Utility token

What does Utility token means?

A token that gives owners access to a specific tool or privilege within a particular crypto ecosystem. NFT creators often use utility tokens to raise funds for their projects and also add value to them along the line.

Examples

Some popular utility tokens include:

BNB: Binance’s discount token.
DeGods’ $DUST: DeGods’ NFT utility token for buying NFTs created by DeGods.

Random Slangs

Devs

An abbreviation for developers. Devs are professionals who create products and services in the blockchain ecosystem using programming languages like Solidity, JavaScript, and Python, and

Pump and dump

Pulling out of a project after pushing its price to the peak through deceit. In a “pump and dump,” someone or a group of people

OG

A shortened NFT slang for “Original Gangster.” It describes early supporters or highly respected members of an NFT team. Most NFT communities assign this role

Governance tokens

These are specialized tokens created by developers to oversee the outcome of a decentralized protocol. It defines token ownership. People that hold governance tokens have

BTC

A short way of writing “Bitcoin.” Launched in 2009, Bitcoin tops the cryptocurrency blue chips. And it has gained immense value over time. It uses