Top 10 Play-to-Earn Buzzwords!
The world of cryptocurrencies, play-to-earn games, and metaverse(s) is quickly becoming the hub of 2021 buzzwords.
As more and more people enter the space, they get exposed to many terms that they have never seen before. As a matter of fact, one could go to a Facebook group, Discord channel, or Telegram chat and witness how these terms are used every single day!
To help you navigate the intricacies of cryptocurrency and play-to-earn life, here is an updated and enriched glossary of some of the most popular terms used in this space!
If there was a contest on which term would take the role of the “golden rule” in the world of cryptocurrency, DYOR would be at the top of it all. The term stands for “do your own research” and is typically followed by the legal disclaimers “not financial advice.”
Originally, the word “doxxed” had a negative connotation. It refers to when the identity of someone is exposed on the interwebs through malicious means.
In the ever-changing world of the metaverse though, being termed “doxxed” is a good thing. Suppose someone can easily find a developer’s/coin founder’s general CV, LinkedIn, and other pertinent details on the internet. In that case, this generally means that the people behind the project are committed to making something decent. After all, their reputations and names are on the line!
While this does not necessarily mean that they will execute the project to total perfection, the presence of a public persona generates confidence in the project. Accountability and transparency go a long way!
This one is pretty basic. It is an inspection of the project’s codes and algorithms, particularly by reputable third-party certification authorities.
Big-name investors do not just back any project. Projects will often take the time and effort to increase investor confidence by getting themselves audited with third parties.
If there was a word that raises everyone’s hairs and evokes feelings of terror, it would be “rugpull.”
A rugpull is a nefarious technique in which the developers or main partners abandon a project and run away with all of the investors’ funds.
Most rugpulls don’t happen immediately. Instead, they happen in a sophisticated cycle of steps. Typically culminating in the quick selling of whatever amount of liquidity that existed together with the coin.
To put it in perspective, a rugpull is a slow burn scam.
5. TAIYOR (pronounced as tey-yor)
This is an acronym for “trade and invest (at) your own risk.”
The commonly used acronyms in this space are “trade at your own risk” (TYOR) and “invest at your own risk” (IYOR). However, as the two are becoming interlinked with each other, we here at P2E News believe that it’s time to join them into one single acronym to reflect this reality on the ground!
A play on the word “holder,” the term refers to someone who holds investments in a project(s) with a “diamond hand,” unfazed by the ups and downs of the market.
Being a hodler is a risky proposition. While these people may be among those who will get the most out of a coin’s market comeback, they are also among those who hold the highest risk of having to hold the bag at the bitter end, especially when it comes to situations involving rugpull schemes.
This one is straightforward. It refers to the nominal amount of (computational) resources one would have to spend to transact (and execute operations) on the Ethereum network.
No frills, huh?
Among the terms on this list, the letters “ATH” are rather prominent in the world of trading and finance. It simply stands for the phrase “all-time high.”
A healthy play-to-earn project would have plenty of all-time highs and dips due to internal and external factors. However, the net result should always be incrementally positive. Especially if investors feel that the product is going somewhere.
Along with ATH, the word “dip” is among one the terms heard even outside of the cryptocurrency and play-to-earn space.
A dip refers to a short-term or long-term decrease in the value of a project’s coin on the market. If the project is stable, with a future, then a dip is the perfect chance for investors to come in before the next bullish cycle.
It is even a part of a maxim that we all know too well: buy the dip, sell high!
The initialism “TP” stands for “take profit.” It originates from day trading platforms. They automatically choose to instruct to close trades at a defined rate, thus ensuring a certain amount of profit goes directly to the investor’s balance account.
Interestingly, these two letters are also shared with an item called “Town Portal” in Warcraft and Dota 2. There, TP provides mobility, secure strategic points, and safety. As such, TP in the P2E space carries the connotation of keeping one’s investments safe.
A possible third definition revolves around investors taking their profits before the start of a dip (or a rugpull move).
Familiarity with these ten terms and buzzwords should help you understand most of the conversations happening in the play-to-earn world these days. And it should allow you to make more informed decisions regarding your project investments.
We hope that this little glossary will help you along your journey inside the play-to-earn space.
And as the disclaimer says, this is not financial advice!