This article explains NFTtogetherTerms to help you navigate the non-fungible token space.
Confused by all the common NFT terms space travelers use? You're not alone. There is a dizzying array of words and phrases to decipher.
If you want more information about theFuture of NFTsYou'll often see these terms in blog posts, Discord channels, and on Twitter.
As usual, there is a video accompanying this article which you can watch below and don't forget to subscribe to mineYouTube-Kanalto keep you informed of new content.
Table of contents
NFT stands for Non-Fungible Token and was the 2021 Word of the Year by the Collins Dictionary. A non-fungible token is something unique and indivisible, e.gCryptoPunks NFT.
It differs from traditional fungible tokens like Bitcoin, which are divisible and tradable. Traditional currencies such as the US dollar and the euro are also examples of fungible commodities, as one $50 bill is identical to the next.
GM stands for "Good Morning," and that's how NFT influencers recognize others.
If you spend any time digging into NFTs on Twitter, you'll quickly spot many NFT influencers calling each other "GM".
Things later got even weirder when a project announced plans to release free tokens to Twitter users based on how many times they've used that phrase! It is an open question whether these tokens will be worth anything.
GN means "good night".
If you go to NFT Twitter later in the evening, this phrase is often used by NFT fans.
Many NFT traders and investors greet each other with this term, meaning sir or madam. It's a way of being polite. Some NFT projects have their version of Ser. For example, SupDucks hodlers say "Sup" on Twitter and Discord.
The acronym WAGMI stands for "We Will All Make It".
Here's what NFT investors and traders say when they're particularly optimistic about an NFT purchase, project, or artwork.
They believe a project will reach the moon or a higher price and they get rich.
The abbreviation NGMI stands for "I will not make it".
This acronym is used when NFT investors and influencers are pessimistic about a project or distressed about a recent investment.
They use it when they believe an original investment is at risk or that a project will fail.
NFT investors and traders also use this term after making a foolish decision like selling a project before it has reached its full potential.
The term HODL is borrowed from cryptocurrency investors. It simply means "Hold on for my dear life" meaning never sell or trade that day.
The origins of the term lie in an infamous Reddit thread back in 2013. A drunk bitcoin investor named GameKyuubi posted a typo thread on Reddit stating that he was "waiting for his life" rather than "I'm a bad trader". " That typo and investment strategy stuck.
8. Diamond hands 💎
Diamond Hands 💎 describes unshakeable hands that never let go of a project. Just like HODL, people say this to explain that they will never sell even if the price goes down or hits an all-time high. Don't believe them!
9. Paper hands 🧻🤲
In contrast, Paper Hands 🧻🤲 describes buying a cryptocurrency, or NFT, and then selling it based on news or price fluctuations.
Burning is a technical term that describes the destruction of a token. Although you cannot physically destroy an NFT token, the project holders and owners send it to a permanently inaccessible address on the blockchain. The aim is to reduce the available supply and increase the price.
For example, the owners ofAnonymize NFT projectYou can burn your purchase and roll a new one... that might be worth more or less.
Whales describe the rich people in the cryptocurrency or NFT space. These are usually the first investors or institutions to buy a large amount of cryptocurrencies or NFT tokens.
His wallets and four purses are worth tens if not hundreds of millions of dollars. You own either a token or an NFT project that can move the price of a project at will.
Smaller NFT investors tend to look at whales wallets using blockchain NFT analysis tools such asNansen.aijNFT-Websitesifdune analysisso they can find out in which direction the market is moving.
12. Monkey in
The term "ape in" describes spending all of your free capital on a single project or series of projects at once. It's the opposite of due diligence.
Investors and NFT traders often say to each other, "I got in" after buying several. They also say “stay out” when thinking of an NGMI project.
Its origins lie in projects such as Bored Ape Yacht Club and Cyberkongz. These projects are represented visually by gorillas, monkeys and apes.
The abbreviation DYOR stands for "Do Your Own Research" and means "Don't listen to me and then fake it just because I did it". Otherwise you are NGMI.”
14. Pull carpet
A rug pull describes when a project owner takes eth or money from early investors and runs.
Cryptocurrency and NFT spaces are dangerous. New products are released every day and potential NFT investors can mint or buy new projects with an extreme discount.
The rewards are immense. For example, you could have minted CryptoPunk's NFTs in 2018 for next to nothing. Today, these NFTs are exchanged for millions of dollars worth of Eth.
However, many nefarious actors are promoting projects on Twitter and encouraging people to spend their Eth. Then they stop posting updates, abandon the roadmap and let the project die. In other words, herpull the matunder the feet of investors.
15. Project avatar oder PFP
An avatar project or profile picture project describes NFTs that you can use for profiles on social media channels like Twitter and in groups on Discord.
Digital profile and avatar projects come naturally as NFT influencers and creators use unique avatars as digital pseudonyms.
Mint describes buying a new NFT project at launch. Typically, one coin is free (or costs a small amount of Ethereum) plus the cost of gas. Dozens of mints take place every day, resulting in gas wars.
17. Gas wars
A gas war describes when multiple people are trying to mint or buy a project at the same time, competing with each other to gain access first.
The person who pays the most Gas or Gwei to an Ethereum blockchain miner wins and gets the NFT first. Unfortunately, Gas or Gwei are relatively expensive and can easily fit into an NFT investor's budget.
FUD stands for "Fear, Uncertainty, and Doubt" in relation to artworks, assets and digital projects. Describes the spread of rumors and negative news about a project or NFT, sometimes with the aim of driving the price down.
In contrast, Hopium describes the spread of positive news and optimistic speculation about digital assets. A hop caster wants more people to buy or increase the price using unsubstantiated reports.
Bullish describes hopeful feelings about a project's chances of success and reaching a new all-time high.
Conversely, bearish describes pessimistic sentiments about a project's prospects and its potential price.
Moon is a term from the cryptocurrency space.
NFT investors and traders say things like "Wen moon?" They ask when a project will go from its current reserve price to a new all-time high to make money and buy a Lambo.
23. Generative Art
Genitive art describes the use of code to create unique digital or NFT works of art. Examples of generative art NFT projects includeChromie-DoodlesjThe Eternal Bomb.
The concept of generative art has been around since the early 1960s, but gained traction with NFTs.
Metadata describes the underlying characteristics of an NFT as determined by the underlying smart contract. They are the unique characteristics that an NFT possesses, supported by the code.
Go to Opensea and you can use the left sidebar to view the metadata of your favorite projects
OS is the abbreviation for the popular NFT marketplace OpenSea.
MM is the abbreviation for MetaMask Software Wallet. It's the wallet you use to buy and sell NFTs on OpenSea, Nifty Gateway and Rarible.
Reveal describes when an NFT project is revealed or shown to investors and early minters.
Project owners introduce themselves with ambiguous images teasing what the final NFT will look like. For example, the Galaxy Eggs project started in the summer of 2021 with the image of an egg. These eggs were hatching when the project was announced and investors received their NFT.
A snapshot describes when a project captures a record of all hodlers at a specific point in time.
This usually occurs when potential clients want to give the holders a free NFT or other project.
Floor describes the minimum price at which an NFT is bought and sold.
NFT at floor price has the highest liquidity and is easier to buy and sell. It's also what some investors use to measure the value of the project.
30. Sweeping the floor
If whales decide to buy all NFTs at or near the lowest price, they kill him. Keyword hopium.
This is an acronym for "Let's f*cking go". This is usually followed by memes of The Rock bending or fast sports cars.
A DAO is a decentralized autonomous organization. Investors can sign up, send each other money and manage the organization from anywhere and anonymously.
33. Hardware and Software Wallet
A software wallet is a digital purse for securing cryptocurrencies and NFTs. The most popular software wallet is MetaMask.
A hardware wallet adds an extra layer of security as you must physically use it to interact with NFTs. Ledger and Trezor make the most popular hardware wallets.
A seed phrase is a 12 or 24 word phrase used to access and secure software or hardware wallets. It is unique and almost impossible to decipher. So never share it with anyone or keep it in a place that can be hacked.
No, Meta isn't just the name of Mark Zuckerberg's attempt to rebrand Facebook. The Metaverse is a still theoretical concept about the future of the internet where we will interact, play and work together in 3D environments with things like NFTs.
A collector's item is anything that a fan or enthusiast wants to acquire and collect. Examples include postage stamps, rare coins, beanie babies, and now some NFT artwork.
Editor(Video) Common NFT Terms YOU NEED TO KNOW!✏️
Show all posts