NFT Glossary: Definitions and Common Slang

Track Trade NFT Glossary and Common Slang

By Gabby Parsons // October 14, 2022

If you’re looking to start investing in NFTs, it’s important to understand common terms and slang used within the space. Below you will find a complete list of common words used within the NFT space. These terms will not only be helpful in your understanding of NFTs, but also help you understand blockchain technology and cryptocurrencies.

  1. NFT – Non-fungible tokens are tokens of data that exist on a blockchain that cannot be replicated.
  1. Whitelist– A presale list allowing someone to buy an NFT early and typically at a lower price than during the public sale. A great way to make money within the NFT space is to get Whitelisted.
  1. Minting– the process of by which digital data is converted into digital assets or crypto collections that exist on a blockchain. When an NFT is created and meets its first owner is the minting process.
  1. Gas– Gas fees refer to the transactions fees associated with minting or transferring an NFT within the Ethereal Blockchain Network. The amount is determined by the size and complexity of the operation as well as the demand at the time of the transaction.
  1.  Discord– A social platform where nft projects community build and grow.  This is where you will learn to get whitelisted as well as get access to all all up to date info on these projects
  1. OpenSea– OpenSea is a Secondary Marketplace for reselling NFTs. ( Other NFT marketplaces include: Looks Rare, Rarible, Foundation, Nifty Gateway, Axie marketplace, X2Y2)
  1. Blue Chip: A project that shows promising signs and a strong foundation to be a good long term investment. Like blue chip stocks, “blue chip NFTs” are reliable to provide a good return on investment.
  1. Diamond Hands: Holders who are invested for the long term and not easily scared to sell.
  1. Paper Hands: Holders who sell investments too early, are easily frightened.
  1. Flippers Market: When it is a good market for quick flips. When the floor price is expected to increase quickly, allowing investors to make quick returns.
  1. MetaMask: A crypto wallet app that holds your cryptocurrencies and NFTs.
  1. Rugpull: When a project’s founders abandon their project post-launch and leave with the profits.
  1. Soft Rug: When the founders of a project slowly fade away and/or fail to maintain the project and its roadmap.
  1. Dutch Auction: An auction structure where all bids are collected and the highest bids are selected to win.
  1. GM/GN: Good Morning, Good Night.
  1. PFP: Profile Picture
  1. Liquidity: How easily an NFT can be bought or sold. Relates to how many NFTs of a collection are available and the rate at which they are bought and sold.
  1. Floor Price: The lowest price that an NFT in a certain collection can be bought for at the current time.
  1. Delist: To remove an NFT from the marketplace.
  1. Roadmap: The current and future plans of an NFT project. Almost like a business plan.
  1. DYOR: Do Your Own Research
  1. Mint: When digital data is converted to crypto tokens or digital assets that exist on a blockchain. Also used to generally describe the process of initially buying an NFT from its creator for the first time.
  1. Alpha: People with valuable information in the NFT space. Ex. Trending NFTs, WL spots, education and information. Also slang for people know to own valuable NFTs or hold leverage within the NFT space.
  1. Meta: Meta translates to “beyond”. Aside from Metaverse translating to “beyond the universe”, Meta in the NFT space also refers to current Trends. “I don’t know why, but that’s the meta in the space right now.”
  1. NGMI: Not going to make it
  1. FUD: Fear, Uncertainty, & Doubt. Unfortunately there’s a lot of FUD in the Discord right now.
  1. Sweep (Sweeping the floor): Purchasing the lowest priced NFT(s) in a collection. Causes an increase in the collections floor price.
  1. Mooning (verb): When a project reaches “the moon”, meaning it has reached a very high floor price.
  1. Staking: A way for NFT holders to earn passive income by locking their assets for a period of time to receive rewards. Staking an NFT usually yields crypto tokens and possibly other benefits like airdrops.
  1. HODL: Hold on for dear life.
  1. Airdrop: A free distribution of cryptocurrency, NFTs, or rewards that are sent to a holders wallet usually as a perk or for promotion.
  1. Web3: The next iteration of the internet that will be decentralized, open, and of greater utility. An internet based on the use of blockchain, cryptocurrencies and NFTs.
  1. Reveal: When an NFT collection is launched, the artwork is usually hidden at first then the revealed a period of time later.
  1. Degen: Short for degenerate. Used somewhat indeeringly in the crypto world.
  1. Ledger: A crypto wallet to store, visualize, and manage your NFTs.
  1. Solidity Developer: The person who builds and deploys the smart contract on the ethereum blockchain.
  1. The Metaverse: The metaverse is a virtual world that allows users from anywhere to immerse themselves into an augmented reality and interact with others. Ex: sandbox, decentraland, NFTsworld.
    • Types of Metaverse
      • XR
      • Blockchain
      • AI
  1. ERC721 A: An optimized smart contract known for reduced gas fees.
  1. Metadata: The actual content and description of the content stored on the blockchain.