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Hodl, GM, fren, wagmi, DYOR, rug pull… What are they talking about?!

By Dominic Klopsch – Co-Founder TIVAN Consulting

The Web3 space has it’s own language. But why is that and what are the implications?

The Web3 and Crypto-space has it’s own language. Is that an issue?

If you join the crypto-space, pretty much regardless of how and where you join it, chances are high that initially you don’t really understand the lingo and reading through posts, articles or listening to Podcasts might leave you stranded with more question marks than you’ve had before. But I’m not only talking about specific words or abbreviations that are used but also about descriptions of functionalities or mechanisms in news-articles: Wherever you go, you feel like you need to carry a glossary with you. 

It’s not only the crypto-space actually…

It’s not only the crypto-space. Any subculture, any specific area of interest and also most companies have their own glossary. I can tell you from experience, in the automotive industry, when you join a project at an OEM, basically they give you a glossary at the start because otherwise, you’re completely lost in meetings. I mean, I get it. It creates a sense of belonging, it distinguishes you as part of „the group“ and keeps others out in the dark. This is a very human thing to do. 

Besides from specific terms and lingo, another thing is to describe relatively easy situations with high complexity and this, in my opinion, is much worse than using insider-lingo. In way too many cases, phrasing functionalities or features in a complex way is just to hide give some touch of innovation although in fact, there is not much of an innovative approach or tech being used. The complex language however suggests this and also is makes it tougher for bystanders to criticize as one could always say „noooo, that’s not how it’s meant, you don’t get it“ or something like that. 

It’s normal for subcultures to have their own language and terms

? Anyways, I do think that specific lingo is normal and it’s also ok to use it within the Web3- and NFT-space. But, if we want to open ourselves up towards mass adoption and really reach the public, I think we should be aware of this and avoid using this language when talking to potential „outsiders“ because let’s face it, you’re not going to onboard too many users by making it incredibly tough for them to understand what the hell you’re talking about. 

What’s your take on this? Is the Web3-space too busy with it’s own language and thereby making it tough for outsiders to get in and if so, should we try to make these walls a little less high and try to be more inclusive in language? Or are we already easily accessible regardless of specific terminology?

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