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NFT Slang (Beginner Lingo)

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NFT slang can be hard to understand for the uninitiated. So let me initiate you with some top words used and simple explanations.

Transcript:

So if you’re squeaky new to crypto and NFTs you are entering a space with a thriving community with their own jargon, lingo and language, that can be hard to understand for the uninitiated. So let me initiate you with some top words used and simple explanations.

Gm = Good morning. and sometimes Gn for good night. Often used in the NFT space as a good will gesture while letting people know you’re online.

1/1 Art = A scare single NFT backed digital artwork. A single piece not part of multiple edition.

PFP = Stands for Profile Picture. A kind of NFT art designed to work as a digital avatar on social media.

WAGMI = Short for “we all gonna make it” even shorter as GMI “gonna make it” often used to uplift the like-minded that we’re all in this together especially after positive news.

GAS = is the name of the transaction costs or fees usually on the Ethereum blockchain required to make a transaction.

HODL = A replacement term for hold. holding with commitement to your crypto or NFTs. Stands for “hold on for dear life”

WL or Whitelist = is the same as an allow list or presale lists. Giving permission to a select group of people and wallets to get access to a specific release by collecting their addresses for some exclusivity.

Bot = short for robot which refers to the automated software designed by programmers to do specific actions without much intervention, such as execute trades and offers, respond to chat questions, or automate posts on Discord.

DYOR = Do your own research. That’s what you’re doing right now. Looking into things for yourself and making your own assesement.

IPFS = Stands for “InterPlanetary File System” Many NFTs point to an external source outside of the blockchain. IPFS is a storage system network designed in a decentralized and distributed way and not on a single-host server.

Mint = “producing for the first time” in this context, The creation of a brand new NFT onto the blockchain.

Secondary = This is not the primary sale market, the direct first sale from an artists, but rather the resale market. The secondary market is where you can buy an NFT at market value.

Rarity = Some profile picture collectibles can be around 10,000 items and some items are more common and more rare than others. The character traits (usually held in the metadata) can often be more desirable if very scarce and demand higher resale value. Such as gold skin, or cyborg eyes.

Shilling = Shilling is promoting an NFT project on social media for marketing.

Degen = short form of degenerate. If you degen into something you know it’s a possible risky or bad bet but you do it anyway, often with no due dilligence or research.

NFA = Not Financial advice. A disclaimer many say or write after an opinion to reinforce that they are not paid accredited professionals and just sharing their thoughts or actions.

There are plenty more terms and new ones being invented everyday, but that will hopfully get you started navigating the NFT space and not feeling too dumb when on Twitter and Discord.

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mila

Mila doesn’t only cover Blockchain and crypto, but she does focus the bulk of her writing efforts on this emerging technology and how it is impacting not just US markets, but global markets too. From the British Virgin Islands to China, her reporting leaves no global crypto stone unturned. Her tenacity and candid opinions on the impacts of crypto and Blockchain have made her a leading voice in the industry and a top source of truth to the curious masses.

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