New to the world of NFTs? Here’s a handy glossary of all the important NFT terms.
1:1 ART | A one-of-a-kind edition of a distinctive NFT artwork.
AMA | Abbreviation for “Ask me anything.” Numerous NFT projects regularly host live AMA sessions to maintain community engagement.
AIRDROP | Free automatic delivery of new NFTs or cryptocurrencies to your wallet. To draw in and reward early project adopters, this is frequently done in the cryptocurrency industry.
AFAIK | Abbreviation for “As far as I know.”
ALPHA | Having access to crucial insider knowledge. I work at NFT Marketplace, so I have Alpha on the new artists, for instance.
APE-ING (into something) | When you “ape into” something, you are acting irresponsibly and frequently motivated by “FOMO” and/or without performing your due diligence.
ATH / ATL | “All-Time High” and “All-Time Low” The highest or lowest price that an NFT project or token has ever experienced.
AVATAR PROJECT | Describes a collection of a few thousand NFT “avatars” like CryptoPunks, Bored Ape Yacht Club, and Cool Cats.
BLUE CHIP | The most stable projects or tokens. CryptoPunks by Larva Labs is an example of a blue chip NFT project.
BURN | Refers to the complete destruction of an NFT in order to get rid of it. You can “burn” an NFT by sending it to the NFT contract address, which causes it to be destroyed and no longer transferable.
COLD WALLET vs. HOT WALLET | A cold wallet is a physical device that stores your cryptocurrency assets offline. Quite the contrary, a hot wallet is an online virtual currency wallet. As a result, a cold wallet is far more secure than a hot wallet. The disadvantage of a cold wallet is the risk of losing your device and thus the assets it contains.
CRYPTOCURRENCY vs. FIAT CURRENCY | Cryptocurrency is a digital money system based on blockchain technology. This distinguishes it from traditional virtual currencies in that there is no central authority regulating transactions.
Fiat currency, on the other hand, is legal tender backed by government-issued currency. Fiat currencies include the USD, EUR, and GBP, for example.
DAO | DAO is an abbreviation for Decentralized Autonomous Organization and is built on a blockchain using smart contracts. Instead of a centralized authority, it is an entity owned and managed by its members. To join a specific DAO, one must usually pay a governance token. This token validates your membership in the community and your ability to influence decisions.
DEFI | Decentralized Finance is abbreviated as DeFi. The goal of decentralized finance is to take financial power away from central authorities such as banks and other financial institutions.
DEX | A Decentralized Exchange, or DEX, is a cryptocurrency exchange. It enables transactions to take place without the need for a central authority, such as a bank. Smart contracts handle crypto transactions.
DEGEN | Degen is an investing style that involves a high level of risk and speculation. The verb degen is frequently used as a noun to describe someone who invests in this manner.
DIAMOND HANDS vs. PAPER HANDS | The term “hands” in the NFT space refers to how an investor holds their NFTs. Diamond hands indicate that you are determined to keep the NFT assets regardless of how long it takes to make a profit. Paper hands are people who nervously hold on to their NFTs or cryptos and then panic sell them too soon.
DOXXED / DOXED | When an NFT team member, developer, or creator’s identity is known, public, or verifiable. In the NFT market, when an NFT team is doxed, it is usually a sign of trust and transparency for NFT collectors to ensure they are not being scammed by an anonymous creator.
DROP | The drop indicates the introduction of new NFTs into the market. Buying NFTs when they are on sale is a great way to save money.
DYOR | Abbreviation for “Do your own research”.
ENS (.eth) | ENS — Ethereum Name Service — is a service that sells.eth domains.
ERC-721 | ERC-721 is a token standard that can be found on the Ethereum blockchain.
FLIP | Flipping something, whether it’s an NFT or a token, means buying and selling it quickly in order to make a quick profit.
FRACTIONALIZED NFTs | NFTs that have been fractionalized are NFTs that have been divided into smaller pieces by their original owner. This allows anyone to own a piece of a famous NFT. When an NFT is fractionalized, the components are linked in a smart contract.
FREN vs. NOOB / PLEB | Fren is a misspelling of “Friend.”
Noob / Pleb: Someone who is new to NFTs and does not understand how they work is referred to as a noob or pleb. Depending on the context, it can be quite offensive.
FUD | FUD refers to the spread of “Fear, Uncertainty, and Doubt”
FOMO | Abbreviation for “fear of missing out.” People often FOMO into purchasing an expensive NFT artwork in the NFT space because they are afraid of missing out on the upcoming big thing.
GAS FEES | The fee charged by most NFT trading platforms is referred to as NFT Gas. This is the cost of conducting a transaction or carrying out a contract on their blockchain platform. It is determined by the amount of network traffic and the computational power required to complete a transaction.
GM / GN | If you’ve seen “GM” and “GN” on Twitter or Discord, know that they simply mean “good morning” and “good night.”
GMI / NGMI / WAGMI | GMI is short for “gonna make it”, WAGMI represents “we’re all gonna make it”, while NGMI stands for “not gonna make it”.
GTD | When a token or NFT project turns out to be a bad investment with rapidly declining value, it is referred to as “turning to dust.”
HODL | A misspelling of ‘hold’ used by cryptocurrency enthusiasts to express their determination to keep their assets through thick and thin.
ICYMI | Abbreviation for “In case you missed it.”
IDK | Abbreviation for “I don’t know”.
INTERPLANETARY FILE SYSTEM | A method of storing NFT data that is regarded as being superior to storing on an HTTP gateway URL because the latter is bound to a particular provider. Users can locate content using IPFS addresses as long as someone on the network is hosting it.
IRL | The physical world in which we live is referred to by the abbreviation “In real life.” In contrast to the virtual world.
IYKYK | Short for “If you know, you know”. It denotes a message, post, or information that would make sense to insiders but not to the general public.
KOL | KOL is an abbreviation for “key opinion leader,” a synonym for “social media influencer.”
METAVERSE | A 3D virtual environment where people can communicate. Popular blockchain-based virtual worlds where users can trade land NFTs include Decentraland and The Sandbox.
MINT | Your digital artwork can be added to the blockchain by minting an NFT. NFTs are tokens that get “minted” once they are created, much as how metal coins are produced and put into circulation.
MOON | It describes the value of an asset increasing by an exponential rate. When the price of a coin or NFT spikes, for instance, we might remark that the asset is “mooning” or “heading to the moon.”
NFA | Abbreviation for “Not financial advice.”
NON CUSTODIAL WALLET | A non-custodial wallet gives you complete control over your private keys. A custodial wallet, on the other hand, delegates ownership of your private keys to a third party , often a web-based exchange.
OG | Slang for “original.” This term derives from “original gangster” and refers to someone or something that is an original or originator.
PFP / PROFILE PICTURE | PFP NFTs are NFTs that users prefer to display as their profile photo on websites like Twitter. Examples that are frequently used are Bored Ape Yacht Club and Cool Cats.
PROBABLY NOTHING | This phrase is ironically used to mean “probably something important.” “This newly launched NFT collection just hit №1 in trading volume on OpenSea,” for example. Probably nothing”
PUMP AND DUMP | A pump happens when someone or a group buys huge amounts of a cryptocurrency or an NFT or persuades others to do so in order to raise the price to a maximum. These individuals dump the price by selling their positions at the top of the market for a huge profit. Slower investors or newcomers who invested at the high price can end up losing money.
REKT | Slang for “wrecked.” Term used in the online gaming community to describe someone that has been completely ruined or destroyed. Getting rekt in the crypto space usually means suffering severe financial loss as a result of poor investment decisions.
RIGHT CLICK SAVE AS | Non-believers in NFT use this ironic expression. Someone who makes fun of the NFT space by claiming that digital artwork can be easily obtained on the internet via Right Click Save As.
RUG PULL | A typical con when a cryptocurrency or NFT project is marketed before its founders and developers vanish and make off with the money. The developers periodically return to provide the impression that the project is legitimate, which is a harmful variety known as a “soft rug pull.”
SECONDARY MARKET | An NFT can be bought or sold on the secondary market, such as OpenSea once it has been coined.
SHILLING | Marketing, advertising, and promotion. Promoting an NFT is known as shilling.
SIMP / SIMPING | An enthusiast who appears to be overly eager to impress someone.
SNAG | It means purchasing an NFT quickly and at a low cost. Sniping is another term for it.
SNIPE | Getting a great deal. Buying a discounted NFT quickly before someone else or before the floor price rises, for instance.
UTILITY FOCUSED NFTs | NFTs with practical use cases. NFTs, for instance, can be utilized to enhance event ticketing. Utility can also be incorporated into digital art. For instance, having a Bored Ape entitles you to members-only perks like access to a group graffiti board.
WHALE | A wealthy individual who can invest in or has already invested in a high-value NFT project is known as a “whale.” People often follow whales and use their purchasing and selling choices as a guide for their next investment choices.
WEB 3 | The next stage of the Internet, known as Web 3.0, could be revolutionary.
The goal is to distribute to the general public the power of large web authorities. There wouldn’t be a centralized organization in Web 3.0 that has complete control and user data. Every user of Web 3.0 would instead be a node, just like every other node.
YOLO | Abbreviation for “You only live once,” which conveys the idea that one should focus exclusively on the here and now and not worry about the future (or consequences).
References:
https://witlingo.com/nft-glossary/
https://www.finder.com/nft-glossary
https://www.moonpay.com/nft/nft-glossary
https://www.codingem.com/nft-glossary/
https://vulcanpost.com/778926/list-nft-terms-meanings/
https://www.singlegrain.com/web3/nft-glossary/
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