TOP NFT TERMS TO KNOW FOR BEGINNERS

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AX5A...ekDK

24 Jan 2024

You know there are many NFT terms, but sometimes you may not know what they mean.

We need to start with GM :)

GM/GN: "Good Morning/Night"
WAGMI: "We Are Going To Make It"
NGMI: "Not Going To Make It"
DM/PM/DC: "Direct Message/Private Message/Discord"
TBA: “To be announced”
NFA: “Not Financial Advice”
IDK: “I don’t know “
WL: "White List"
OG: "Outstanding guy / Original Gangster"
PFP: "Profile Picture"
LFG: "Let's F*ing Go!"
DYOR: "Do Your Own Research"
TBH: “To be honest”
GZ: "Congratulations"
GVO: "Good Vibes Only"
AMA: "Ask me anything"
FUD: "Fear, Uncertainty, Doubt"
IRL: "In Real Life"
IYKYK: "If You Know, You Know"
LG: "Let's Go"
DW: "Don’t Worry"
SZN: "Season"
FOMO: "The Fear of Missing Out"
YOLO: “You only live once”

Airdrop: A new NFT or tokens dropped into your wallet for free.
Allow List: Newer term used in place of Whitelist. A special list that gains early access to an NFT drop before the general public
Degen: Degenerate. People who do not research and take high risks.
DAO: Decentralized autonomous organization; a community-led entity with no central authority.
Snipe: Purchase an NFT quickly for a low price, usually by using special tools to scan for and assess rarity.
Alpha: Information that the rest of the market has not found about it yet. Having important information.
Asset: Something having value. Another way to refer to a digital collectible or token.
Delist: Cancel the listing of an NFT for sale.
DYOR: Do your own research.
Staking: The process of locking up tokens in a wallet for a certain amount of time to participate in transaction validation. Stakers get rewarded every few seconds or after processing a certain number of blocks.
AMA: Ask me anything.
Farm: A commonly used term in gaming where players earn in-game assets in exchange for their time and effort.
OG: People who support a project since the beginning
Dev: Developers. People behind a project.
Flip: Buy NFTs at low prices and sell them quickly for profit.
Ape in: Rush into buying an NFT.
Bullish: An upward or positive trend in the market. Also, used to show an aggressively positive attitude toward something one believes in.
Bearish: A downward or negative market trend.
Web3: The third version of the internet.
CID: Weird tech term formerly known as hash, the content identifier attached to each NFT.
HODL: Literally means to “hold” but was once misspelled and is now a meme. Also known as to “hold on (for) dear life”.
Diamond hands: People who holds their NFTs long-term.
Floor price (FP): The lowest price which you can buy an NFT.
Royalties: Money earned by an NFT creator through the token’s resale.
Reveal: When you mint an NFT the artwork won’t actually be created until the minting is complete. Reveal can be scheduled for some time in the future.
Blue chip: A project that will retain high value well into the future.
Dox/Doxxed: People who publicly reveal their identity.
Secondary Market: After an NFT is minted, it can be sold or purchased on the secondary market, such as OpenSea, Magic Eden, Foundation, etc.
Snapshot: Usually used by NFT creators to determine who are eligible for airdrops or whitelists at a certain point in time. For instance, all owners who hold a particular NFT in their wallet at the time of the snapshot would get a free airdrop of or whitelist spot for an upcoming mint.
Shilling: When someone promotes an NFT project and encourages others to invest in a specific NFT as a marketing strategy
Bitcoin (BTC): The first and largest of the Cryptocurrencies.
Rug Pull: It is essentially a scam where the team behind a seemingly legit project disappear with all the money raised immediately after launch.
Floor sweeping: The action of buying a large number of the cheapest NFTs listed to raises the floor price.
Liquidity Pool: Crowd-sourced pool of cryptocurrencies or tokens locked in a smart contract to facilitate trades between the assets on a decentralized exchange (DEX).
Bot: Automated software or script built to perform specific actions
P2E: Play to earn games.

Burn: Refers to the complete destruction of an NFT to get rid of it.
Decentralized Applications (dApps): Apps, or crypto projects, that are built to run on decentralized networks such as Ethereum, BSC and Solana.
Decentralized Finance (DeFi): It is an emerging financial technology based on secure distributed ledgers similar to those used by cryptocurrencies.
Decentralized Exchange: Decentralized exchanges (DEX) allow for peer-topeer (P2P) transactions rather than going through a third party
Mint: Buy a completely new NFT from the creator.
Paper hands: People who panic sell.
Mods/Moderator/Community Manager: Refers to the moderators of Twitter or Discord channels. The role of moderators is to ensure a healthy, active and informative community experience in these spaces.
Presale: A funding method often used by companies or project developers to raise capital through an initial sale where investors and early adopters use any coins to purchase the new tokens/NFTs.
Gas fee: The fee needed to make a transaction on a blockchain.
POAP: Proof of Attendance Protocol; a type of NFT given out to validate the attendance of a particular event.
Moon: One of the most common financial market terms used in the crypto and NFT space, which refers to the exponential growth of an asset’s value
Rugged: Comes from the saying “get the rug pulled out from under you”, to get rugged is essentially to get scammed.
Raids: NFT raids are community-run flash campaigns on social media done to promote new projects for non-fungible tokens or NFTs.
Pumping: The price or value for a token or digital asset is skyrocketing.
Shill: the act of marketing or advertising one’s project, brand, or crypto asset.
Smart contract: A self-executing contract with the terms of agreement between the buyer and seller being directly written into lines of code.
Marketplace: A website where NFT’s, FT’s and possibly merchandise can be purchased. Marketplaces can be exclusive to one project or can host the sale of NFT’s and merchandise for many projects.
Whale: Someone who’s had massive success in the NFT space, either as a creator or collector.
Metadata: The metadata of an NFT is the necessary and unique data that make up the NFT and defines how it looks.