30+ NFT/Crypto Terminologies You Must Never Forget

Slang, acronyms, and deliberate misspellings used by NFT fans might be confusing to newcomers. 

Some are important to your involvement and comprehension of the area, while others are simply entertaining terminology that makes you feel like an insider.

All of the most significant ones came to me while I was writing this piece as a geek myself, so I’ve attempted to cover them all. No prior knowledge of smart contracts is required for NFT membership.

After all that, here are NFT Crypto Terminologies terminologies you should know.

1. 10k project

10k Project is a collection of around 10,000 avatars in NFT format. The CryptoPunks collection in 2017 may have been the first to use this form of NFT, although it has since been followed by numerous others. Although they don’t all have precisely 10,000 avatars in their collection, the word is used to refer to this sort of collection rather than the precise quantity of avatars.

2. Airdrop

To put it another way, when you get a free “airdrop,” you get a specified quantity of a certain coin or fresh NFT. NFT projects, for example, are increasingly using this strategy to provide fresh artwork to early adopters, something that has long been standard practice in the broader crypto community.

3. Apeing (into something)

To ‘ape into’ anything implies to purchase something irresponsibly, out of FOMO, with too much money compared to the size of your account, and/or without having done your required due diligence. This has nothing to do with the Bored Ape Yacht Club or any other ape-themed 10k ventures.

4. Avatar project

A few thousand NFT ‘avatars’ like the CryptoPunks, Bored Ape Yacht Club, Cool Cats, and Gutter Cat Gang make up an avatar project, which is similar to a 10k project.

5. Burn

An NFT is effectively destroyed if it is burned. The team may opt to ‘burn’ the remaining 5,000 NFTs if only 5,000 are sold in a collection of 10,000, for example. Other projects allow its users to ‘burn’ two NFTs to get a rarer one.

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6. DAO

Decentralized Autonomous Organization (DAO) is the acronym for this term. You and all the other owners of an NFT from a project like Head DAO have voting rights and power over the project’s future activities and general direction. Similar frameworks are being established by several NFT initiatives to become more community-driven and to maintain continuous support.

7. Ded

A simple misspelling of “dead,” like when referring to a rug pulled endeavor.

8. Diamond hands

One of the most often used slang words in the crypto and NFT communities is “diamond hands.” It’s spawned its emoji, joke, and even a whole NFT project based on it. An asset-holder with diamond hands withstands price volatility, bad news, and the unfavorable market mood. FUD (Fear, Uncertainty, and Doubt) is another term we’ll examine shortly.

She “diamond-handed” bitcoin through the bear market of 2018 using her hands.

9. Floor

For the sake of this discussion, the term “floor price” refers to a project’s lowest secondary market price at which an NFT may be purchased. A project’s performance over time and how successful it is compared to other projects is the most often used statistic.

10. FUD (Fear, Uncertainty, and Doubt)

Fear, Uncertainty, and Doubt are abbreviated as ‘FUD.’ It is used in crypto and NFTs to characterize bad news items, tweets, and Discord messages that are either erroneous or entirely bogus. FUD is often cited as the cause of steep decreases in cryptocurrency and NFT prices.

11. Gas

‘Gas’ is the term used to describe the cost associated with performing a blockchain transaction. A very little amount of gas is used while purchasing NFTs on a distributed ledger like the Solana. On Ethereum, a $50 gas price is the lowest you can expect, and it all depends on network activity. When there is little activity, the fees are also modest. Higher costs for more active users.

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12. Gas war

Worst-case scenario: gas warfare. For beginners to Ethereum, this is a normal experience and perhaps a rite of passage. Increasing your gas charge and outbidding the other bidders is necessary when a popular NFT collection opens with 100,000 individuals vying for 10,000 NFTs. A gas battle is what’s going on here.

13. Generative art

The subject of generative art merits far more attention than I can provide in this space, but fortunately, there is a wealth of information accessible. It has been utilized to build all the big collections like Bored Ape Yacht Club, Cool Cats, Sup Ducks, Pudgy Penguins, and many more in the field of digital art and collectibles in recent years.

14. GM

This may not be an NFT issue, but I’m Danish, so I’m not sure what it stands for or whether it is a well-known acronym. If you don’t know what “GM” stands for, just know that it stands for “Good Morning,” and you’ll see it all over Twitter and Discord.

15. GN

This is short for “good night,” which is also acceptable.

16. GMI

GMI, WAGMI, and NGMI are all typical abbreviations for the acronym. What does GMI mean? You’re going to become wealthy and have a wonderful life if you purchase and hang on to this NFT! 

(To a lesser or greater extent)”We’re all going to make it,” is the obvious meaning of the acronym WAGMI. On the other hand, it signifies “not going to make it.” To be seen seriously as an NFT insider, use these words as much as possible.

For the most part, all the NFTs in these collections have a few commonalities. 

A person’s appearance may be influenced by several different factors, including the color of their skin or fur, their eye color, their choice of hat, and the color of their surroundings. 

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To construct a collection of 10,000 NFTs that are all distinct, you may mix and combine the 20 various styles of clothing, eyes, and backgrounds.

Unlike the original characteristics, which are developed by hand, each NFT is generated by a computer using a random mix of all the available features. The ‘generative’ phase of the process occurs here.

17. Hodl 

The phrase “I AM HODLING” was coined by Bitcoin forum user GameKyuubi in 2013 when the price of bitcoin dropped by 40% and he used it to assert “I AM HODLING.” 

The phrase “diamond-handing” is used by crypto enthusiasts to describe how they hang on to their valuables no matter what. To make “HODL” look less dumb, the abbreviation “Hold On for Dear Life” was created. I’m sticking with the original.

18. LFG

It means “Let’s Fucking Go!” in the acronym “LFG”. In most cases, the answer is obvious. It’s used to express enthusiasm for new projects, important NFT news, and the like.

19. Metadata

The simplest and least technical explanation is as follows: Essentially, the metadata of an NFT contains all of the information required and unique to that NFT to make it what it is. 

Art and collectibles may be defined by their information, and this is perhaps the most intriguing aspect. That’s why you may need to refresh OpenSea’s metadata to see how your freshly created NFT appears.

20. Minting

A fresh NFT is minted when you purchase it directly from the inventor. NFT creation is fundamentally a step in this process.

21. MM

Shorthand for the most popular NFT wallet on Ethereum, MetaMask, MM MM stands for MetaMask.

22. Moon

“Going to the moon,” or “mooning,” is a financial market expression that refers to a significant increase in an asset’s value. 

If you’re a crypto investor who’s seen bitcoin grow from $1 to $60k, a 10% gain isn’t going to cut it.

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23. OS

OpenSea, the main Ethereum NFT market, is abbreviated as OS OS.

24. Paper hands

“Paper hands” is the reverse of “diamond hands,” and is a word that is not NFT-specific but is often used in the NFT community. Someone who is regarded by others to be overcharging for anything they are selling, such as an NFT or cryptocurrency, is known as a “low-baller.”

You may also say something like, “Someone just paper-handed 6 ETH to a Cool Cat!” much as you can with the word, “diamond handing.”

25. PFP project

This is the third and last phase for a topic we’ve previously discussed. Since the term “PFP project” stands for “profile picture,” it’s the same as the terms “10k project” and “avatar project.” Because the avatars in these projects are typically used as profile images on social media sites like Twitter, Discord, etc.

26. Reveal

An NFT context, however, may not be as clear-cut as the term here suggests. NFT-minted artwork is not yet available for purchase, so you won’t know what you’re getting for your money until it arrives. In other words, the work only shows itself until it is acquired. When and how soon the collection is shown is entirely up to the designers, who may choose to unveil it immediately or after a delay of up to 24 or 48 hours.

27. Rugpull

I pray you never have to suffer a ‘rugpull’! An apparent fraud occurs when the persons behind an otherwise legitimate initiative vanish with all of the money shortly after its introduction. For the money you spent, you may receive a real NFT, but it’s probably useless and can’t be traded on the secondary market at all.

“I got rugpulled” or “I got rugged” are examples of phrases that employ rugpull as a verb. Some users on Discord use the word “rug” to promote false rumors about a given project’s community.

28. Ser

Ser is a sarcastic way of saying “sir.” The usage of “ser” in a sentence should not be taken too seriously.

29. Snapshot

Teams typically use snapshots to assess who is eligible for airdrops, as shown in this paragraph. For example, everybody who has NFT X in their wallet at the time of the November 11, 4 pm UTC snapshot would get a free airdrop of NFT Y next week.

30. (Floor) Sweep

Sweeping’ is another popular phrase used to describe a project’s ‘floor’ because of the attention paid to it by the public. An NFT collector is said to “sweep the floor” when they acquire several low-priced NFTs in bulk from the secondary market. For their initiatives, teams occasionally do this or are urged to do so by the community. Sometimes it is done by one person, known as a “whale.”

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31. Wen

This one’s a little hard, so get your notes out! The truth is, I’m joking. Wen refers to a moment in time. And with that, I bid you farewell for now. NFT and crypto enthusiasts sometimes use the satirical typo “Wen moon?” to ask when the value of a certain asset will skyrocket.

32. Whale

Someone who has a lot of money, either available to invest or invested in a high-value NFT project is referred to as a “whale” in the NFT community. It would be the same as if someone had 200 Bored Apes in their account and 1,000 ETH in theirs. It is vital to note that whales can influence the market, either by purchasing a large number of items from a single collection or by selling them at a loss.

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