The NFT Glossary
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The NFT world can be daunting, especially when you stumble across the jargon, slang and colloquialisms that the market has developed.
This glossary will define the key terms and help to demystify the complexities of the space. Hopefully you will leave feeling more NFT savvy!
Airdrop noun
An airdrop is the distribution of an NFT token for free directly into your wallet. Either from a project, or as spam.
Alpha noun
Alpha is the term borrowed from the investing scene that refers to the tracking of the performance of an investment against a market.
AMA acronym
AMA stands for ask me anything.
This phrase is used to allow the community the opportunity to ask questions about a project or drop.
Ape in verb
To ape in simply means to invest in a much larger project in comparison to one’s own size.
ATH acronym
ATH stands for all-time high.
All-time high is when a cryptocurrency reaches the highest that it has ever been.
Bag noun
Someone’s bag is a reference to their wallet or collection.
Bearish adjective
Someone who is doubtful about the current market climate.
Bear Market noun
A bear market simply means a market that is declining in value.
Bitcoin (BTC) noun
Launched in 2009, Bitcoin is the world’s largest cryptocurrency.
Bluechip noun
Bluechip is the name given to an NFT project that has sustained value over time and is considered a reliable investment.
Blockchain noun
The blockchain is a decentralized database that stores and tracks information and transactions.
Bullish adjective
This is the feeling of optimism and belief that the market will climb, and eventually lead to profit.
Bull Market noun
A bull market is the opposite of a bear market, here the market is rising in value.
Burn verb
To burn an NFT means to destroy and remove the NFT entirely from the blockchain, making the supply more limited.
Christie’s noun
Christie’s is a historical auction house that has recently auctioned NFT collections including NFTs from the Bored Ape Yacht Club and Crypto Punks.
Clubhouse noun
Clubhouse is a social audio app that allows users to chat in rooms, it was heavily used prior to the NFT boom.
Coinbase noun
Coinbase is the largest cryptocurrency exchange. On October 12th they announced their plans for their own NFT marketplace platform.
Cold Wallet noun
A cold wallet is a place that you store your crypto or NFTs offline, it is not connected to the internet and at less risk of being compromised.
Collectible noun
A collectible is an NFT that is a part of a wider collection.
Collection noun
A collection refers to a portfolio of NFTs that are sold as part of a project, or as part of someone’s inventory e.g. OpenSea collection.
Collector noun
A collector is someone that purchases NFTs, either to accumulate a collection as an investment or to flip for profit.
Community noun
The community is the most powerful source that fuels the NFT scene, Twitter and Discord are the primary platforms for community.
Crypto noun
Crypto is a digital currency that is stored electronically and can be exchanged online.
DAO noun
DAO stands for decentralized autonomous organization.
A DAO is a community-driven and governed platform through community participation and votes.
DeFi noun
DeFi stands for Decentralised Finance.
This term refers collectively to anything involving digital financial products and services, an alternative to the current global market.
Delist verb
To Delist is the process of removing your NFTs from the marketplace, often done at a time when prices are rising in case your NFT is bought and sold for higher.
Dev noun
A dev is a skilled professional who has proficiency with NFT tokens and can build projects using smart contracts and blockchain technology.
Degen noun
Degen is short for degenerate, this is a term used to refer to traders who do not research, take high risks and invest in projects with the hopes that others will follow to drive value.
Diamond Hands Adjective
Someone with diamond hands is a person that is set on holding their crypto or NFT, irrespective of what the market value is.
Discord noun
Discord is a messaging platform that allows users to join servers and connect with one another in conversation.
Drop noun
Drop means to release a new NFT or project onto the market.
Dump verb
The dump follows the pump, once the crypto or NFT reaches its peak value the group or person dumps the asset and takes the profits.
DYOR acronym
DYOR stands for do your own research.
The term is used as a disclaimer when discussing a project, it makes sure that the person decides whether to invest or not on their own accord.
ETH noun
Ether (ETH), is the cryptocurrency of the Ethereum network which is traded via cryptocurrency wallets.
Ethereum noun
Ethereum is the blockchain technology, an open-source digital service that allows you to send cryptocurrency.
Fiat noun
Fiat is the currency established as money and maintained by the government.
Flip verb
To flip an NFT means to buy in at a low price and then quickly sell the NFT when prices rise for a profit.
Flippening noun
The term Flippening refers to the hypothetical moment of Ethereum surpassing Bitcoin (BTC) as the largest cryptocurrency.
Floor noun
The floor refers to the lowest price of an NFT on the market.
Floor Sweep verb
This refers to someone who purchases all the lowest listed NFTs.
Fren Noun
Fren stands for friend.
We call each other this to show our support and appreciationfor one another.
FOMO noun
FOMO stands for The fear of missing out.
This phrase means the fear of missing out on the next big project or NFT, encouraging them to buy-in.
Foundation noun
The marketplace for 1/1 art.
FUD acronym
FUD stands for fear uncertainty doubt.
People spread FUD to instigate hesitancy and suspicion about a project, sometimes willingly as a tactic.
Gas noun
Gas is used by miners to process Ethereum transactions, it also acts as a regulator that prevents anyone from spamming the network
Gas war noun
A gas war occurs when collectors all try to mint something at once and therefore resulting in gas prices increasing.
Generative art noun
Generative art is artwork that is algorithmically created by code, this allows for unique traits and rarity.
Genesis noun
The term genesis refers to someone’s first-ever NFT minted on the platform.
GM interjection
GM stands for good morning.
This is a universal phrase that you can say at any time of the day, it is simply to recognize and show friendly respect to others.
GN interjection
GN stands for goodnight
Since the NFT world never sleeps, this phrase is less common, yet it is still used to signal the end of the day in the NFT space.
GOAT acronym
GOAT stands for greatest of all time.
Widely used in the sports and gaming industry, it is also used in the crypto scene, meaning that something or someone is the best.
HODL acronym
HODL is the misspelling of ‘hold’ which became a meme. It is also sometimes abbreviated to hold on for dear life. This phrase means to hold on to your NFT or currency.
Hype noun
Hype is the phrase used to signal excitement or anticipation about an upcoming project or NFT.
Intern noun
Like the real world, some creators have recruited interns to help them with their endeavors. For example, Richerds intern supports Richerd.
IRL acronym
IRL stands for in real life.
In real life refers to the physical world, outside of the metaverse, and social media platforms.
JPEG noun
JPEG stands for Joint Photographic Experts Group.
It is the file format most notably used for NFTs as well as PNGs GIFs and audio.
Liquidity noun
Liquidity is the availability of ETH that someone holds.
LFG interjection
LFG stands for lets fucking go.
The acronym has been adopted by NFT enthusiasts, to signal their excitement about almost anything!
LMFAO acronym
LMFAO stands for laughing my f*cking ass off.
This phrase is used when something is extremely humorous.
LOL acronym
LOL stands for laugh out loud.
This phrase is attached to the end of sentences to signal genuine or ironic humor.
Long run noun
If you are in the space for the long run, your are committed to helping grow the world and build communities!
Meme noun
Memes are GIFS or JPGS that express a humorous joke through the image and text. Famous memes such as Side eyeing Chloe have gone on to sell for thousands of dollars a NFTs.
Metamask noun
Metamask is the crypto wallet platform used to interact with the ethereum blockchain.
Metaverse noun
The Metaverse is a hypothetical virtual world where users can interact digitally and travel across platforms.
Miners noun
Miners are the people that process transactions, they circulate crypto by using complex software to solve computational puzzles.
Mint verb
Mint is the process of putting an NFT on the blockchain.
Upon minting the NFT, it can be tracked, purchased, and traded on the market.
Mooning verb
Mooning is the term used when the price of an NFT or cryptocurrency soares significantly in both price and volume.
NGMI accronym
NGMI stands for not gonna make it.
This phrase is used when referring to those that doubt the space, or those that sell their NFTs too early.
Noob noun
A noob is somebody who is new and inexperienced in the field.
NFA acronym
NFA stands for not financial advice.
When someone shares a project, NFA is used as a disclaimer, it is within your interest to research the project yourself.
NFT noun
NFT stands for non-fungible token.
It is a unique digital asset that is stored on the blockchain where its ownership can be tracked and verified. It may come in the form of JPGs, GIFS, or audio.
OG noun
OG stands for original gangster.
This term simply means someone who was one of the first to do something.
On-chain noun
When something happens on-chain, this means it happens on the blockchain through marketplaces or networks. Off-chain is what happens in real life.
OpenSea noun
OpenSea is a marketplace for NFTs, namely crypto collections.
1-of-1 noun
A 1-of-1 artwork is unique and only exists once. Contrary to generative art that may have up to 10,000.
Paper Hands adjective
Someone who is incapable of holding on to their NFT for long, when the market gets tough they resort to selling their NFT.
PFP acronym
PFP stands for profile picture.
Users of Twitter can change their avatar to their NFT as a profile picture.
Probably nothing
Probably nothing is an ironic reference, NFT enthusiasts use this when they are referring to something important, meaning that it is probably something.
Pump verb
The term pump means to purchase large quantities of an NFT or crypto in order to drive up the value.
Rarity noun
Rarity refers to how rare an NFT is and is dependent on the properties and scarcity of the NFT.
Rekt verb
Rekt means ‘wrecked’ and refers to when something bad happens. For instance, you lost out on gas or the floor price fell significantly.
Roadmap noun
A roadmap is a strategy outlined by a project that displays the steps they will take in order to add value to the community.
Royalties noun
Each time your NFT is resold, you will receive a percentage of the sale price as a payment.
Rugged verb
Rugged means to be unwillingly removed from a Twitter spaces by the technology.
Twitter spaces is the common meeting ground for NFT enthusiasts, they can chat live with hundreds of listeners. Sometimes speakers are removed without warning.
Rug Pull noun
A Rug pull is similar to a dump, the difference being it is the developers that abandon the project and take the profits.
Secondary noun
Secondary is the market whereby users collect NFTs after they have been minted, the prices are determined by those that list them.
Seed phrase noun
A seed phrase is the 12-word phrase generated by Meta Mask to give you private access and control of your digital wallet.
Ser noun
Ser is a polite way of addressing one another in the NFT community.
Shill verb
To shill means to market your NFT or project, artists or collectors will drop a link with hopes that the product will be purchased.
Sh*tposter noun
This is someone who posts meme content on Twitter for fun, and for engagement.
Snag verb
Snag means to purchase an NFT quickly for a low price, also known as sniping.
Sotheby’s noun
Sotheby’s is a historical auction house that has recently auctioned NFT collections including the Bored Ape Yacht Club and Crypto Punks.
Spaces noun
Spaces is the platform on Twitter where NFT enthusiasts can join a room as either a listener or speaker, where NFT related topics are discussed.
Stake noun
Staking means to lock up your crypto for a long period of time with the goal of earning interest.
Tokenomics noun
Tokenomics refers to the economics of cryptocurrencies.
Twitter noun
Twitter is a social network platform where users interact via tweets, it is also the community place for NFTs.
Vibe noun
Vibe is the term used to express your positive emotional state.
Web 2.0 noun
Web 2.0 is the generation of technology in which anyone can create and share online material that they have created.
Web 3.0 noun
Web 3.0 is the third generation of technology whereby the web is decentralized, a blockchain protocol that will enable individuals to benefit for their time and data on the web.
Wen adverb
Wen is the term used by NFT enthusiasts to signal their curiosity about the next steps of a project or roadmap.
WGMI acronym
WGMI stands for we are gonna make it.
This phrase is used to express someones positive feeling about the future or NFTs.
Whale noun
A Whale is someone who holds a significant amount of crypto and can exert its influence on the market through purchases.
Whitelist noun
A whitelist is a list of specifically selected individuals who have been identified by their cryptocurrency address.
The glossary is subject to revisions and will continually be edited, so don’t forget to leave your suggestions or edits!