This is just an industry term for a digital collectible – it could be a model, piece of art, music, a tweet or anything else you can buy as an NFT. Not everyone will call items assets, most people call them NFTs but it’s useful to know in case it does pop up in conversation.
What The NFT
Don’t know your LFG from your WAGMI?
A to Z
Burning means permanently deleting or eliminating a specific amount of NFT’s from a collection. This is usually done by a Project’s founders when a collection is unable to sell all of their pieces to limit the total quantity and ultimately try increase the value of each piece as there are less in circulation.
Cold wallets are wallets NOT connected to the internet. This is where you store your valuable NFTs, these are NOT wallets you mint with or connect anywhere. This is mainly used for sending and receiving from your hot wallet.
DAO is short for Decentralized Autonomous Organization. A DAO provides voting power to it’s holders. The more tokens a member owns, the more votes they have to cast. Even without a recognized leader, DAOs function with an understanding that all of its members will follow a specific set of rules. By being a holder of a token including an NFT, within a DAO, you will be able to have voting rights on the project’s activity.
This is shorthand for Decentralised Finance meaning financial activity that uses cryptocurrency and performed on the blockchain. Not relying on centralised institutions such as banks.
Diamond hands is a term used to describe a person who holds their NFT or assets throughout price volatility and for the long term.
Discord is a free voice, video, and text messaging app that is used by people to talk and hang out with their communities and friends. For Web3, it is a platform where founders, creators, artists, crypto users, and other community members interact with each other daily.
When someone’s identity is revealed by either their own doing or maliciously. In the NFT space you may find that project owners are not doxxed, meaning their identity isn’t revealed.
Do Your Own Research – often used when discussing NFT projects implying that we should each conduct our own research into an NFT project before investing.
Ethereum is a decentralized, open-source blockchain with smart contract functionality. Ethereum (also known as ETH or Ether) is the native cryptocurrency of the platform. Among cryptocurrencies, Ether is second only to Bitcoin in market capitalization. Ethereum was conceived in 2013 by programmer Vitalik Buterin.
Fiat is a type of currency issued by a government such as USD, GBP, EURO etc.
The Floor Price is the lowest purchase price for an NFT within that collection.
‘FUD’ is short for Fear, Uncertainty, and Doubt. The term is used to describe negative news stories, tweets, Discord messages, etc. FUD is often spread by members of a project to voice their negative personal opinions.
Gas, GWEI, is essentially a transaction fee on the blockchain.
This fluctuates very quickly based on how many transactions are occurring on the blockchain. Gas is the fee paid to miners for processing an interaction on the blockchain. These fees can vary significantly depending on how busy the miners are and can spike when large projects are minting. Check current gas prices before interacting with the blockchain if you are performing a task that can wait until prices go down.
You can see the current price of gas here – https://etherscan.io/gastracker
Gas Wars are a common occurrence on Ethereum. When a popular NFT collection launches, with 100,000 people fighting for 10,000 NFTs, you need to increase your gas fee and outbid the others’ for your transaction to go through. This is what’s known as a gas war.
Abbreviations popularly used in discord for “good morning” (GM), “goodnight” (GN), and an all-encompassing “Good Morning/Afternoon/Evening/Night” to cover all bases. Often, you’ll simply find people using GM for hello, and GN for goodbye.
HODL stands for “Hold On for Dear Life” in the NFT & Crypto world, meaning that you are holding for the long term.
This refers to a wallet that is online and easily accessible across devices, making trading and transferring cryptocurrencies quick and easy. A few of the most popular hot wallet options are MetaMask and Coinbase.
A popular brand of hardware wallets. A form of cold wallet, these store your important NFTs and private keys in a secure location.
Abbreviation popularly used in discord for “Let’s f****ing GO!” — this is used as an exclamation in response to something exciting.
The Metadata of an NFT is the names of all of the traits that make up that NFT’s characteristics. By refreshing the metadata at time of reveal, you are pulling through the information into your NFT that assigns the traits and ultimately how your NFT looks, as predefined by your Project’s developers.
A browser extension and mobile app used to give easy access to Ethereum’s Dapp ecosystem. Users can use MetaMask as a wallet for their crypto and NFTs
‘Moon’ or ‘Mooning’ is used to describe when an asset’s value is increasing by a lot. You may see people say “To the Moon” which means, they’re encouraging the value of their asset to increase.
Abbreviation for “Not Gonna Make It” referencing the idea that something will not be successful.
This marketplace is the biggest and currently most active marketplace for buying and selling NFTs.
Paper hands is a term used within the NFT space to describe someone who sells something at a price, at what is perceived by others, to be too low or even at a loss.
PFP means Profile Picture. Many NFT projects are called PFP Projects as their artwork represents a profile picture that resonates with the owner.
After minting a new project, the artwork is either revealed straight away or 1 to 4 days after the mint.
A plan of action determined by a Project’s founders. This will include what the project will do. Considered to be a brief outline of a business plan for many founders and investors, you’ll be able to see the actions the Project will take.
The % of a sale of an NFT that goes to the creator or artist. When selling an NFT it is important to factor in that a % of the sale will be issued to the creator or artist.
A Rug Pull is a scam where the people behind a seemingly legit project disappear with all the money immediately after launch. You might get an actual NFT in return for what you paid, but it’s most likely worthless and not even tradable on a secondary marketplace.
A Seed Phrase—or a Recovery Phrase—is your key/password to accessing your assets in the crypto and NFT world.
A tool to implement a sale agreement between the NFT owner and the buyer
Sweep is a term used when someone purchases several pieces from an NFT collection at the same time. ‘Sweeping the floor’ describes when s collector purchases a large amount of NFTs in a collection on the secondary market from the floor.
Abbreviation for “We’re All Gonna Make It” referencing the idea that we will all be successful within this space.
Used in discord to ask generic, often quick answered questions! “Wen moon” translates to “when moon”, meaning “when will project launch in value?”