🎉 We're live with OpenRarity! Check out our launch partners Moonbirds and Cool Cats 🎉

NaN

Want even more alpha?
Get Icy Premium

Premium

Alerts

Published 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
complete-nft-glossary-alpha.png

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
complete-nft-glossary-degen.png

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”
complete-nft-glossary-moon.png

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
complete-nft-glossary-rug-pull.png

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.

Want more NFT insights?

Unlock real time charts, price alerts, tracking and more with Icy Premium!