NFT Terminology: A to Z Terms of Web3 in 2023 (2023)

Are you looking for an NFT glossary or dictionary because you are lost in the world of Web3 words and terms? Our NFT terminology guide explains NFT from A to Z, including:Or what do you mean: GM, Airdrop, NGMI and LFG?

But seriously, what do these NFT terms mean? If you are planning to enter the wider Web3 world, you might want to update your Web3 language. NFT terminology and definitions may seem strange or overwhelming at first, but our NFT dictionary even has examples. With our help, you'll be sounding like a crypto bro in no time! Or at least you'll understand what the hell they're talking about.

Rest assured - this NFT dictionary will make your job much easier. From epee slang to serious blockchain terminology, we've got you covered with the most important terms related to Web3, NFT and the Metaverse in 2023.

Where did the NFT terminology come from?

Of course, as the NFT space is dominated by crypto users, NFT terminology leans heavily on crypto culture but also deviates. Some Web3 terms are entirely specific to the NFT scene and its history.

Mainly, the NFT degens are mostly made up of Millennials and GenZ. So a lot of Web3 jargon and NFT terminology comes from these generations of people. Words like “baddie” and “simp” are popular among these generations, in addition to their affinity for cryptocurrencies.

Furthermore, many of the words and definitions in this NFT dictionary are also inspired by pop culture, art movements, and even traditional finance.For example, NFT uses “bull and bear markets” like traditional finance. But they also use "HODL", a word made up by a drunk Reddit user. These really aren't the only examples of wacky bits of NFT terminology created by the community.Some of the words in this NFT glossary even come from memes!

NFT slang and jargon on Twitter

Many of the words and terms included in this dictionary are now popular slang on NFT Twitter. These are vague terms that will change and build as the NFT community grows. For example, the word "bagner" only became a thing because of a misspelling by a Twitter user, but it has since gone out of fashion. Because Zagabond has come up with such a lame excuse for its three previous failed projects, the room is full of people using the phrase "I'm still learning" while being dishonest. A lot of NFT jargon develops through a cultural reference. In fact, many terms come from outer space.NFT-Meme.

The Definitive Dictionary ofNFT words andThe definition

In this dictionary, we have included all the most popular NFT words and terms from A to Z. Some of the words included in this list are not strictly related to NFTs or web3, but some of them can be essential for understanding complex concepts in the metaverse

So sit back and relax and let us guide you through the NFT night dictionary of the most important Web3 terms of 2023. Or, if you're serious about trading NFTs, maybe even save our terms in your own Web3 terminology dictionary essential! Check back often as we frequently update this NFT dictionary with the latest words and slang. Also, reach out to our team on Twitter if we've missed some of the NFT slang you love!

10k project

A project of 10,000 is an NFT collection consisting of approximately 10,000 avatars. This type of NFT was arguably developed by CryptoPunks Collection in 2017 and many new ones have followed since then. While not everyone has exactly 10,000 avatars, the term is used to refer to it.Typeof the collection and not the exact number of avatars.

remains of ar

Airdrop refers to sending NFTs or tokens to users' wallets, usually for free. Projects typically release NFTs offline to promote their collection or to reward someone for their loyalty, participation in competitions, etc.

avatars

A digital image of you! So avatars can be 2D images that represent you online, or they can be hyper-realistic 3D beings ready for the Metaverse. Avatars are human personifications in the digital world.

monkeyVerb

to buy somethingJustdamn, often without doing due diligence.

Bagner

This word literally means "banger". This is always used when something is particularly good. It could be a work of art, an opinion, a tweet... but more often than not it's a term used to tell someone their joke was funny. It got out of hand when a Twitter user misspelled "banger" and suddenly there was even an NFT collection of the same name.

Blockchain

A blockchain is a distributed ledger (or database) that can securely store information digitally. In particular, blockchains store data on distributed devices (nodes) of a global computer network. In other words, a decentralized server stores and manages information instead of a single central server. Technology allows for an immutable and transparent record of information that is readily available to the public. Because of this, blockchains are popular for their use in cryptocurrencies and NFT systems.

bozo

A bozo means what a bozo has always meant. But those at the bottom of the NFT scene play left, right and center. dude is cheating He's an idiot. Choosing the wrong NFT to buy? Yeah, he's a bozo too. Already have a ledger? Well, you can be an idiot too.

Burn

The word "burn" in NFTs essentially means "destroy". Burning an NFT costs ETH, but it is also deflationary, which can increase the value of an NFT (or coin). Sometimes a project also requires you to write an NFT to get something else!

CC0 – Creative Commons 0

The term cc0 stands for "Creative Commons Zero". This means that IP (Intellectual Property Rights) owners assign all copyright and similar rights to the public domain. When used in the context of NFTs, this terminology refers to NFTs with waived intellectual property rights. This means anyone can play a cc0 NFT. Even non-owners can create commercial assets from cc0 NFTs without legal consequences. You don't even need to credit the original creator.

Sauber

You might be thinking, "Clean? Am I lost?" In reality, however, a clean NFT is one with minimal or extremely complimentary features.

collectibles

Collectibles are unique fungible tokens with varying rarities. This makes them "collectible" if you compete by the ton.

cold wallet

A cold wallet is a type of crypto wallet. Store hardware (or cold) walletsCryptographic and non-fungible offline tokens, making them a more secure option. The most popular cold wallet companies areledgerand Trezor. This is the opposite of hot wallets like Metamask.

cryptographic wallets

Store, transfer and manage your crypto assets, including cryptocurrencies and NFTs, in crypto wallets or wallets. The two main types of crypto wallets are hot or cold. read theYour guide onbest crypto walletslearn more.

DAO

DAOs or Decentralized Autonomous Organizationsare organizations run on the blockchain by a group of people with no corporate hierarchy. These are governed by smart contracts that define the rules and regulations and make important decisions based on member votes. In other words, unlike a typical company, DAOs operate autonomously and without leadership.

dApps

dApps, short for Decentralized Applications, are all applications created and run on decentralized networks such as Ethereum or EthereumSolana-Blockchain. They are powered by smart contracts (we'll get to that in a moment) and are known for offering privacy and scalability.

To mass

Degens are the collective term for a specific group of NFT traders. Often self-proclaimed, a Degen will jump into a project with little to no research and can't help but give in to FOMO.

diamond hands

A person who holds an asset (or HODLs) due to price volatility, negative news or bad market sentiment.

dutch auction

In a Dutch auction, the price starts high and gradually decreases over time. Many marketplaces use this type of auction for NFTs.

DYOR

DYOR is short for "do your own research". The term is very popular in the NFT space as there are many scams and bad actors. Obviously, you don't want to rush into investing in something just because an NFT influencer touted it. So, don't make hasty decisions based on FOMO (fear of missing out). And above all, always remember the golden rule – DYOR!

ERC-1155-Token

A token standard for semi-fungible tokens. These are NFTs that come in multiples. They don't have separate token IDs but exist as copies of the same digital asset. Commonly used for Metaverse wearables, game items, or artwork edits.

ERC-20-Token

The token standard for fungible coins compatible with the Ethereum blockchain. e.g. USDT, MANA, MATIC

Token ERC-721 (e ERC-721A)

A non-fungible token on the Ethereum blockchain. NFTs created using the ERC-721 contract standard are completely unique. This is the standard used for almost ALL Avatar PFP projects on Ethereum until the launch of ERC-721A with the Azuki NFT Mint. The ERC-721A contract standard optimizes gas fees associated with minting large NFT generative collections. Now most collections prefer the ERC-721A standard as it saves money.

minimum / minimum price

The "Floor" or "Floor Price" is simply the lowest price at which you can buy an NFT of a given project on the secondary market.

Brake

"Fren" - A misspelling for "friend". Once again, the NFT community likes to laugh at itself, often labeling itself weak or pathetic for "paper transfer" games and whatnot. To add to that, they like to spell terms on purpose and "Fren" is one of them. If you were just hoping for some clever NFT terminology, you probably should have tried a different dictionary.

FOMO

Acronym for "Fear of Missing Out". While this is not a fully cryptographic term, it is a sentiment most NFT traders are familiar with. This is a term you will see in every NFT as without FOMO there is no overkill.

FUD

FUD is an acronym for "Fear, Uncertainty and Doubt". It is usually used when a person or project is spreading negative rumors or news and causing people to sell their NFTs.

gas charges

ONFT gas feeis the amount that users must pay to transact on the blockchain. Fees go to blockchain miners who validate transactions on the blockchain. Gas rates vary significantly based on several parameters, including network activity.

gas wars

NFT gas wars occur during a project launch or high-value sales, when large numbers of people are competing to get their hands on a particular NFT. Essentially, demand is causing Ethereum transaction prices to skyrocket due to network congestion.

generative art

For some NFTs, the technology is entirely driven by on-chain elements; as a transaction hash. To clarify, the characteristics of each NFT differ, as well as an identification number or barcode. Therefore, this results in a random generation orGenerative art NFTs.

GM/GN

Simply put, GM and GN mean good morning and good night, respectively. Essentially, the terms are used to greet other members of the NFT community and are often a symbol of camaraderie between members. For example,"GM. Let's start the week off right!"

GMI/WAGMI

WAGMI is short for We'll All Make It Through and is commonly used by NFT investors to show their optimism about the NFTs they own. You can often see community members shouting "WAGMI/WGMI" in response to important good news.

gral

A Grail is an NFT with very rare traits, a rare combination of traits, or a complete lack of traits. These NFTs are considered the "Grails", as they are the most coveted in the entire collection.

Governance Token

A governance token is a cryptocurrency coin that grants voting rights to DAO members. Basically, each coin counts as one vote. The DAO will allocate votes to members in a variety of ways, and some members will have more voting power than others. To learn more, check out our complete guide.DAOs.

HODL

While HODL is pretty much shorthand for “Hold On for Dear Life”. In NFT terms, members tend to use it as a misspelling for "withhold". However, crypto veterans originally used it to convey that they keep their wealth no matter what. It is now also a favorite among NFT users!

hot wallet

Software (or hot) wallets are cryptographic wallets that store assets online. Good examples of this are Metamask, Phantom and Wallet Connect. Hot wallets are not secure and fall victim to attacks much more easily than their cold counterparts.

ICO stands for Initial Coin Offering. Basically, it's the cryptocurrency industry's version of an IPO. A company will use ICOs to raise money.

LFG

In NFT terminology, LFG stands for Let's F****g Go. Community members use the term to express their enthusiasm about something or to get excited about a person/project.

metadata

An NFT's metadata is essentially all the necessary and unique data that makes that NFT exactly what it is. All information attached to your NFT is stored here. For some NFTs this is just an image, for others it is properties, files and more. It is possible to freeze the metadata of an NFT as a smart contract owner. Freezing metadata ensures that the image and properties will never change again.

mint

In NFTs, minting means publishing an NFT on the blockchain. Once minted, NFTs are available for the public to view, buy, sell or trade. Also, the relief is final. There are no returns! Coinage is a very important concept on the web3, so be sure to add it to your personal NFT dictionary.

Metaverso

The Metaverse is a virtual world where people can walk around as avatars, watch shows, shop, play games, attend meetings - pretty much anything you would do in the real world. The use of this terminology for a virtual world does not imply that it uses Web3 technology. The metaverse can refer to web2 or web3 virtual worlds and experiences.

Mond

"Mooning" or "mooning" refers to the sharply rising value of an asset.

NFT

In the simplest sense"non-fungible token', or NFT, is a blockchain-based digital certificate linked to a digital or physical asset. They essentially serve as proof of ownership and authenticity. What makes NFTs really attractive is their versatility - anything from music and art to real estate, tickets, videos and games can be NFTs.

NFT Market

Essentially, an NFT marketplace is a platform for buying, selling, viewing and trading NFTs. The most popular marketplaces are based on the Ethereum and Solana blockchains. This containsOpen sea,It seems odd,magic eden, Esolsea.

NGMI

The meaning of NGMI is simply "It won't make it". It's pretty much the opposite of WAGMI. You can use this term to berate your most hated merchants on Twitter or even use it on your parents when they ask why you bought another NFT.

open edition

Editions are copies of the same NFT. Open Editions are editions that come with an unlimited number of Mints. Artists often set limited time windows for open edits to maintain a certain exclusivity. Some projects let you record forever!

Open sea

Opensea is the leading NFT marketplace on Ethereum, often used for secondary sales.
Learn more with our guide on the NFT MarketplaceOpen sea.

paper hands

Unlike Diamond Hands. Basically, someone who sells something (usually at a very low price) is said to have paper hands.can also be used as a verb:
For example, I still regret sending my doodles for 1ETH.

PFP

A PFP, or NFT profile picture, is a profile picture intended to be displayed as a user's social media profile picture, primarily on Twitter. Some common examples areIate Clube Bored Ape,CriptoPunks, Edoodles.

play to win

Play to Win (P2E) is a game model that rewards players with cryptocurrency, in-game tokens, or even NFTs simply by playing the game. Axie Infinity popularized the game to win, but there are now countless games that use the model. Learn more with our guideWent to play to win ist!

probably nothing

Usually something. This is the best way to annoy people without saying anything... and then it really might be nothing. In 2022 it's a bit overused, but you may find that some crypto OGs are still using it.

answer face

A Reply Guy is someone who only replies to tweets on NFT Twitter. The answer guys usually represent the backbone of the NFT industry. What would we do without an answer, folks?

Discover

An NFT reveal is one of the most exciting parts of the journey! In generative projects, art is not created until the NFT is coined. Disclosure occurs when the metadata is published. This means that all artwork and resource rarities are available for viewing!

calendar

An NFT project roadmap is a document that outlines a project's short- and long-term goals, milestones, and plans. It is an important parameter that helps users to make investment decisions. Needless to say, a solid script can make or break a project. However, whether it actually delivers what the script promises is probably a discussion for another day. Be sure to take note of this word - it's one of the most important words to know in the NFT scene.

Royals

Royalties are percentages of NFT retail prices that go to the creator. Basically, it works similarly to music licenses. Every time someone sells the NFT, a percentage of that sale is paid directly to the creator and this is known as a royalty.

Rug puller / Robust

Simply put, a rug pull is a scam where the team of an NFT project disappears with all the money raised. Often these collections are so publicized that many unsuspecting investors fall for the scam only to be left without NFT and cash. This is an important word to add to your personal dictionary if you are an aspiring NFT trader.

Utility-Token

A utility token is usually a cryptocurrency coin used for a specific community. For example, many DAOs have a utility token that can provide additional benefits to holders, regardless of the currencies they use for administration. NFT projects also use utility tokens to reward holders for staking NFTs and so on.

To be

A misspelling and, in a way, an attempt to make the word "sir" cuter. But be careful! Epees often use this to mock authority figures instead of currently respecting them. It's probably not something you'll see in a regular dictionary anytime soon, but it's fun NFT jargon to know.

Smart Contracts

Essentially,smart contractsform the backbone of NFTs. These digital contracts are essentially programs on a public blockchain or ledger or data. Contracts consist of a list of terms. When certain conditions are met, the contract can run certain processes automatically. In other words, you don't need a third party to carry out transactions between different users. Instead, smart contracts govern transactions, making them secure and transparent.

In fact, there is a lot more terminology associated with just the NFT smart contracts themselves! If you want to know more, check out our guide.smart contracts.

Slow or soft mat

A “soft rug” is a slow rug train: a long-term hit that keeps some founders still active in their communities. In reality though, the founders (or sometimes the developers) are gradually taking money out of the community without offering any real value. This is really important terminology to know, as the NFT space is full of soft mats that you should avoid.

learn more aboutSoft carpet trains.

Rub the floor)

When an influencer says they are going to "sweep the floor" it means they are buying a large number of the cheapest NFTs from a collection on the secondary market. This is sometimes orchestrated by the NFT founders themselves, but it can also refer to DAOs or individuals (whales).

viable

Therefore, the word "wearables" is not necessarily synonymous with "NFT". Wearables are simply digital items that you can use in any Metaverse, AR, or VR world. For example, some companies like Fabricant release outfits for metaverses like Decentraland and The Sandbox. Others post clothes that are compatible with Zoom and Hangouts.

In Web3 Metaverses, these wearables are NFTs, so you can trade, sell, and buy them on secondary markets. In Web2 Metaverses, they are only available in-game and you cannot trade them.

Good…?

"Who" is literally just "when". Like "Ser", this is just another example of inside jokes used by the cryptographic community. While we probably don't need to include it in this dictionary of NFT terminology for most of you, we're sure someone will appreciate it.

White list

ONFT whitelist (or whitelist)is an exclusive list of users who will have early access at the launch of a collection to mint one or more NFTs. While there isn't enough time to explain all the whitelisting methods in this dictionary, check out our guide.NFT-Whitelists(or whitelists) to learn more.

Wal

A "whale" is a term for someone with a lot of money. To clarify: this is a person who has already invested (or may invest) in high quality NFT projects. Therefore, your huge capital has the potential to drastically affect the market - positively or negatively.

WLTC

This is simply "We like cats". This was a great rallying cry fornice catsLovers around 2021, but we don't see much anymore. Maybe these words (or phrase?) aren't so cool anymore, but at some point WLTC became so common that we had to include it in this NFT dictionary. Besides, who could forget when Farokh slathered himself with milk “for the cats”. We certainly don't.

1/1

One of one (1/1 or 1:1) is a term to describe an NFT that is a completely unique issue. The word exclusive means that there will never be another edition of this particular NFT. Of course, their rarity makes them extremely valuable. For example,Artista NFT Beeple'siconicDailyArt NFT raised $69 million at the time. 1:1s can represent some of the most valuable NFTs sold, which means you probably want to put this word on your most important terminology list.

NFT Terminology: Making the Most of Web3 Words

The NFT space is constantly evolving, as is the terminology used. While this list of words will get you off to a good start in terms of Web3 and NFT, we love to keep evolving. We will constantly be adding the latest web3 words to this NFT dictionary to make sure you never get left behind. So make sure you save/bookmark this article! If we missed any of your favorite Web3, NFTs or Metaverse terminologies, please tweet @NFTevening with your favorites.