance’. It is mainly used to refer to ‘play-to-earn’ (P2E) games in which participating allows them to earn money. These rewards can be in the form of tokens, NFTs or trading assets in their marketplaces.

Gas refers to the amount of computational effort that is required to perform a transaction on a blockchain. The gas fee varies according to the complexity of the transaction as well as overall present demand of the blockchain network.

Generative art is essentially creating art with the help of autonomous systems. An artist can create genesis art through inputting a set of rules (range of colors, shapes, patterns etc) or providing their own initial design layers against a number of iterations. Through this, the system will then generate art according to the framework outlined by the artist.

The beginning of a crypto blockchain.

A genesis block refers to the first ever block mined of any blockchain network.

A genesis drop is the very first NFT collection by a creator. It can also just be a single NFT rather than a collection. This is also referred to as the “OG drop” or “Gen-1” release of a certain project.

Gwei is the most commonly used denomination of Ethereum and is mainly used for the discussion of gas prices. A billion Gweis equals one ETH.