Discover more from NFT Insight
The NFT Glossary
The NFT language explained.
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!
An airdrop is the distribution of an NFT token for free directly into your wallet. Either from a project, or as spam.
Alpha is the term borrowed from the investing scene that refers to the tracking of the performance of an investment against a market.
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 stands for all-time high.
All-time high is when a cryptocurrency reaches the highest that it has ever been.
Someone’s bag is a reference to their wallet or collection.
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 is the name given to an NFT project that has sustained value over time and is considered a reliable investment.
The blockchain is a decentralized database that stores and tracks information and transactions.
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.
To burn an NFT means to destroy and remove the NFT entirely from the blockchain, making the supply more limited.
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 is a social audio app that allows users to chat in rooms, it was heavily used prior to the NFT boom.
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.
A collectible is an NFT that is a part of a wider collection.
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.
A collector is someone that purchases NFTs, either to accumulate a collection as an investment or to flip for profit.
The community is the most powerful source that fuels the NFT scene, Twitter and Discord are the primary platforms for community.
Crypto is a digital currency that is stored electronically and can be exchanged online.
DAO stands for decentralized autonomous organization.
A DAO is a community-driven and governed platform through community participation and votes.
DeFi stands for Decentralised Finance.
This term refers collectively to anything involving digital financial products and services, an alternative to the current global market.
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.
A dev is a skilled professional who has proficiency with NFT tokens and can build projects using smart contracts and blockchain technology.
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 is a messaging platform that allows users to join servers and connect with one another in conversation.
Drop means to release a new NFT or project onto the market.
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 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.
Ether (ETH), is the cryptocurrency of the Ethereum network which is traded via cryptocurrency wallets.
Ethereum is the blockchain technology, an open-source digital service that allows you to send cryptocurrency.
Fiat is the currency established as money and maintained by the government.
To flip an NFT means to buy in at a low price and then quickly sell the NFT when prices rise for a profit.
The term Flippening refers to the hypothetical moment of Ethereum surpassing Bitcoin (BTC) as the largest cryptocurrency.
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 stands for friend.
We call each other this to show our support and appreciationfor one another.
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.
The marketplace for 1/1 art.
FUD stands for fear uncertainty doubt.
People spread FUD to instigate hesitancy and suspicion about a project, sometimes willingly as a tactic.
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.
The term genesis refers to someone’s first-ever NFT minted on the platform.
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 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 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 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 is the phrase used to signal excitement or anticipation about an upcoming project or NFT.
Like the real world, some creators have recruited interns to help them with their endeavors. For example, Richerds intern supports Richerd.
IRL stands for in real life.
In real life refers to the physical world, outside of the metaverse, and social media platforms.
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 is the availability of ETH that someone holds.
LFG stands for lets fucking go.
The acronym has been adopted by NFT enthusiasts, to signal their excitement about almost anything!
LMFAO stands for laughing my f*cking ass off.
This phrase is used when something is extremely humorous.
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!
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 is the crypto wallet platform used to interact with the ethereum blockchain.
The Metaverse is a hypothetical virtual world where users can interact digitally and travel across platforms.
Miners are the people that process transactions, they circulate crypto by using complex software to solve computational puzzles.
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 is the term used when the price of an NFT or cryptocurrency soares significantly in both price and volume.
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.
A noob is somebody who is new and inexperienced in the field.
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 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 stands for original gangster.
This term simply means someone who was one of the first to do something.
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 is a marketplace for NFTs, namely crypto collections.
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 stands for profile picture.
Users of Twitter can change their avatar to their NFT as a profile picture.
Probably nothing is an ironic reference, NFT enthusiasts use this when they are referring to something important, meaning that it is probably something.
The term pump means to purchase large quantities of an NFT or crypto in order to drive up the value.
Rarity refers to how rare an NFT is and is dependent on the properties and scarcity of the NFT.
Rekt means ‘wrecked’ and refers to when something bad happens. For instance, you lost out on gas or the floor price fell significantly.
A roadmap is a strategy outlined by a project that displays the steps they will take in order to add value to the community.
Each time your NFT is resold, you will receive a percentage of the sale price as a payment.
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 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 is a polite way of addressing one another in the NFT community.
To shill means to market your NFT or project, artists or collectors will drop a link with hopes that the product will be purchased.
This is someone who posts meme content on Twitter for fun, and for engagement.
Snag means to purchase an NFT quickly for a low price, also known as sniping.
Sotheby’s is a historical auction house that has recently auctioned NFT collections including the Bored Ape Yacht Club and Crypto Punks.
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.
Staking means to lock up your crypto for a long period of time with the goal of earning interest.
Tokenomics refers to the economics of cryptocurrencies.
Twitter is a social network platform where users interact via tweets, it is also the community place for NFTs.
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 is the term used by NFT enthusiasts to signal their curiosity about the next steps of a project or roadmap.
WGMI stands for we are gonna make it.
This phrase is used to express someones positive feeling about the future or NFTs.
A Whale is someone who holds a significant amount of crypto and can exert its influence on the market through purchases.
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!