The Ultimate NFT Slang Guide For Beginners
Do you know what WAGMI or NGMI means in NFT slang? If you are new to the NFT sector, chances are that you may have encountered certain words or terminologies used regularly in social media. While it can be confusing to understand these words, it is also necessary to learn them to navigate through the NFT space.
This article will introduce you to a basic NFT dictionary that will help you understand the NFT market better and make your presence more meaningful in the industry. Whether you are an NFT buyer or seller, it is important to know these words.
What’s The Meaning Of NFT Slang?
NFT Slang or NFT terms are the common words or phrases that are frequently used in the NFT sector. Knowing these words helps you navigate the NFT space easily. For instance, consider a scenario where you do not know what NFT or BAYC means. This can be inconvenient, as you will have no idea what is going on in this domain.
Moreover, the NFT industry is growing rapidly, and one must keep up with the changes and whatever additions the market is undergoing to stay relevant. In short, knowing NFT terminology is important if you are serious about the NFT industry.
NFT Slang Glossary
Here are some of the basic and essential non-fungible token terminologies that help you understand what’s going on in the sector:
1:1 Art: It is a distinct piece of artwork that comes in just a single edition. The cost of such artwork is usually expensive due to its uniqueness and rarity.
Airdrop: This is a process of transferring non-fungible tokens or cryptocurrencies for free of cost to various addresses to entice early adopters of the initiative and reward them appropriately.
ADA: It is a native currency of the Cardano blockchain network.
AB: Refers to a non-fungible token platform, Art Blocks, which deals with generative non-fungible token art.
AMA: Stands for ‘Ask me anything’ and is majorly used by non-fungible token artists when introducing their ventures. This is viewed as an event, and generally, an NFT with numerous AMA events on Discord is regarded as an excellent non-fungible token.
AFAIK: It stands for ‘As far as I know.’
Alpha: The word is used when someone gets exclusive hands-on information that is not available in public.
Ape in: Refers to the act of people rushing to purchase new non-fungible tokens or coins without conducting proper research. This is often seen as irresponsible conduct.
Asset: It refers to tokens or digital collectibles.
ATL/ATH: It simply refers to ‘All Time Low’ and’ All Time High,’ representing failure or celebrating success.
BTC: It is the short form for Bitcoin.
Bot: It is nothing but automated software or algorithms that automatically publish projects and also answer questions sometimes.
Bitcoin: It is one of the most popular cryptocurrencies.
BTD: It stands for ‘Buy the dips’ and is used when the value of a non-fungible token is low but on the rise. This word is used as a reassurance.
BSC: It is the short form for Binance Smart Chain.
Bullish: This word is mainly used when investors anticipate an increase or appreciation in the token’s value (in the near future).
Burn/burning: This term refers to the destruction of the non-fungible token.
Copy Cat: It refers to a knock-off project that copies another NFT project (probably a popular one).
DAO: This stands for Decentralised Autonomous Organisation with no central entity to manage it. Instead, it is an organization of companies or projects that runs based on rules coded in smart contracts. Usually, these rules cannot be modified unless the DAO members vote for them.
DeFi: It simply stands for “decentralized finance” and is different from traditional finance. To elaborate further, DeFi does not have a bank that governs your money; instead, it only has complete control over it.
dApp: It means “decentralized application,” a software application that does not run a centralized server but partially on a distributed network/blockchain.
Degen: It is a short form of “degenerate” and refers to NFT investors who invest in any non-fungible token without proper research.
Delist: It refers to the cancellation process of the NFT listing for sale from an open market.
Drop: It is used to announce a new NFT launch. Or in other words, it is used to say that a new digital collectible is going to be out soon.
Diamond Hands: This term is used for people who do not hold or sell their holdings under market pressure or high volatility.
DEX: It is a short form of Decentralized exchange where there are no third parties involved or central entity to govern transactions. Instead, it is a purely peer-to-peer transaction.
Ded: It is a short form for ‘Dead,’ which simply means the non-fungible token is dead.
Discord: This is social media platform or, in other words, a group-chatting site for non-fungible token ventures and communities.
DYOR: It stands for ‘Do Your Own Research,’ which simply suggests conducting research before investing or buying a non-fungible token and ensuring the token is worth the investment.
ETH: It stands for Ether, the native currency of the Ethereum blockchain.
ERC-721: It is a token standard that is used in the creation of unique non-fungible tokens, which is different from ERC-20.
Exchange: It refers to the platform where non-fungible tokens and cryptocurrencies are bought and sold with credit cards.
Fiat: It is nothing but government-issued currencies (Euro, USD, etc.) that are not pegged to the price of commodities, such as gold or silver.
Floor sweeping: It is the term usually used for a group of people or an individual who continuously purchases non-fungible tokens that are listed lowest price.
Floor/Floor price: It is the lowest price of a non-fungible token and is fixed when a venture mints its tokens for the first time. Floor price or value is considered to analyze if a specific non-fungible token is gaining or losing value.
Flipping: This term is used when you purchase non-fungible tokens in order to sell them when their value gets increased. It is associated with reselling with the aim of making a profit.
FOMO: This general term stands for ‘Fear of missing out.’ It refers to investment psychology, where people invest in numerous ventures even if they are new and do not have many details due to the irrational fear of missing out on good ventures.
Gas: It refers to the fees (in native currency) that must be paid by the user to the network in order to perform transactions on it.
GWEI: This is the measurement of gas fees and stands for nanoether (0.000000001 ETH).
GMI: It stands for ‘Gonna make it” to give an idea about the future of any investments and whether they are giving high returns or not.
HODL: Stands for ‘Hold on for dear life’ and suggests holding an asset for a very long time, irrespective of its price.
IRL: It stands for ‘In real life’ and refers to the real world.
IPFS: It is a P2P (peer-to-peer network) that is used for sharing and storing data on a distributed file system and stands for ‘Interplanetary File System.’
KOL: It is the shortened form of ‘Key opinion leader’ (social media influencer).
LL: It stands for ‘Larva Labs,’ which is popular for the CryptoPunks NFT collection.
Mint: Minting is the word that is used to refer to the NFT creation process on the blockchain.
Metaverse: It refers to the new version of the internet, Web 3.0.
Mods: It is used to refer to the moderators of the Discord or Twitter channel.
Moon: This word is used for the high valuation or high price of a non-fungible token or coin. For instance, whenever the value of an NFT goes up, we can say that the asset is ‘going to the moon’ or ‘mooning.’
Multisig: Stands for ‘multi-signature wallet,’ and as the name suggests, this wallet requires multiple signatures to facilitate a transaction.
Moonboy: It is used for someone who is fanatical about a non-fungible token venture.
NFA: This is similar to DYOR and stands for ‘Not financial advice.’
Noob: It is used for someone who is new to the non-fungible token sector and does not know much about the NFT market.
NGMI: This is opposite to GMI and stands for ‘Not gonna make it’ and is used for those people who make bad trading decisions.
OG: This slang refers to ‘original’ and stands for ‘Original gangster.’ One may use this word for someone who is the original or originator.
Paper hands: It is just the opposite of diamond hands and is used by people who sell their non-fungible tokens very fast without holding them for long periods of time.
PFP: It means ‘Profile picture’ or ‘Picture for proof.’
P2E: It simply refers to ‘Play to earn’ games.
Rug/rug pull: Refers to the act when a team abandons its non-fungible token venture and runs away with the funds.
Smart contract: It refers to a self-executing software program consisting of transaction details and other relevant information between buyer and seller.
Shilling: This term is used when a person advertises or promotes a non-fungible token venture on social media as part of a marketing strategy.
WAGMI: This is again similar to GMI and stands for ‘We all gonna make it,’ hinting at possible future returns on investment.
These are some of the basic terminologies in the NFT sector that can help you in the crypto space. However, apart from these, there are phrases too.
Seeing so many words or terminologies floating in that NFT space can be daunting for a newbie. Although it sometimes sounds confusing, using NFT slang in non-fungible token-based communities can improve your knowledge about NFTs. This article consists of basic words that are prevalent in the crypto community. You can start understanding the words from this post and gain more knowledge as you spend more time in the NFT sector.
Whether you wish to learn about NFT, Blockchain, Web3.0, Metaverse, or other emerging technologies, we have the vital resources that will enlighten and help you make an informed decision.
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