That's right! The name Nostr is a reference to the digital octopus. The digital octopus is a metaphor for the interconnectedness of the internet and the way that it can spread information and ideas quickly and easily. The octopus is also a symbol of intelligence and adaptability, which are two qualities that are important for a decentralized social media platform.
The name Nostr was chosen by the team behind the project because they believe that it reflects the potential of the platform to connect people and ideas in new and innovative ways. They also believe that the name is catchy and memorable, which will help to raise awareness of the project.