NFT Terminologies you’d better know!

Practice and catch up on some of the current terminology doing the NFT rounds:

10k Project

A “10k Project” is an NFT collection of approximately 10,000 non-replicable tokens, the most famous example being the CryptoPunks collection from 2017. Similar avatar projects may also be referred to as a 10k project, regardless of the exact number of NFTs in the collection.

1/1 Art

“1/1 Art” is a limited-edition single NFT. It could be an independent NFT creation by a digital artist or an extremely rare collection inserted into another larger generative set.

1/1 of X

In contrast to 1/1 Art, 1/1 of X refers to one unique NFT in a collection of NFTs, and is often used to describe NFTs in a PFP or generated art collection.

Alpha

Alpha refers to crucial inside information as yet unknown to the rest of the NFT market.

Ape Into Something

Based on a quote《Apes together strong》from the 2011 film Rise of the Planet of the Apes that later evolved into a popular meme, to “ape into something” refers to the act of buying NFTs in an irresponsible manner due to FOMO, or over-investing without sufficient due diligence or research.

BTD

BTD is an abbreviation for “Buy the dip”, therefore the act of buying an asset at a lower price due to a drop in the market. With asset values temporarily low, there is the possibility of a rebound after short-term fluctuations, thus BTD is often a popular trading strategy.

Burn

Refers to the destruction of an NFT. In some projects, the NFT holder may have the right to destroy, or burn, some old NFTs in order to create new and rare ones. Meanwhile, other projects may burn unsaleable NFTs in their collections, which will no longer be transferable after destruction.

COPE

This term is the inverse of the common expression FOMO (see below). It refers to a feeling of regret from failing to buy an NFT because one is coping with an earlier mistake of not FOMOing when the price was so much lower.

DAO

Decentralized Autonomous Organization. A community-driven structure. Investors who are members of a DAO have the right to control future actions by voting and, by complying with the rules in the smart contract, have the opportunity to access the project vault in the future.

Delist

To delist means to remove an NFT from a trading exchange. Delisting often occurs as a result of a rapid increase in the price of NFT products that may be sold at a price that exceeds the market estimate.

Degen

An abbreviation for “degenerate”. Degen is a derogative term referring to one who rushes into buying NFTs without adequate research.

Devs

An abbreviation for “developers”.

DEX

An abbreviation for “decentralized exchange”. Decentralized exchanges allow for peer-to-peer transactions without need to go through a centralized third party like Coinspot or Binance.

Diamond Hands / Paper Hands

“Diamond hands” refers to NFT holders with a high risk tolerance for volatile assets. Though the value of an asset may be low, a Diamond Hand will hold on to the asset for a long time in the confidence it can be sold at a high price in the future. “Paper hands” refers to the act of selling NFTs prematurely due to panic.

DYOR

An abbreviation for “Do Your Own Research.” DYOR indicates that a buyer should do their own research before investing in any NFT asset, as opposed to just following the crowd.

Farming

Farming refers to a way of earning passive income by providing liquidity. In the NFT space, farming typically involves staking an NFT to recieve rewards in tokens, or staking tokens to be rewarded with NFTs.

Fiat

Refers to a currency not backed by a physical commodity such as gold, but by the government who issued it. The term generally distinguishes the currency of a nation-state (such as Euro or USD) from digital or crypto currency.

Flip

The act of buying an NFT at a low price and reselling it quickly to accrue instant profit.

Floor is lava

Means avoid low price as much as possible. “Floor is lava “is a game in which player should avoid touch the floor as much as possible.Floor is an abbreviation for “floor price”.

FOMO

An abbreviation for “fear of missing out”. FOMO is a common expression used to describe the mentality of an investor who has witnessed others make huge profits and does not want to miss out.

FUD

An abbreviation for “Fear, Uncertainty and Doubt”. FUD refers to information or rumour deliberately generated in order to lower the price of a particular NFT product. This information, such as negative news and rumors in social media, is often inaccurate or can be completely false.

Gas War

“Gas” refers to fees required in order to complete a transaction. A “gas war” occurs when a large number of buyers simultaneously attempt to purchase an NFT. In a gas war, just as in an auction, the item on sale generally goes to the highest bidder.

Generative Art

Refers to the set of NFTs generated algorithmically by hand crafting a random combination of initial features.

GMI/WAGMI

“Gonna make it” and “We all gonna make it”. Both are NFT terms to imply the bright future for certain investments or industries.

NGMI

NGMI (Not going to make it) is the opposite of GMI (Going to make it). Frequently used to refer to bad decision making or poor judgment.

HODL

Originating from a spelling error on the Bitcoin forum in 2013, “HODL” took on the meaning of “Hold on for dear life”. The term thus means to hold onto an asset regardless of its price or any change in the market climate.

IRL

An abbreviation for “In Real Life”.

Meatspace

First coined as a contrast to the emergence of “cyberspace”, “meatspace” refers to the physical world we inhabit as opposed to the virtual world of the Internet and Metaverse.

Mint

The process of creating an NFT and building its address on a blockchain.

Moon

“Going to the moon” indicates that the price of an NFT project is soaring.

Multisig

“Multi-signature wallet”. A multisig is a wallet requiring multiple signatures to transactions before transferring funds. In DAOs, multisigs are frequently used to ensure funds are safe and thus that proposals passed by the committee do indeed trigger their intended on-chain actions.

NFA

An abbreviation for “Not Financial Advice”. NFA is usually used as a disclaimer. 33 OG OG (Original Gangster) indicates a person of great worth and respectability in the NFT ecosystem.

P2E

“Play-to-Earn”. P2E is used to describe blockchain-based games that use tokens and in-game digital assets (NFTs) to incentivize and reward players.

PFP

PFP means “Profile Picture”. People like to use avatars on social media platforms such as Twitter and Discord to show off their NFT collections.

Raids

Refers to flash activities carried out on social media platforms. These activities are initiated by NFT projects to keep the community active.

Rekt

Rekt is a slang term for “wrecked”, referring to those who suffer severe financial losses as a result of poor investment decisions.

Right Click Save

AS The term was coined by people who don’t believe in the value of NFTs. Such people consider one needs only to right click their mouse to download and copy an image, rather than wasting millions of dollars.

Ring Signature

A ring signature is a special type of digital signature required to authorize transactions that can be performed by any member of a group (or ‘ring’) of potential signers. Each potential signer possesses a set of keys and it is impossible to determine which of the member’s keys was used to produce the signature.

Roadmap

An essential element of an NFT project. The roadmap outlines a series of activities in the development of a project that adds more and more value for the community. It is usually expressed in periods of time, most notably Q1 2021, Q2 2022, etc.

Rug pull

A “Rug pull” is actually a scam. It is a project that is marketed solely in order to drive sales, with all profits abandoned immediately following release of the project. In some cases, investors may receive an NFT in return. But in fact, this NFT is often a piece of scrap untradable on the secondary market.

Satoshi

1 BTC = 100,000,000 Satoshis, and is the smallest unit of Bitcoin recorded on the current blockchain. Otherwise simply known as Sats.

Seems legit

An abbreviation for “Seems legitimate”. It is a sarcastic expression used to imply that something is certainly not legitimate or what it is cracked up to be.

Shilling

Annoyingly prominent in NFT groups on Discord and Telegram, shilling refers to the practice of posting and advertising connections to personal NFTs or other NFT projects, or trying to generate FOMO in a community.

Snapshot

Snapshot (https://snapshot.org/#/) is a decentralized voting system used by DeFi projects to help survey users. Effectively, it is a governance aggregation platform that verifies a user’s eligibility to vote by viewing a snapshot of their wallet. Off-chain signing techniques are applied to reduce voting fees.

Stablecoin

Refers to a cryptocurrency that is pegged to a reserve asset such as fiat currency or gold.

(Floor) Sweep

A “floor sweep”, or “sweeping the floor”, refers to the act of buying up a large number of the cheapest NFTs in a secondary market collection in order to raise the floor price of the project.

Vaporware

Usually refers to software that is hyped up yet never enters the market.

Wen Moon

“Wen” is a misspelling of “When”.. Refers to a time when the price of an NFT could skyrocket.

Whale

A “whale” generally refers to someone who holds more than $1 million worth of NFTs. Market activities of whales can exert a huge impact on the overall performance of the NFT market.

Don’t forget — to access the most comprehensive, in-depth and up-to-date aggregated VRE market and project data, check out OneLand.

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