When we started writing about itRelated to NFTTopics, a big aspect that intimidated us was the terminologies that are common throughout the community, even in didactic materials.
Coinage, gas prices, airdrop, generative art and more. Each sentence we read was followed by a quick Google search to understand the terms.
So we thought it would be helpful to create a quick glossary of some commonly used NFT terms, phrases and acronyms that you should know if you plan to join the chat.
1. 10k Project
A 10,000 project is an NFT collection with 10,000 unique pieces.
This type of NFT is intended to be initiated by theCriptoPunksCollection in 2017, with many similar since. However, not all collections have exactly 10,000 avatars, but the term is used to refer to that.TypCollection instead of the exact number of avatars.
2. Air drop
Airdrop is a term mainly used by Apple users to describe the wireless transfer of files via WiFi or Bluetooth. In the cryptocurrency and NFT world, “airdrop” refers to sending cryptocurrencies, tokens, or NFTs to different wallet addresses (user accounts) for free.
On oneNFT event in MalaysiaFor example, all attendees received NFT VIP passes that live forever on the blockchain and become a lasting reminder of the event for guests.
3. Monkey in / sword
"Ape in" is used to describe thisactionrushing to buy a new NFT without first doing enough research to understand the design. "Degen" (short for "degenerate"), on the other hand, describes aPersonwho makes these risky and bad bets.
I'm sure you've heard this before or have friends who spend 2 hours a day gaming. Short forAxie Infinity, the play-to-win gameplay is reminiscent of Pokémon-style games with tradable pets and items that go into battle for you to earn tokens when you win. It is hands down the most popular NFT game right now.
5.BTD or BTFD
BTD is short for buy the dips, while BTFD refers to buy the f*cking dips.
It means buying an NFT after its price has fallen. This is generally considered a bargain as the asset is likely to recover or appreciate in value over time.
When someone burns an NFT, they essentially annihilate it. The NFT is decommissioned by being sent to a black hole address (a wallet not owned by anyone), effectively destroying the token.
7. Copies or gato
Cats copied in the NFT space refer to a copycat design copying another more popular design, also not unknown in the art world. Consequently, many plagiarism claims are being tossed around the NFT space, but other than removing fakes from official NFT markets, there seems to be no other solution at the moment.
No, we don't talk about itpopular Tau Fu Fah cafein Malaysia. In the NFT world, DAO refers to Decentralized Autonomous Organization.
Many NFT projects and emerging metaverses establish DAOs, where the teams developing such spaces are not led by a single person or entity.
The regulations and governance of each DAO are encoded in smart contracts on the blockchain and cannot be changed unless DAO members vote on it.
DAOs are funded through NFT sales, where NFT owners can decide how to use the funding and future project direction.
Delisting refers to withdrawing or canceling a listing of an NFT sale. This can happen when a copyright claim is made against the creator of the NFT because their designs are too similar to a popular media figure.
When this happens, NFT holders are typically left with a dead resale market for their collection unless the NFT is relisted.
10. Diamond hands / Paper hands
Coined by a Redditor on the r/WallStreetBets subreddit, "Diamond Hands" refers to someone who has a high risk appetite for high volatility assets.
No matter how dramatically the value of your NFT rises or falls, Diamond Hands will not panic sell your assets. However, Diamond Hands also has negative connotations when it comes to a stubborn investor who does not want to part with his NFT despite falling value.
On the other hand (note the pun), Paper Hands is the opposite of Diamond Hands. Refers to someone who sells or turns over their fortune too early without holding it for the long term.
DYOR is the abbreviation for "do your own research". It is essentially used as a warning when someone is praising an NFT project but cautions others to develop their own understanding of the matter before taking any action.
12. The start
Often used in the context of buying and selling real estate, flipping refers to buying items at low prices and selling them quickly for a profit.
In the NFT space, flipping means the same thing where people buy and sell NFTs to make a quick profit, especially in the early stages of projects when there is higher demand.
13. Reserve Price
Reserve Price means the lowest entry price listed for an NFT Project.
When someone in the NFT field uses the phrase "sweep the floor," it means that community members are encouraged to buy the NFTs at the minimum price to add value to the project.
FUD stands for "Fear, Uncertainty and Doubt". The acronym is typically used when the price of an NFT project falls or when there is negative news or rumours. People tend to rush to sell their assets when there is FUD.
Gas is a fee one has to pay to a blockchain network in order to conduct all types of transactions. This fee is paid to the "miners" of a blockchain network to compensate for the computational power needed to process and validate transactions. Gas tariffs differ from network to network and are volatile.
17. Generative Art
Generative art is the method used by popular NFT projects like Bored Ape Yacht Club, CryptoPunks, Pudgy Penguins, PhantaBear and even places likeChapfans, and much more to create your collections.
In this method, a program or code randomly selects different graphic elements and overlays them to create a new and unique work of art. The more strokes you make, the more unique artworks you can create.
IPFS, short for Interplanetary File System, is a peer-to-peer (P2P) storage network. Essentially, it's an archiving system that can store files and track their versions over time.
It also defines how files are moved across a network, making it convenient to share information and files between users across a network in a controlled and authorized manner.
19. GMI / NGMI / WAGMI
GMI is short for “will make it”, WAGMI stands for “we will all make it”, while NGMI means “I won't make it”.
It is intended to describe the future state in which investments will be successful (or not) and generate high returns.
Metadata describes details about a digital asset, such as B. the file name, the video length and the images that make up each frame.
NFT minting is the process of publishing a non-fungible token (NFT) on the blockchain and making it available for purchase.
The saying "To the moon!" Often used in the cryptocurrency and NFT space, it is a term used to describe that the price or value of something is going to skyrocket.
When something is mooning, it also means that the price of a coin or NFT is seeing an increase.
The abbreviation for "Not Financial Advice" is used in the same way as DYOR. The term is used as a disclaimer for an opinion or forecast for an NFT that may not have come from someone who is capable of providing financial advice.
Abbreviation ofOpen sea, which is currently one of the most popular NFT markets in the world.
P2E means play to win games. These are blockchain-based games that use tokens or NFTs to reward players, like Axie.
Pentas is most commonly used in Malaysian NFT communities and refers to the Malaysian-made NFT market.pentas.io, which has gained significant strengthsince its launch in 2021.
Raids is a term used to describe NFT projects that run Flash campaigns on social media to engage communities and promote their NFTs. Community involvement and support is essential to keep an NFT project going, especially as collections are phased in over time.
Some NFT projects have a "delayed reveal" feature, where the artwork or design is not revealed in the NFT until someone purchases it. Art only “reveals” itself after purchase.
29. Carpet squeegee
Not far from a scam, a “rug pull” refers to a scenario where a team behind what appears to be an authentic NFT project gives up and runs away with investor funds.
30. Secondary Market
Once an NFT is minted, it can be sold or bought on the secondary market such as OpenSea.
A “whale” describes someone with lots of money to invest or has already invested in a high quality NFT project.
Whales tend to have followers of others who can use their buying and selling decisions as an indicator for their future investment decisions.
With the NFT and crypto space evolving rapidly, these terms can disappear as quickly as they came, and we can see new ones popping up frequently. When that happens, we'll take that as a signal to update this list.
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Credit for selected images:123rf