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Get Icy PremiumPublished on September 20, 2022
The Complete NFT Glossary: A to Z
Whether it's alpha, moon shots, rug pulls, DAOs, FUD, or asking, "wen lambo?" — we've got you covered on NFTs A to Z.
20 min read
Sometimes the language of the NFT and Web3 world can feel like a big barrier to entry. You overhear all sorts of interesting investors, entrepreneurs, and influencers bandying about terms that fly right over your head.
From the memes to the slang to the sometimes less-than-intuitive concepts behind encryption, tokens, and blockchain, it’s reasonable to feel like you need a guide through the wilderness.
With this NFT glossary at your fingertips, you now have the guide you’ve been seeking. Moving from A-to-Z, we will take you through the NFT space on a grand tour of the lexicon that makes it tick.
THE COMPLETE NFT GLOSSARY
1:1 Art
When an NFT is 1:1, no other version of it exists. You’ll own the one and only collectible asset
10k Project
10k Projects create 10,000 unique NFTs and then halt – creating a permanent limited supply. Get ‘em while you can!
Abbreviations & Acronyms
There are a lot of abbreviations & acronyms in the NFT space – starting with the non-fungible tokens themselves. Make sure to look up any you don’t understand to avoid losing your bag!
AFAIK
An acronym meaning “As Far As I Know,” a common refrain for holders and enthusiasts
Airdrop
When a company or venture sends your wallet crypto, NFTs, or other digital assets for free, usually as a promotional hook
Alpha
If you’ve got alpha, you’re ahead of the curve. Term for valuable intel on an upcoming launch or feature
AMA
“Ask Me Anything,” an online Q&A where project founders and community members can interact
Ape-ing (into something)
When you go all in on a project or NFT launch, with reckless abandon!
Asset
Any digital asset on the blockchain, from cryptocurrency to NFTs
ATH / ATL
“All Time High” and “All Time Low” – the highest and lowest prices that a project has ever reached in its lifetime
Avatar Project
NFT Projects focused on unique art assets that can utilized as online avatars
Avatars
A digital identity or face, made unique as an NFT
Bearish
When you think the price on a project or market is headed down
Binance
One of the largest and most popular cryptocurrency exchanges in the world
Bitcoin
The OG cryptocurrency, that still holds the highest value
Blockchain
The idea behind decentralized internet, involving peer-to-peer networking that can be safe, secure, anonymous, and efficient
Blockchain Network
A network that serves as a decentralized, peer-to-peer ledger of online transactions
Blockchain Technology
The underlying foundation of a blockchain system that serves to connect applications and smart contracts to the peer-to-peer network
Blue Chip
An NFT project with a high valuation that is also stable
Bored Ape Yacht Club
One of the biggest NFT projects, based around Profile Picture Avatars and a developing metaverse
Bot
An automated program designed to interact with users as if it is human
Bridge
The connection between two separate blockchain networks, allowing communication and interaction across the two
BSC
The Binance Smart Chain is the blockchain created by Binance
BTC
The acronym for Bitcoin
Bullish
When you’re confident the price of a project or market is on the way up
Burn / Burning
When an NFT owner chooses to destroy their NFT’s value by sending it to a locked address that removes it from any future blockchain transactions
Collectible
Through blockchain, NFTs can be traded and valued like other collectible materials in the physical world
Community Designated Sellers (CDS)
Sellers with wallets set up for those in a community who entrust them to sell digital assets like NFTs
Computing Power
The processing strength of a computer or network
Crypto
The abbreviated term for cryptocurrencies
Crypto Assets
Digital stores of value that can be exchanged online
Crypto Twitter (CT)
The decentralized network on Twitter (along with other forums and sites) where influencers, builders, thinkers, and scam artists gather to create the culture of crypto
Crypto Wallet
The hardware or software security measures that store crypto and other digital assets
Cryptocurrency
A fully digital currency with no backing from a central authority, and encrypted security
CryptoPunks
One of the largest and most successful PFP NFT projects
DAO
A Decentralized Autonomous Organization. A community owned and operated by the membership, who gain access through common holdings such as NFTs. Hierarchy and decision making is done through smart contracts and blockchain technology
DApps
Decentralized Apps. Applications that interact with blockchain technology, easing access for users
Decentralized Exchanges
Also known as DEX, these are platforms that allow for the exchange of digital assets through peer-to-peer transactions
Ded
A slang term online for when someone is overcome by emotion, either joy or sadness, to the point that they ‘die’
DeFi
Decentralized Finance, a catch-all for the process of transferring financial transactions onto blockchain
Degen
Slang term for degenerate, often used colloquially as a sign that someone is ‘ape-ing’ in or making high-risk maneuvers
Delist
When an NFT sale is removed from the marketplace
Derivative
NFT Projects that are highly inspired by successful ones, building on and taking ideas from them – usually visuals, as in the many spin-off Ape projects
Devs
Abbreviation for developers
Diamond Hands
Those who hold an NFT, crypto, or other asset through thick and thin – price rises, dips, or bad word of mouth. Often a sign of respect in a community
Digital Art
Creations made fully through digital tools, sometimes now even generated by AI
Digital Assets
Digitally created items that hold inherent value
Digital Currency
Currency that is fully digital, and does not exist in any other form
Discord
A popular platform that many communities in the NFT/crypto world utilize to build camaraderie and spread information. A valuable space to gain information on almost all NFT projects
Do Your Own Research/DYOR
A claim made by many in NFT/crypto communities to warn new investors to find their footing in the space before falling for a scam or losing money on a bad decision
Doxxed/Doxed
When anonymous identities, such as NFT project leaders, are unveiled, after having been concealed. This reveal could be unintentional or, more often, intentional, to improve faith in the project
Drop
Another term for ‘airdrop,’ when free assets are given out to reward holders
Dutch Auction
A method for auctions utilizing price discovery, as the seller creates a ceiling price that slowly drops over the course of the auction until a buyer agrees on the value
ENS (.eth)
Ethereum Name Service, that sells .eth domains to help condense long Ethereum wallet keys
ERC-20
A token standard on the Ethereum blockchain for fungible, divisible tokens
ERC-721
A token standard on the Ethereum blockchain for non-fungible, indivisible tokens
ETH
The abbreviation for the Ethereum cryptocurrency
Ether
The cryptocurrency, shortened from Ethereum to clarify from other Ethereum projects such as the Ethereum blockchain
Ethereum Blockchain
One of the most popular and populated blockchain platforms in existence, with highly flexible functionality
Etherscan
A data analytics platform and tracker that works to track all Ethereum transactions and can be utilized to verify your own purchases or sales
Farm
When the intensive time spent in a game or gamified effort results in the gain of digital assets
Fear of Missing Out / FOMO
A common refrain for investors who dive into projects, even when uncertain, as they do not want to be left out if the project succeeds
Fiat
All currency that is issued by state or governments, when not also pegged against a standard such as gold
Flex
To show off or broadcast one’s access to a valuable commodity or achievement
Flip
To buy and sell a digital asset rapidly for a gain
Floor Price
The lowest price a digital asset sells for after an initial mint price
Floor Sweeping
When the entirety of an NFT collection is bought out at the lowest or floor price
Fractional Ownership
The division of an NFT’s ownership rights, so different people can own, buy, or sell percentages of the overall NFT
Fren
Slang for “friend” in NFT communities, as a sign of affection
FUD
Fear, Uncertainty, and Doubt, these are tactics utilized by those who want certain projects to fail
Fudder
Someone who spreads FUD/Fear, Uncertainty, and Doubt (see above)
Fudding Your Own Bags
When a project owner or community member begins to talk down on what they previously supported
Functionality
The quality of how NFTs operate, through their underlying smart contracts
Fungibility
An asset that can be replicated and is not unique is fungible
Fungible Tokens (FT)
Tokens, such as cryptocurrencies, that are divisible, non-unique, and can be traded
GameFi
Games or gamified apps with built-in tokenomics to reward players; also known as Play-to-Earn
Gas Fees / Gas Prices
The cost it takes to execute transactions on a blockchain network
Gas War
During a popular NFT launch, gas prices can skyrocket as people try to outbid one another with faster transactions
Generative Art
Art created by artificial intelligence or other autonomous programs
GM / GN
Abbreviation/slang for ‘Good Morning’ or ‘Good Night’ – a sign of manners in a community
GMI
“Gonna Make It,” a shortened abbreviation of “We’re All Gonna Make It,” a common phrase to boost morale in the crypto space
Governance Tokens
Holders of these have voting rights in the project through which they are issued
GPU
Abbreviation for Graphics Processing Unit, the computer component utilized to mine crypto
GTD
Abbreviation for “Going to Dust,” an NFT or digital asset that’s going to lose all value
Gwei
The term for 0.000000001 ETH, the gas price for Ethereum transactions
Hashmasks
A collection of digital art created by a global team of artists, in a project where holders can bestow their own name upon the Hashmask they own
Hashrate
The speed GPUs mine crypto or other tokens
HODL
Slang for “Hold,” a command or urging on for investors to hold onto their project until it moons
ICO
Initial Coin Offering, when a project team first puts their crypto on the market for early investors
ICYMI
Abbreviation for “In Case You Missed It,” used by the community to point others toward projects that they missed
IDK
Abbreviation for “I Don’t Know”
IDO
Initial Dex Offering, as new NFTs or digital assets launch on an exchange to raise money for upcoming projects
IGO
Initial Game Offering, where early participants get access to in-game NFT assets in a GameFi game
InterPlanetary File System
The IPFS address is an alternative to the HTTP gateway URLs, where other users on the network can host information to avoid content being tied to specific users
IRL
Abbreviation for “In Real Life,” referring to actions or activities that take place in the real world
IYKYK
Abbreviation for “If You Know, You Know,” a term referring to those who have inside information
KOL
Abbreviation for “Key Opinion Leader,” or a major influencer in a space
KYC
Abbreviation for “Know Your Customer,” a process for companies to verify user information through the uploading of certain documents or information
LarvaLabs
The developer of the popular NFT collection CryptoPunks
Layer2
A scalable layer to operate on top of existing blockchains like Ethereum to help improve user experience and efficiency
LFG
Abbreviation for “Let’s Fucking Go,” used when people are hyped about a project
Liquidity
The ability of one asset to be converted into another
Liquidity Pool
A pool of tokens linked through smart contract to act as the fuel for trades and borrowing on an exchange
Looks Rare
NFT slang used as sarcastic shorthand to imply a project does not look rare
McDonald’s
Sarcastic slang for the fallback job investors plan on when their crypto portfolios don’t take off
Meatspace
IRL, or the physical world
Metadata
The specific, unique data that underlies an NFT and makes it what it is
MetaMask
A browser-based software wallet that allows users to interact with most popular blockchains and store crypto
Metaverse
The general term for the future of Web3, virtual reality, and the digital economy as it involves identity, gaming, and online lifestyles
Migration
The moving of digital assets from one blockchain to another
Miner
A token miner, who sets up a GPU for the express purpose of mining
Mining
The computational problem-solving done to process Proof-of-Work blockchain transactions, performed by miners who receive minted tokens in return
Minting
The creation of an NFT
Minting Interval
The time allowed between the creation of digital tokens
Mods
Slang for moderators, or those who oversee popular communities on Discord, Reddit, and more
Moon
A slang term referring to the skyrocketing growth potential of certain projects – “going to the moon,” or “mooning”
Moonboy
A (potentially delusional) believer in a project they believe will go to the moon
Multisig
“Multi-signature wallet,” or a wallet that needs multiple signatures on a transaction before it can be completed; often used by DAOs or other trusted community leaders when processing important proposals or votes
Never Trust, Always Verify
The cybersecurity dictum to keep up continuous verification of user identity and benevolence when accessing online information or content
New NFT
A fresh NFT on the market
Newbies
Those new to the Web3, crypto, or NFT space who don’t have experience or knowledge that others do
NFA
Non-Fungible Art, a membership subscription to a curated collection of NFT art drops
NFT
Non-fungible token, which are unique and non-divisible digital assets
NFT Collection
A released collection of NFTs related by theme, art, or content whose value is interrelated
NFT Community
The people and influencers who make up the online discourse surrounding NFTs
NFT Glossary
You’re reading one! A glossary of terms commonly found in the NFT space
NFT Marketplace
A digital exchange for sellers, buyers, and traders of NFTs, such as OpenSea
NFT Project
A specific project geared around the minting and collecting of NFTs, usually backed with a thematic NFT collection
NFT Space / NFT World
In general, a term that refers to the wide space of content, ideas, and community involved in NFTs
NFT Terms
The specific vocabulary of the NFT space – that you are currently brushing up on
NGMI
Abbreviation for “Not Gonna Make It,” the opposite of WAGMI/GMI, in the negative sense. Refers to the making of a bad decision or choice in trading/investing
Non-custodial wallet
A crypto or Web3 wallet where the owner holds sole control of the private keys that keep it secure (ex: software wallets like MetaMask or hardware wallets like Ledger)
Non-Fungible Token
The full name for NFTs: unique and non-divisible digital assets
Noob / Pleb
Slang for newbies, or those new to the space; pleb from “plebian,” and can be both self-effacing or a criticism of someone who doesn’t understand what they are doing
Off-chain Metadata
Data that is stored off of or outside the blockchain, including NFT metadata
OG
Slang for “Original Gangster,” or someone who was one of the first in a space, due a large amount of respect
On-Chain Metadata
Data that is stored entirely on the blockchain
Open Editions
The opposite of limited edition NFTs, where there is no limit on the number of NFTs that can be minted
OpenSea
The most popular marketplace for NFTs, for both creators and those selling NFTs on the secondary market
Oracle
Third party programs that can connect blockchain smart contracts with information and data external to the blockchain itself
OS
Abbreviation for OpenSea
Paper Hands
Slang, often derogatory, for those who are too fearful to hold a project or token long term
Peer to Peer (P2P)
Trading that occurs without a meditating or central entity in between, allowing NFTs to be traded from person to person directly without any steps or transference necessary in between
PFP
Abbreviation for Profile Picture, referring to Profile Picture NFTs
PFP Project
An NFT collection revolving around a series of images that can be collected and utilized as profile pictures or online avatars/identities
Play to Earn (P2E)
A GameFi principle in which people’s in-game time earns them real rewards, such as digital assets or tokens
Polygon
A Layer 2 protocol that was created to strengthen the Ethereum blockchain in matters of security and efficiency
Pre-Mine
The creation of tokens through minting before a project’s official launch
Presale
Fundraising through ICO, IDO, or IGO where founders or developers raise capital through an initial offering of their digital assets or tokens
Private Key
The encryption algorithm utilized in cryptographic encryption to ensure security of digital assets, and also utilized in transactions to prove ownership and identity in blockchain transactions
Probably Nothing
Ironic slang, pointing out when something actually is a big deal.
Profile Picture
The portrait used to represent digital identities
Proof-of-Stake (PoS)
Method of blockchain transaction verification, based upon the staking of tokens, ensuring they will be held to both complete verification and reward holders
Proof-of-Work (PoW)
An opposing method of blockchain transaction verification, where miners use server power to solve mathematical problems in order to verify and provide staunch security
Public Key
Front-facing cryptography that represents a user’s web3 wallet
Pump & Dump
A rapid financial action that results when big money interests lead a rally on a particular token or project, driving up the price, before selling at the peak to leave less savvy investors holding the bag/at a loss
Pumping
The action of executing a pump & dump scheme
QR Code
A code readable by camera or other scanning devices, common to mobile wallets to allow quick and easy transfer of NFTs or other tokens
Rarities
The levels of rarity inherent to the many traits in NFT collections and collectibles
Real World
Another way those in the NFT community reference IRL or non-digital reality
Rekt
Slang for “wrecked,” or when someone suffers a huge loss or mistake
Reveal
When an NFT collection, after a drop, holds back on the unveiling of the actual visual traits to build communal anticipation
Reward Pool
The allocated rewards drawn upon by GameFi players engaged in Play-To-Earn mechanics, often used as a tool to balance the game’s overall tokenomics
Right-Click Save As
Derogatory slang against those who claim NFTs are useless because anyone can simply right-click and save images from the internet already
Ring Signature
A special cryptographic signature on a blockchain transaction that can be split between users, guards their identity, and limits the recipient’s usage without special permissions granted
Roadmap
The presented development strategy for an NFT project, laid out to show investors future growth and potential, with specific timeline goals
Royalties
A potential functionality that can be granted to NFTs to ensure that with every resale of the token, the original owner/creators receive compensation
Rug Pull
Slang for when a project turns out to be a scam, when the founders vanish after launch with all of the money raised and leave their tokens/NFTs to drop in value
Satoshi
A small division of bitcoin, 0.00000001 BTC), named in honor of the founder of bitcoin Satoshi Nakamoto
Scam
Unfortunate occurrences in the NFT or crypto space when the pseudo anonymous and secure nature of this technology is utilized to victimize potential investors
Secondary Market
Represented through digital marketplaces like OpenSea, this is when NFTs are resold after initial mint
Seed Hash
The random algorithmic value that generates public and private keys for web3 wallets
Sh*tposter
Slang for a troll who uses memes and other posts to make light of situations or taunt/antagonize others
Sharding
Splitting NFTs into smaller pieces so that a large group can band together to buy many pieces of one very valuable NFT
Shilling
To promote or otherwise flaunt a project as an act of encouragement to invest
Simp / Simping
To over-worship a subject, founder, project, or token to an unwise degree
Smart Contract
The automated agreements underlying blockchain transactions that are final and immutable on the blockchain ledger
Snag
Slang for purchasing an NFT quickly and at a good price
Snapshot
A method to take a record of which wallets hold and how much, used by projects to see who early investors or long-time holders are in order to distribute rewards
Snipe
Slang similar to Snag/Snagging; to snipe is to buy a popular or desirable NFT project early
Social Media
The overall online ecosystem that fuels Web2 and beyond – from Twitter to Facebook to Discord
Solana
An alternate blockchain to Ethereum with similar functionality and higher transaction processing speeds
Solidity
The programming language behind the NFT space, blockchain, and smart contracts
Staking
To choose to lock or stake tokens in a wallet to support Point-of-Stake transaction validation, in return for certain rewards for supporting blockchain processing
Szn
Slang for ‘season,’ or crypto market cycles
Tokenomics
The internal economy of a particular token, GameFi, or NFT system
Tokens
All digital assets, including NFTs, are known as tokens
USD
The stablecoin pegged to the US dollar in value
Utility Token / Utility-Focused NFTs
A token built for a specific function within an ecosystem or network
Vault
A specific type of smart contract to secure and track collateral in escrow
Verified Contract
A contract in which the code can be viewed and analyzed by those involved in the transaction to ensure and verify transactions
Volatility
A measure of an asset’s price stability
WAGMI
Abbreviation for “We’re All Gonna Make It,” a positive aphorism in the NFT world about the future of a project
Wallet
The digital holders built to store digital assets
Wallet Addresses
The cryptographic keys for a wallet, to allow transfer, buying, and selling
Web3
The next iteration of internet, decentralized and run on blockchain
Wen / Wen Lambo
A joking question, slang asking “when do I get rich?” in the crypto/NFT space
Whale
A big money interest involved in a project or token, whose actions are often tracked by lower level investors to predict future price movement
Whitelist
A list of investors who earn or are privileged to early access to an NFT drop
Whitepaper
The document created by NFT project founders to present to investors, with a detailed overview of the project, its goals, and its tech (usually includes the project roadmap)
YOLO
Abbreviation for “You Only Live Once,” which…well, that one pretty much explains itself. Go big or go home – that’s how you get the big projects and investments. To YOLO is to go all in.
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