What it means
The phrase comes from print, but a web page has no single fixed fold. A large laptop, a small phone and a browser with additional chrome can expose different amounts of the same design. The opening view matters, yet visitors can scroll when the page gives them a clear reason to do so.
Use it in practice
Make the purpose of the page understandable early. Test short as well as tall viewports and allow the next section to feel reachable.
Watch out for
Do not squeeze every selling point into a rigid full-screen hero. A screenshot crop is not proof of what every visitor sees above the fold.