THE NFT GLOSSARY!
What’s up guys! I recently held the NFT Workshop and it is now on demand! Check it out here! Watch it a few times and get caught up! No you’re not too late, this is just the very beginning.
Since NFTs are such a new world for everyone, I have scanned the internet and compiled a growing list of terms/phrases in the NFT space that you may find helpful! Let me know if I need to add anything!
1. NFT – Non-Fungible Token
2. Generative Art – Art that is algorithmically generated, ideally in real-time when minted. “She is a bright new star in gen art”
3. PFP – Profile Pic. Often times NFT owners use their NFTs to replace their profile photos on social media.
4. NFA – Not Financial Advice. Often used when others are recommending something that generally carries risks but adding a disclaimer.
5. Aped – Basically equivalent to YOLO’ing into risky bets/investments, often times with little due diligence.
6. Floor Price – The cost of the lowest NFTs in a collection. Often times used to gauge demand.
7. Buy on Secondary – NFT Collections/projects may do private or direct mints. When one of these buyers lists their shiny new NFT to Opensea for resale, they are offering their NFT on the secondary market. Imagine buying new shoes from a Nike store versus new shoes from Ebay.
8. Shill or Shilling – NFT shilling is when someone promotes an NFT or NFT collection/project and encourages others to invest with them. On discord, this happens frequently.
9. Meatspace – an alternative to IRL (In Real Life).
10. OS – OpenSea, the largest NFT platform. The ebay of NFTs
11. Rug or Rug Pulled – When someone pumps and then dumps. Don’t get caught in a rug pull. It’ll hurt!
12. Minting – Minting an NFT is how your digital art becomes a part of the Ethereum blockchain–a public ledger that is unchangeable and tamper-proof. Similar to the way that metal coins are minted and added into circulation, NFTs are also tokens that get “minted” once they are created.
13. Gas or Gas Wars – The state of chaos that ensues when all of NFT twitter tries to mint the same project at once, driving up gas prices for the whole Ethereum network. It’s the one thing we all hate about NFTs!
14. LFG – Let’s F**king Go!
15. Roadmap – The set of activities an NFT project will plan to do to add value to a community. Roadmaps are viewed as desirable in PFP projects. A good roadmap may give owners more confidence in the longevity of the project as a whole.
16. Discord – Is a communication platform that was originally popular amongst gamers but has become the go-to for launching projects that include community support. It’s common to go down the NFT rabbit hole and be a part of several (tons) of Discords. And of course it’s a great way for artists/creators (often the admins) to communicate with their new NFT family.
17. 1:1 or 1 of 1 art – Simply describing that the art piece or NFT is unique and that there is only one available.
18. WAGMI – We Are All Going To Make It. An acronym related to “ngmi”(not going to make it) and “gmi”(going to make it), typically used in the online trading sphere to show camaraderie with fellow investors/hodlers after major good news or events related to their holdings.
19. GM/GN – Good Morning and Good Night. Since we’re all a happy family.
20. FUD – Fear, Uncertainty and Doubt, usually evoked intentionally in order to put a competitor at a disadvantage. “Don’t worry, it’s just FUD, they are trying to scare you!”
21. IPFS – The InterPlanetary File System is a protocol and peer-to-peer network for storing and sharing data in a distributed file system. IPFS uses content-addressing to uniquely identify each file in a global namespace connecting all computing devices. Where your NFTs are stored for non custodial platforms.
22. MetaMask – A crypto wallet commonly used on NFT platforms. It gives you software access to your wallet through browser extensions or mobile, which can then be used to interact with decentralized applications.
23. DeFi – Decentralized Finance. Decentralized finance is a blockchain-based form of finance that does not rely on central financial intermediaries such as brokerages, exchanges, or banks to offer traditional financial instruments, and instead utilizes smart contracts on blockchains, the most common being Ethereum.
24. Airdrop – A free distribution of tokens into wallets. Often times projects/collection creators may airdrop NFTs to owners as an incentive to being an owner or hodler.
25. Burn – The removal of a token from circulation, which thereby reduces the supply of the token. Burning is achieved by sending the token to an unowned Ethereum address or to a contract that is incapable of spending. Burning is an important part of many smart contracts. For example, burning occurs when someone exits a pool and redeems the underlying assets.
26. ERC-20 – Ethereum Request for Comments (ERC) related to defining the interface for fungible tokens. Fungible tokens are identical in utility and functionality. The US dollar is fungible currency in that all $20 bills are identical in value and 20 $1 bills are equal to the $20 bill.
27. ERC-721 – Ethereum Request for Comments (ERC) related to defining the interface for nonfungible tokens. Nonfungible tokens are unique and are often used for collectibles or specific assets, such as a loan.
28. Gwei (gigawei) – Is 1,000,000,000 wei. Wei, as the smallest (base) unit of ether (ETH), is what Sats (aka satoshi) are to bitcoin.
29. On chain – Slang term used to describe transactions reflected on a blockchain.
30. Whale – A person or organization that hodls a large enough amount of a cryptocurrency. The largest Whales can hodl enough crypto to impact market prices.
31. Trust Wallet – An ethereum wallet and cryptocurrency wallet that stores BEP2, ERC20 and ERC721, tokens. Right up there with MetaMask
32. Etherscan – Etherscan is a Block Explorer and Analytics Platform for Ethereum, a decentralized smart contracts platform. It’s a great tool to analyze and view all the contracts!
33. Smart Contracts – A smart contract is a computer program or a transaction protocol which automatically executes when conditions of the agreement are met. Smart contracts the key mechanism for DeFi and Dapps and are an important feature of the Ethereum blockchain.
34. Reveal – When an NFT project/collection launches but the art hasn’t been revealed. Often times used with generative art. Consider it a digital “blind box” for NFTs. Exciting!