If you are new to the NFT space you will probably often stumble upon the many abbreviations and colloquialisms that are used.
Both on Twitter and in the various discords, different abbreviations, and terms apply than in everyday life.
We have been used to that for several years now, thanks to the ‘new’ way of communicating with each other.
But the NFT space is a very fast one, which means that a lot of abbreviations are used, simply because communication can go faster.
In this article, I will guide you through 104 terms and abbreviations that you will certainly come across.
From my own experiences in the NFT space, I know how nice it is when you understand the spoken language a little better.
It is therefore a useful tool for your exploration of the NFT landscape.
I give you the abbreviations and expressions in alphabetical order.
An AirDrop is the free distribution of an NFT token directly to your wallet. This could come from a legitimate project or a scam. So always beware of free airdrops!
Alpha is a term borrowed from the investment world. It refers to tracking the performance of an investment relative to a market.
AMA is the abbreviation that stands for ‘ask me anything’. This phrase gives a community the opportunity to ask questions or make comments about a project or a drop.
To Ape in
To Ape in actually means that you invest in a project that exceeds your own volume. Not necessarily above your budget, but larger than the projects in which you usually invest.
By ATH is meant; all time high. This abbreviation is used, for example, when a crypto coin or an NFT set is higher than ever before.
Someone’s bag refers to his or her wallet or NFT collection
Someone who is ‘bearish’ has doubts about the current market climate. Also used when one has doubts about a project.
A ‘bear market’ means a market that value is declining
Bitcoin or BTC
Bitcoin is the largest cryptocurrency in the world, launched in 2009.
BlueChip is the name given to an NFT project that has shown a stable value over a longer period of time and is seen as a trusted investment.
The blockchain is a decentralized database on which information is stored and tracked.
Bullish refers to the feeling of belief in and optimism about a rising market that will eventually lead to profits.
A bull market is the exact opposite of a bear market. A bull market means a market that is increasing in value.
To burn an NFT means to destroy an NFT and remove it completely from the blockchain. This is done to reduce the stock so that the price can be driven up.
Christie’s is the world’s most famous auction house next to Sotheby’s. Quite recently, BAYC and CryptoPunks NFTs have changed hands through Christie’s.
Clubhouse is a social media audio app that allows the user to chat in a private room. Was very widely used prior to the NFT hype.
Coinbase is the largest cryptocurrency exchange. In October ’21 they launched their plans to create their own NFT market platform.
A cold wallet is an offline wallet on which you can store crypto and NFTs. It is therefore not connected to the internet and gives you more security for your valuable possession.
One of the more famous and very reliable is the Ledger. To gain access to your cold wallet, you must enter a series of no less than 24 unique words that only you know.
A collectible is an NFT that is part of a complete collection.
A collection or collection refers to a portfolio of NFTs that are sold as part of a project or as part of someone’s collection on, for example, OpenSea.
A collector is someone who buys NFTs for the purpose of collecting them as an investment or flipping them for a profit.
The community is the most powerful resource driving the NFT scene. Twitter and Discord are the preferred platforms for the community.
Crypto is a collective name for digital currency that is stored electronically and can be exchanged online.
DAO stands for decentralized autonomous organization. It is a community-driven and governed platform based on community participation and voting.
The abbreviation DeFi means Decentralized Finance. The term refers to anything related to digital financial products and services.
It is an alternative to the current global market.
De-listing is the process of taking your NFT out of the sale. This is often done when the value of a set is going to rise higher than the asking price you have attached to the NFT.
A Dev or developer is a skilled professional who has skill and knowledge of and with NFT tokens.
He or she can also ‘build’ projects using smart contracts and blockchain technology.
Degen is short for degenerative, a term that refers to traders or traders who do not research, take high risks and invest in projects with the hope that others will follow in order to drive the price up.
A person with diamond hands is a person who is committed to holding their NFT (or crypto) regardless of what the market is doing.
These diamond hands are highly valued and sometimes rewarded by the teams of the NFT set.
If there are many diamond hands in a set, this is often a good indication of the value in the longer term.
Discord is a messaging platform that allows users to join servers and connect with each other through conversation.
To drop means to release a new project to the market.
Dumping happens after a set has climaxed and the holders dump their properties in order to cash out. After this, you will see the value of the set go down.
DYOR stands for Do Your OWN Research. The term is used as a kind of disclaimer when discussing a project. It should remind participants to always decide whether or not to participate in a project based on their own research.
Ether or simply eth is the cryptocurrency of the Ethereum network that is traded via crypto wallets. Most NFTs are paid in this currency.
Ethereum is blockchain technology, an open-source digital service that allows you to send cryptocurrencies.
Fiat stands for the currency set as money and maintained by governments.
To flip or flip stands for buying an NFT for a low amount and then quickly selling it again for a profit when the floor price goes up.
The term flippening refers to the imaginary moment when Ethereum surpasses Bitcoin as the largest cryptocurrency.
The floor refers to the lowest price at which an NFT is for sale in the market.
A floor sweep means that someone buys up, (sweeps away) all the lowest priced NFTs from the floor.
Fren is short for friend as we call each other to support and appreciate each other.
The term FOMO means ‘fear of missing out’. This can be an emotion that arises around a hyped set, nobody wants to miss out on it.
Make sure that you let FOMO guide you as little as possible when buying or selling.
The Foundation is the marketplace for unique art. The aim of Foundation is to create a new creative economy.
A world where creators can use the Ethereum blockchain to create value for their work in a completely new way.
Fud means fear uncertainty doubt. People often deliberately spread fud to arouse suspicion and hesitation about a project, part of their tactics.
Gas is used by the miners to initiate Ethereum transactions, such as the transfer of ownership. Gas also works as a regulator that prevents the network from being infected with scams.
A gas war, or gas war, arises when a lot of collectors want to mint in a set at the same time and thereby push the gas price up.
Generative Art is the art that is created with algorithmic code. This allows for unique distinguishing features and rarity or rarity.
The expression Genesis refers to the first minted NFTs from a creator’s set on the platform.
GM means nothing more and nothing less than good morning. You can use this phrase at any time of the day in the NFT space. It is an expression of recognition and friendly respect towards each other.
GN means good night, you use this phrase to indicate that you are done with today. Because the NFT space continues 24/7, this term is less commonly used.
GOAT is the abbreviation for “greatest of all time”. Brought over from the sports and gaming worlds, the term is now also used in the NFT space, meaning someone or something is the best of them all.
HODL is the corruption of the verb to hold. It stands for holding your NFT or cryptocurrency.
The word hype is used to indicate excitement about a particular set.
Intern literally stands for an intern. In the NFT space, it is often the people who support the creators in their work for the project.
IRL is short for In Real Life, the real world outside the metaverse and social media platforms. IRL events actually take place in real life.
JPEG is a term that you come across a lot in the digital world. The abbreviation literally means Joint Photographic Experts Group. It is the file format commonly used in the NFT scene.
Liquidity or liquidity is the available number of eths that someone has in their wallet.
LFG stands for Let’s F*ckin Go. This abbreviation is widely used in space by enthusiasts. They usually indicate their excitement about a set or development in the market.
This is also a nice abbreviation; Laughing My F*cking Ass Of! Used when something is extremely humorous.
LOL means Laugh Out Loud. Often used at the end of a sentence to indicate genuine or ironic humor.
When you’re in the NFT space for the Long Run, you’re there to work on growing it and building communities.
Memes are GIFs or JPEGs that express a joke through images and text. One of the most famous is that of Side Eyeing Chloe.
Metamask is the crypto wallet used to interact more with the Ethereum blockchain.
The Metaverse is a hypothetical virtual world where users can interact digitally and ‘travel’ from one platform to another.
Miners are those people on the blockchain who can initiate transactions. They bring crypto into circulation by using complex software.
To Mint is the process of putting an NFT on the blockchain. By minting an NFT it can be tracked, purchased, and traded on the market.
Mooning is the term used when the price of an NFT (or crypto) increases significantly in value and volume. This is where the expression going to the moon comes from.
NGMI is an abbreviation that stands for “Not Gonna Make IT”. The term is used to refer to people who have their doubts about the NFT space or those who sell their NFTäs too early.
A NOOB is someone who is new and inexperienced in space.
NFA means Not Financial Advice. When someone shares a project with others on Twitter or discord, this abbreviation is often used as a disclaimer or disclaimer. It emphasizes that you should always do your own research.
NFT literally means Non-Fungible Token. It is a unique digital file that is stored on the blockchain. Here the ownership can be tracked and verified.
Usually, it consists of an audio, JPG, or GIF file.
OG means Original Gangster and is used when someone is the first to do something special, a trendsetter.
Oh my God
When something happens On-Chain, it means it happens on the blockchain through a Marketplace or a network. Off-Chain is what happens in real life (IRL).
OpenSea is the most well-known and largest platform to date where NFTs are traded.
A 1-of-1 or 1/1 artwork is a unique piece of which only 1 exists. This is in contrast to generative art of which 10,000 copies can exist.
A person is labeled a Paper Hand if he or she is apparently unable to hold an NFT for long.
When the market comes under a little bit of pressure, they often decide to sell their NFT.
PFP stands for Profile Picture or profile picture just like you have on your WhatsApp account. In the NFT space, people often use an image of their favorite NFT as PFP.
The expression Probably Nothing is an ironic reference used by avid NFT collectors when something is important or great. So they mean exactly the opposite.
The term Pump means to accumulate large numbers of NFTs or crypto with the intent of driving up the market value.
Rarity refers to the rarity of an NFT, depending on its properties and scarcity.
Rekt is a corruption of the verb wrecked. It is used when something really bad has happened, such as a rapidly slumped floor price.
A Roadmap is an explanation of the strategy of the team behind the NFT. The roadmap shows which steps are taken to give an NFT set more value (Utility) for the community.
Each time an NFT is traded, the team receives a percentage of the sale price. Just like a writer gets royalties every time his or her book is sold.
Being Rugged by Twitter Spaces means you will be involuntarily removed from the platform. Twitter Spaces is a new platform for conducting live conversations with audio.
Twitter Spaces are widely used by NFT enthusiasts to converse live with their audience.
A Rug Pull is a type of scam where the Developers leave the project soon after launch and take off with the proceeds.
Secondary or secondary market is the market that arises after an NFT set is minted. The floor price is determined at that time by the person who listens to an NFT.
A Seed Phrase is the 12-word unique key that gives you access and control to your MetaMask wallet.
Ser, presumably derived from Sir, is a friendly way to interact with each other in the NFT community.
To Shill means marketing an NFT set or project. Often a link is dropped by the artist or a collector in the hope of enticing buyers to purchase.
A Sh*tposter is someone who posts funny comments on Twitter for fun. Usually, someone also indicates their involvement in the subject. So it is certainly not a negative name.
To Snag means to purchase an NFT smoothly and at a low price, also known as Sniping.
Sotheby’s is one of the oldest and most famous auction houses in the world (along with Christy’s). Not so long ago, Sotheby’s NFTs of Bored Ape Yacht Club and CryptoPunks were auctioned off.
Spaces or Twitter Spaces is a platform where NFT enthusiasts can participate in live conversations regarding the NFT space.
To Stake or Staking means holding an NFT for a longer period of time in order to get more return from it.
Tokenomics refers to the economy surrounding cryptocurrencies.
Twitter is a platform where users can respond to each other through Tweets. It is seen as the most ideal community for people in the NFT space.
Vibe is the term that indicates that you are in a positive emotional spiral. Also used for the feelings of many around a set or project.
Web 2.0 is the current generation of technology in which anyone can create and share content online.
Web 3.0 is the 3rd generation internet technology in which the web is decentralized through blockchain technology. Here, users can see their time spent on the web and posted data being rewarded.
Wen is the term used by people in the NFT space to indicate that they are curious about the upcoming developments in a project or on the roadmap.
WGMI stands for “We (are) Gonna Make It!” This expression is used by someone who has positive feelings and thoughts about an NFT and the future.
A Whale is someone who can influence the market by buying large numbers of NFTs. This can be both positive and negative for the value of a set.
A Whitelist is a list of specifically selected people who are singled out based on their digital identity or address.
So much for the NFT alphabet of expressions and abbreviations. I know that the list is still far from complete and will therefore continue to supplement it with newly picked up NFT colloquialisms.