What Does NFT Mean in Slang Terms?
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Non-fungible tokens (NFTs) are unique digital assets within the cryptocurrency realm. As this field develops, so does its distinctive lingo, known as NFT slang.
It's essential to grasp the meanings behind this NFT slang to navigate the dynamic world of NFTs effectively. Not knowing the jargon could result in confusion or missed opportunities. So, keep up with the latest NFT slang as it evolves along with this exciting digital landscape.
NFT Slang: Your Passport to the Crypto Community
Mastering the distinct NFT slang is crucial for anyone involved in the digital NFT market. Within the crypto community, NFT meaning slang terms like "minting" (creating a new NFT) and "gas fees" (transaction costs on Ethereum network) reflect both technical and economic concepts vital to understanding NFT dynamics.
Terms like "whale" can influence investment decisions, as these large investors can significantly sway an NFT's price. Understanding NFT slang such as "FUD" (Fear, Uncertainty, Doubt) and "HODL" (Hold On for Dear Life) can also guide through market fluctuations.
The lingo not only facilitates effective communication but also fosters a sense of connection among members and indicates insider knowledge. Understanding and using this unique dictionary is not merely about fitting in but also a means of seeing into the community's values and behaviors.
Exploring Common NFT Slang Terms
In the world of Non-Fungible Tokens (NFTs), the language can be as complex as the technology itself. But fear not, this comprehensive guide will help you navigate the maze of NFT slang and terms, making you a fluent speaker in no time.
Let's dive into some of the most common NFT slang terms you're likely to encounter in your crypto journey.
- AFAIK: AFAIK is short for "as far as I know," used to indicate that a statement is based on the speaker's knowledge and may not be definitive. It's a term often used in online discussions and forums.
- Airdrop: An airdrop is a scheduled release of NFTs for free directly into your crypto wallet. It's often used as a marketing method to get NFTs into the hands of influencers or celebrities, but it's also a way for NFT creators to reward early supporters who join whitelists.
- Allowlist: An 'Allowlist' is a list of wallet addresses compiled by an NFT project before minting that guarantees certain people a spot. This term has largely replaced the term “whitelist,” and it's a way to ensure fairness and inclusivity in the NFT minting process.
- Alpha: In the context of NFTs, having "alpha" means having access to important insider information. This could be early news about an upcoming drop, or a tip about a project that is about to take off.
- AMA: AMA is short for "ask me anything," a type of online Q&A session where participants can ask questions of a guest. Many NFT projects host AMAs to engage with their community and answer questions.
- Ape In: This term is used to explain how 'apes' (investors/collectors) are all-in on a project, which can lead to FOMO (Fear of Missing Out). Apes are slang for crypto and NFT investors.
- Art Blocks (AB): Art Blocks is an NFT platform that hosts, sells, and stores generative NFT art. It uses the Ethereum blockchain and celebrates coding as much as digital art.
- Asset: In the NFT world, an asset is another way to refer to a digital collectible or token. It's a term that underscores the value and ownership rights associated with NFTs.
- ATH/ATL: These acronyms stand for 'All Time High' and 'All Time Low' respectively. They are used to celebrate success and failure (or a chance to buy in cheap).
- Avatar Project: An avatar project is an NFT collection of avatars or characters, similar to a 10k project. These projects often form the basis of online communities, with owners using their NFTs as profile pictures on social media.
- Axie: An 'Axie' is a playable NFT character in Sky Mavis' popular blockchain-based game "Axie Infinity." It's a term that showcases how NFTs are revolutionizing the gaming industry.
- BAGHOLDER: A bagholder is an investor who is holding onto an NFT or other asset that has lost value. It's a term often used in the crypto community to describe investors who are stuck with an unprofitable investment.
- BAYC: BAYC is shorthand for the popular NFT collection Bored Ape Yacht Club created by Yuga Labs in 2021. Other projects in the BAYC ecosystem feature similar abbreviations, including Mutant Ape Yacht Club (MAYC) and Bored Ape Kennel Club (BAKC).
- Bearish: Bearish is the opposite of bullish, used to describe a market where prices are expected to decline. If someone is "bearish" on an NFT, they believe its value will decrease.
- Blue Chip: In the NFT world, a "Blue Chip" refers to a highly valued and well-established NFT project. These projects are often seen as safer investments due to their proven track record.
- Bot: A bot is an automated software or script built to perform specific actions. In the context of NFTs, bots are often used (and sometimes controversially so) to buy up new drops before human collectors have a chance.
- Bullish: Bullish is a term used to describe the expectation of an appreciation of a token or asset’s value in the near future. If someone is "bullish" on an NFT, they believe its value will increase.
- Burn: To burn an NFT or other cryptocurrency token is to destroy it, often to increase the value of remaining tokens. It's a practice that is sometimes used by NFT projects to manage their supply.
- Buy the Dip (BTD): This phrase is used to suggest an NFT's value is low but on the rise; it can also be used to reassure a community.
- Collectible: A collectible is something that’s deemed to have value or rarity, such as limited edition LEGOs or sneakers. In the NFT space, digital collectibles have become a popular form of NFT.
- Community Designated Sellers (CDS): Community Designated Sellers, or CDS, are people who set up wallet addresses with specific purposes and fees for others looking to sell their assets. It's a practice that can help to manage the supply and demand of a particular NFT.
- Crypto Art: Crypto art is art that is created and sold as an NFT on the blockchain. It's a burgeoning field that has allowed digital artists to monetize their work in new ways.
- Crypto Twitter (CT): Crypto Twitter, or CT, refers to the community of Twitter users who discuss cryptocurrency and NFTs. It's a vibrant and influential part of the broader crypto community.
- Curated NFT Marketplace: A curated NFT marketplace is a platform that sells NFTs that have been selected by the platform and have undergone extensive screening. A few examples of curated NFT markets include SuperRare and Nifty Gateway.
- DAO: This stands for Decentralised Autonomous Organisation. These are projects, studios, and companies that are not run by one person or institution, instead, the rules that govern a DAO are coded in smart contracts on the blockchain.
- Decentralized Apps (dApps): Decentralized apps, or dApps, are apps or crypto projects that are built to run on decentralized networks such as Ethereum, BSC, and Solana. They often utilize smart contracts to enable complex functionality.
- Ded: "Ded" is a misspelling of "dead," used to refer to a project that has failed or is no longer popular. It's a term often used in the NFT community to describe projects that have lost their momentum.
- Degen: Degen is short for “degenerate”, usually refers to people who often make risky bets. It's a term often used in the crypto community to describe high-risk, high-reward investment strategies.
- Delist: To delist an NFT is to cancel the listing of it for sale from an open market. It's a term often used in the context of NFT trading.
- Derivative: Derivative projects are those that are derived from the original project. These can include fan art, remixes, or other creative reinterpretations of an original NFT.
- Devs: Devs is short for “developers.” In the context of NFTs, devs are the individuals or teams that create NFT projects and smart contracts.
- Diamond Hands: This term is used to describe NFT investors who hold onto their assets even when the market is down, with the belief that they will increase in value in the long run.
- Discord: Discord is a group-chatting platform originally built for gamers but has since evolved into a platform for all kinds of communities, especially NFT projects. It's a crucial tool for NFT communities, providing a space for discussion, announcements, and community building.
- Doxxed / Doxed: When the identity of an NFT team member, dev, or creator is public, known, or verifiable, they are said to be doxxed. It's a term often used in the context of transparency and accountability in NFT projects.
- Dutch Auction: A Dutch auction is a bidding technique that considers all bids received on a given asset before arriving at a ceiling price, which gradually drops at specific time intervals. This method is often used in the NFT space to determine the market price of a new NFT.
- Due Diligence: Due diligence is the process of researching and evaluating an NFT project or investment before making a purchase. It's a crucial step for any investor looking to make informed decisions in the NFT market.
- DYOR: DYOR is short for "do your own research," a reminder to investors to conduct their own due diligence before making investment decisions. It's a crucial practice in the NFT space, where the value of an asset can be highly subjective.
- ENS (.eth): ENS stands for Ethereum Name Service, a service that sells .eth domains. These domains can be linked to Ethereum addresses, making it easier for users to send and receive tokens.
- ERC-721: ERC-721 is a token standard on the Ethereum blockchain that allows for the creation of unique, non-fungible tokens. It's the backbone of most NFTs, enabling the creation and trading of unique digital assets.
- ERC-1155: ERC-1155, sometimes called the multi-token standard, is an updated version of the code for ERC-721. It allows for batch transfers and can include a combination of fungible, non-fungible and semi-fungible tokens.
- Farm: Farm is a commonly used term in gaming where players earn in-game assets in exchange for their time and effort. In the context of NFTs, it can also refer to airdrops. For example, Blur users were encouraged to ‘farm’ BLUR tokens by listing and bidding NFTs on the platform.
- Flipping: This is when someone buys an NFT with the only purpose of waiting for its value to increase and then selling it.
- Floor: The 'floor' or 'floor price' of a project is the lowest price you can buy an NFT from the collection on the secondary market. It's a term often used by traders to gauge the minimum investment required to enter a particular NFT market.
- Floor Sweeping: Floor sweeping refers to the act of buying numerous NFTs in a collection, often at the project’s floor price, in the hope that it will raise the project's value. It's a strategy that's as intriguing as it sounds, and it's unique to the NFT market.
- Free Mint: Free minting is a process of creating an NFT where the gas fees are borne by the buyer and not the seller. It's a good way to get into making NFTs, but they tend to have less visibility as the NFT isn't registered on the blockchain until it's sold. Read our guide for free mint NFTs here.
- Fractional Ownership: Fractional ownership refers to partial ownership rights over an NFT. This concept allows multiple individuals to own a piece of a single, often high-value, NFT. It's a way to democratize access to expensive NFTs.
- FOMO: FOMO is short for "fear of missing out," the feeling of anxiety or regret that can arise when investors see others profiting from an investment and worry that they are missing out on potential gains. It's a powerful force in the NFT market, often driving demand for hot new drops.
- Fren: In the NFT community, 'Fren' is a term that simply means 'Friend.' It's a testament to the camaraderie that exists among NFT enthusiasts.
- FUD: FUD is short for "fear, uncertainty, and doubt," used to describe negative or misleading information about an NFT project or investment. It's a term often used in the crypto community to describe tactics used to manipulate market sentiment.
- Gas: The gas fee paid to register an NFT on a blockchain, which is paid to crypto 'miners' for their energy costs. Ethereum gas fees have been high for some time as it's the most popular blockchain. Newer tokens such as Solana and Avalanche have lower fees.
- Gas Limit: The gas limit is the maximum amount of gas that can be used to process a transaction on the blockchain. It's a crucial factor in determining whether a transaction will be successful, especially during periods of high network congestion.
- Gas Wars: Gas wars refer to a situation where multiple users compete to have their transactions processed on the blockchain by offering higher gas fees. It's a phenomenon that often occurs when there's high demand for a particular NFT drop. In May 2022, the intense interest in buying BAYC land led to a surge in activity that caused Etherscan to malfunction and caused the cost of conducting Ethereum transactions to increase steeply, with fees reaching thousands of dollars per transaction.
- Generative Art: Generative art is art that is created (be it in whole or partially) with the use of an autonomous system. This form of art is quite popular in the NFT space, with projects like Art Blocks leading the way.
- Minting: The act of registering an NFT on a blockchain.
- Minting Interval: Minting interval refers to how often you can mint or create tokens. This term is often used in the context of NFT projects that have a set schedule for minting new tokens.
- HODL: HODL is a misspelling of "hold," used to describe the act of holding onto an NFT or other cryptocurrency for a long time. It's a term that signifies a long-term investment strategy.
- Hype: Hype refers to the excitement and buzz surrounding an NFT project or collection. It's a powerful driver of demand in the NFT market, but it can also lead to inflated prices and speculative bubbles.
- IRL: IRL, an acronym for 'In Real Life,' is being used more and more as NFTs now cross over into real-life uses as well as digital, online functions. It's a testament to how NFTs are blurring the lines between the digital and physical worlds.
- JPEG: JPEG, short for "joint photographic experts group," is a standard format for digital images that is often used for art NFTs. It's a term that's synonymous with digital art in the NFT space.
- Lambo: "Lambo" is short for Lamborghini, used to describe the potential profits that can be made from investing in NFTs or other cryptocurrencies. It's a term often used in the crypto community to symbolize the dream of achieving wealth through crypto investments.
- Limited Edition: A limited edition refers to an NFT collection with a set number of unique tokens available for purchase. These collections are often highly sought after due to their scarcity.
- Liquidity: In the context of NFTs, liquidity refers to the ability to trade an NFT for cash. High liquidity means that there is a large market for the NFT, making it easier to buy and sell.
- Market Cap: The market cap, or market capitalization, is the total value of all NFTs or other assets in a particular market. It's a measure of the size and significance of an NFT project or collection.
- Marketplace: A marketplace is an online platform where NFTs can be bought and sold. Examples include OpenSea, Rarible, and Nifty Gateway.
- Metadata: Metadata is a set of data that describes the characteristics of an NFT. It often includes the description, total supply, traits, and creation date of an NFT.
- Metaverse: The metaverse refers to immersive, virtual worlds that often utilize blockchain technology. In these digital universes, NFTs can represent a wide range of assets, from virtual real estate to digital clothing.
- Mods: Mods refers to the moderators of Twitter, Discord, or Reddit channels. In the context of NFT communities, mods often play a crucial role in maintaining the community's rules and standards.
- Moon: "Moon" is slang for a significant increase in the value of an NFT or other asset. If an NFT is "going to the moon," it means its price is expected to rise dramatically.
- Moonboy: A 'Moonboy' is someone who is just too fanatical about an NFT and comes from the idea that a good project will 'Go to the moon.' It's a term that captures the excitement and optimism that often surrounds promising NFT projects.
- Music NFTs: Music NFTs are a type of NFT linked to an audio file. They're a testament to how NFTs are revolutionizing the music industry by providing a new way for artists to monetize their work.
- NGMI: NGMI is short for "not going to make it" or "not gonna make it," used to describe a project or investment that is expected to fail. It's a term often used in the crypto community to express pessimism about a particular project or investment.
- NFT Art: NFT art is art that is created and sold as an NFT on the blockchain. It's a burgeoning field that has allowed digital artists to monetize their work in new ways, and has given rise to a whole new art market. Discover top rising NFT artists in 2023 here!
- NFT Drop: An NFT drop is the release of a new NFT collection for sale or minting. It's a major event in the life of an NFT project, often accompanied by significant hype and anticipation. Don’t miss a single beat with our guide on NFT drops radar.
- NFT Frame: An NFT frame is a digital frame or display designed specifically for displaying NFTs. These devices allow collectors to display their NFTs in the physical world.
- Nifty Gateway: Nifty Gateway is a popular NFT marketplace that allows artists and creators to sell their work as NFTs. It's known for its curated drops and high-profile collaborations.
- Noob: A 'Noob' is someone who's new to NFTs, just like in video games. This term can be used in a friendly way but also as a put-down. It's a reminder that everyone starts somewhere, even in the world of NFTs. You can refer to them as ‘dummies’ as well, just like in this guide on NFTs for dummies.
- Non-curated NFT Marketplace: Non-curated NFT marketplaces, also called "open NFT marketplaces," are sites where anyone can buy, bid, and mint NFTs. A few examples of open NFT marketplaces include OpenSea, Rarible, and LooksRare.
- OG: An 'OG' refers to someone who has been on NFTs since the beginning. '90s kids will remember this from the slang for 'Original Gangster.' It's a term that pays homage to those who were early adopters of NFTs.
- One-of-One (1:1): One-of-One (1:1) refers to an NFT that is unique and only offered as a single edition. It's a term that captures the uniqueness and exclusivity of certain NFTs.
- Open Edition: An 'Open Edition' refers to an NFT that can be minted in unlimited quantities within a set timeframe. It's a term that showcases the flexibility and scalability of NFTs.
- OS: OS is short for OpenSea, the leading NFT marketplace on Ethereum. It's a platform where creators and collectors buy, sell, and explore NFTs.
- Paper Hands: Paper hands is the opposite of 'diamond hands'. It refers to someone who sold something (usually an NFT) at a price that’s perceived to be too low. It's a term often used to describe individuals who panic sell during market downturns.
- P2E: P2E is short for "play-to-earn," referring to blockchain-based games that use tokens to reward players. It's a concept that is revolutionizing the gaming industry, allowing players to earn real-world value from their in-game activities.
- Peer To Peer (P2P): P2P stands for peer-to-peer, referring to transactions that are made directly between person-to-person, without the need for an intermediary. This is a fundamental concept in decentralized finance and NFT trading.
- Probably Nothing: "Probably Nothing" is a phrase used ironically in the NFT community to mean "probably something important". It's often used to hint at significant developments or news in a project.
- Profile Picture (PFP): PFP stands for profile picture. In the context of NFTs, a PFP often refers to a user's profile picture on social media platforms, which can be an NFT from a particular collection. Owning a certain NFT PFP can signify membership in a specific community.
- Proof of Ownership: Proof of ownership is the ability to prove that you are the rightful owner of an NFT, often through a digital signature or other cryptographic method. It's a crucial aspect of the NFT market, ensuring the authenticity and ownership of digital assets.
- Pump and Dump: A pump and dump is a type of scam where investors artificially inflate the price of an NFT or other asset, then sell it off quickly to make a profit. It's a practice that is unfortunately all too common in the NFT space.
- Raids: 'Raids' are flash campaigns, drops, and promotions, usually on social media, to hype up an NFT. It's a term that captures the fast-paced and dynamic nature of the NFT market.
- Rarible: Rarible is an NFT marketplace that allows users to create and sell their own NFTs. It's a platform that has empowered a new generation of digital artists and creators.
- Rarity: Rarity refers to the uniqueness of an NFT, which can affect its value. The rarer an NFT, the more valuable it is likely to be.
- Rekt: Rekt is slang for "wrecked". It refers to a trader who has experienced a significant loss from a trade. It's a term often used in the crypto and NFT communities to describe poor investment outcomes.
- Reserve Price: The reserve price is the minimum price that a seller is willing to accept for an NFT. It's a term that's crucial to understanding the dynamics of buying and selling in the NFT market.
- Right Click Save As: 'Right Click Save As' is a term used by people who don't like or don't understand NFTs, and refers to the act of right-clicking and downloading a JPEG. However, this isn't how NFTs work, as owning an NFT means owning a unique piece of code on the blockchain, not just the image it represents.
- Royalties: Royalties refer to a percentage of the sale price of an NFT that is paid to the original creator or owner of the NFT every time it is sold. It's a feature that has allowed artists to benefit from the secondary market sales of their work.
- Rug Pull: A rug pull is a scam where the creators of an NFT project suddenly disappear with investors' money. It's a term that has unfortunately become all too common in the NFT space.
- Secondary Market: The secondary market is where NFTs are sold and resold on marketplaces such as OpenSea. It's an important aspect of NFT art because it means artists and creatives earn from any future sales.
- Soulbound Tokens: Soulbound tokens are non-transferable NFTs linked to an individual’s identity. They're a unique type of NFT that adds a personal touch to the digital asset.
- Smart Contract: A smart contract is an agreement that automatically executes when predetermined conditions are met. They’re enforced on the blockchain network, irreversible, and not subject to change. Smart contracts are the backbone of NFT creation and trading.
- Smart NFT: A smart NFT is an NFT that contains additional functionality beyond basic ownership, such as the ability to trigger certain actions or events. These NFTs are at the cutting edge of technology, pushing the boundaries of what's possible.
- Smart Wallet: A smart wallet is a digital wallet that can interact with smart contracts on the blockchain, allowing for more complex transactions. It's a crucial tool for anyone looking to engage with the NFT market.
- Sniping: 'Sniping' is a term used to describe methods for finding an NFT that is listed below its actual value. It's a strategy used by savvy NFT traders to find hidden gems in the market.
- Staking: Staking is the process of holding an NFT or other cryptocurrency in a wallet to earn rewards. It's a common practice in DeFi (Decentralized Finance) and is increasingly being used in the NFT space.
- Token: A token is a digital asset that represents ownership of an NFT or other asset on a blockchain. It's the fundamental unit of value and ownership in the NFT world.
- Token ID: A token ID is a unique identifier assigned to each NFT on the blockchain. It's a crucial piece of information that allows for the identification and tracking of individual NFTs.
- Tokenization: Tokenization is the process of converting a physical asset or piece of content into a digital token on the blockchain. It's a fundamental concept in the NFT space, enabling the creation of digital assets that can be bought, sold, and owned.
- Traits: 'Traits' are the various features that distinguish NFTs within a collection. NFT collectors often sort NFTs by attributes to determine their rarity and value. For example, only nine CryptoPunks are aliens – therefore, CryptoPunks with alien traits tend to be more expensive than CryptoPunks with human traits.
- Utility: Utility refers to the usefulness of an NFT beyond its value as a collectible. For example, an NFT might provide access to exclusive content or events, or it might have functionality within a game or virtual world.
- Virtual Real Estate: Virtual real estate refers to NFTs that represent ownership of virtual land or property in a metaverse or other virtual world. It's a rapidly growing sector of the NFT market, with virtual plots of land selling for millions of dollars.
- Wash Trading: 'Wash trading' refers to the buying and selling of an NFT between two buyers who are the same or are colluding together in order to manipulate trading data. It's a term that highlights some of the challenges in maintaining transparency and fairness in the NFT market.
- Wearable NFTs: Wearable NFTs refer to clothing or accessories sold as NFTs that can be worn by playable avatars in blockchain-based games. It's a term that showcases how NFTs are transforming the fashion and gaming industries.
- Web3: Web3 is a term coined by Ethereum co-founder Gavin Wood in 2014, and it refers to the next iteration of the internet that focuses on decentralization, blockchain technology, tokenized economies, and user-owned data. It's a term that encapsulates the vision and promise of the NFT revolution.
- Wen Moon?: "Wen moon?" is a slang term used to ask when the price of an NFT or other asset will rise significantly. It's a phrase often used in the crypto community to express anticipation for future price increases.
- Whales: In the crypto world, a "whale" is an investor who owns a large number of tokens. In the context of NFTs, whales often have significant influence over the market due to the size of their holdings.
These are just a few of the many NFT slang terms that you might encounter. As you delve deeper into the world of NFTs, you'll likely come across many more. Remember, understanding the lingo is just the first step.
Always do your own research and make informed decisions when it comes to investing in NFTs. Have you used or encountered any of these terms before?
FAQ about NFT Meaning Slang
Q: What does NFT mean in slang?
A: In slang, NFT stands for Non-Fungible Token which hails from the digital world. NFTs are unique digital assets like art, music, collectibles, and game items that cannot be replaced or exchanged on a one-to-one basis, due to their distinct value and rarity.
Q: What is an NFT in social media?
A: An NFT in social media refers to digital assets that hold value within social platforms. These can be collectible virtual items, rare digital art or even tweets that users can buy, sell, and trade as unique and non-interchangeable tokens, giving them exclusivity and investment benefits.
Q: What does it mean to be called an NFT?
A: To be called an NFT implies that someone or something is being referred to as a unique and non-interchangeable entity. In technology or digital asset discussions, being an NFT means holding a specific, distinct value that sets it apart from others.
Q: What does NFT mean trend?
A: The NFT trend refers to the increasing popularity and utilization of Non-Fungible Tokens in various fields like art, music, gaming, and entertainment. It signifies the growing trend of individuals and organizations investing, trading, and creating NFTs due to their unique value and potential benefits.
Q: What does NFT mean for celebrities?
A: For celebrities, NFTs offer an opportunity to monetize their work, likeness, or virtual goods in a unique way. They can create and sell their digital assets, such as art, music, or other branded collectibles, to fans directly, providing them with exclusive content and fostering a stronger connection with their audience.
Q: Why do people use NFT?
A: People use NFTs for multiple reasons, such as investing in or trading digital assets, supporting artists or creators they admire, enjoying access to exclusive collectibles, or even showcasing their digital possessions in virtual galleries and environments. NFTs hold distinct value for both collectors and creators.
Q: Why do people have an NFT?
A: People have NFTs to establish digital property ownership, participate in trading and investing, access unique content, or support their favorite creators in a decentralized and secure manner. NFTs provide a new way to interact with digital assets, allowing individuals to enjoy and profit from their unique and rare attributes.
Conclusion: The Lasting Impact of NFT Slang
Staying updated with NFT meanings and terms is key in the ever-evolving NFT market. Tapping into online forums, social media, and reliable websites can help you keep abreast of the NFT slang. By watching market trends and NFT news, you can stay one step ahead.
Familiarity with NFT slang and meanings is integral in making knowledgeable decisions. So, how will you use your understanding of NFT slang in the digital asset world? Always be keen to learn, adapt, and share your insights.
This article has been refined and enhanced by ChatGPT.