You’ll need to know what NFT means and NFT slang means to get around in this new and exciting digital world. In this guide, I’ll talk about the most common NFT slang, its meaning, and the most important NFT terms. Deep diving into a lively and interesting movement isn’t hard, and it’s fun.
Now, there is a small difference between NFT slang and NFT terms. NFT slang is the casual language used online, while NFT terms are the actual words used to talk about technology and processes.
NFT acronyms and slang you need to know aboutÂ
1:1 Art: This means that an NFT is one piece of Art, not a series or a collection that changes over time. Because of this, 1:1 Art, like Beeple’s Everydays: the First 5000 Days, is worth more because it’s harder to find. However, it’s also harder to sell and harder for new people to get into. 1:1 Art projects are a good place for traditional artists who are new to NFTs to start.
AB: This is actually an NFT platform called Art Blocks that hosts, sells, and stores generative NFT art. It uses the Ethereum blockchain, and both coding and digital Art are celebrated.
Airdrop: Our guide to NFT drops has a more in-depth explanation, but in short, this is when free NFTs are sent directly to your cryptocurrency wallet on a set schedule.
AFAIK means “As far as I know.” It’s as simple as that.
AMA is short for “Ask me anything,” and NFT artists often use it to start their projects. If an NFT has regular “Ask Me Anything” (AMA) sessions, often on Discord, you can be sure that it is open and usually good. For NFTs to be successful, they need to involve the community in this way.
Ape In: This term is used to describe how “apes” (investors or collectors) are all-in on a project, which can lead to FOMO (fear of missing out). Apes is slang for people who invest in crypto and NFTs.
ATH/ATL: Another acronym (there are a lot), this one stands for “All time high” and “All time low” and is used to celebrate success and failure (or a chance to buy in cheap).
Bot: It means “algorithms and automated software,” which can be used to pump projects or answer questions and help NFT holders artificially.
BTD: This one is “Buy the dips.” It is used to say that the value of an NFT is low. But when NFT’s value goes up, it reassures a community.
DAO is an abbreviation for “Decentralized Autonomous Organization.” These are projects, studios, and businesses that aren’t run by a single person or institution. Instead, the rules that govern a DAO are written into smart contracts on the blockchain. Many NFTs that want to raise money and host a fund for good causes or future developments, like games, will usually set up a DAO to run the fund because its rules can’t be changed without a vote.
dApp stands for “decentralized application” and is a piece of software that will run, at least in part, on a blockchain instead of a traditional central server.
Ded is a short form of the word “dead,” as in “This NFT is dead and over, so don’t do it.”
DeFi is short for “decentralized finance.” This means that a single bank or account does not control your money. This gives the person a sense of independence and financial freedom from the usual rules.
Delayed Reveal: Some NFT collections won’t show you what you’ve bought until a certain date. This is similar to the first time you open a Magic: The Gathering card pack. Most of the time, these will be split into tiers. People who have been following a project since the beginning will be invited to the first tier and have a better chance of getting a rare NFT.
DEX is short for “decentralized exchange” (seeing a pattern here?) and means that transactions on a marketplace are peer-to-peer, with no financial middlemen taking a cut. For example, you can trade one cryptocurrency for another on Uniswap and PancakeSwap.
Dutch Auction: This is a bidding system in which a price is set for an NFT, and then the price drops at regular intervals until buyers agree on a price.
DYOR stands for “Do your own research,” which means that you shouldn’t put money into an NFT unless you’re sure it’s good. Some collectors may use it as a way to vent their anger, but you can also use it as a reminder to check out an NFT creator’s history, profile, and general trustworthiness.
Flipping is when someone buys an NFT with the only goal of waiting for its value to go up so they can sell it again at a higher price.
Floor: This is the lowest set price of an NFT, called the Floor Price. It is often used when a project announces that it will launch at a set price so everyone can get in on the same “floor.” It’s a good way to tell if an NFT is getting more valuable or less valuable.
Floor sweeping is a strategy that some people use to get people to buy NFTs at the floor price. This can raise the value of all NFTs.
Free Coinage: In this way of making an NFT, the buyer, not the seller, pays the gas fees. It’s a good way to start making NFTs, but because they don’t get added to the blockchain until they’re sold, they tend to be less visible.
FUD is a slang term for “Fear, Uncertainty, and Doubt,” which is when a bad actor spreads false or exaggerated information to make the value of an NFT go down.
FOMO stands for “fear of missing out,” and it’s a common term in investing. It means that you don’t want to miss out on a good project, so you invest in it even if the details don’t make sense. Take a deep breath and consider whether the NFT is as good as you may have heard.
Gas: The fee paid to register an NFT on a blockchain. This fee goes to crypto “miners” to cover the energy costs of their work. Since Ethereum is the most used blockchain, its gas fees have been high for a while. Fees are lower for newer tokens like Solana and Avalanche.
GWEI: This is a measure of gas fees, and the word “nanoether” stands for it (0.000000001 ETH).
GM: People who collect NFTs and make them will use these terms to say “Good morning” to each other on social media.
Hodl means “Hold,” but it could have started out as a mistake. It’s what people say when they’ll keep the token even if its value goes up and down.
IDK is short for “I don’t know.”
IRL is an acronym for “in real life.” It is used more often now that NFTs can be used in real life and online.
Looks rare: You might think that if someone tells you that your new NFT “looks rare,” they think it’s awesome, but that’s not the case. “Looks rare” is an ironic term used in chat to mean “nope, that’s trash.” (Not to be confused with the Looks Rare NFT marketplace.)
Simp: A person who likes an NFT seems to be trying too hard.
Moonboy: This is similar to the word “Simp,” and it refers to someone who is too obsessed with an NFT. This comes from the idea that a good project will “go to the moon.”
Metaverse:Â This is the new vision for the internet, also known as Web 3.0. It says that we’ve moved from a 2D internet to a 3D one where everything is connected and easy to get to, often in virtual spaces. The metaverse is about connections and not having everything in one place.
Minting is the process of adding a non-fungible token to a blockchain.
NGMI: This one means “Not going to make it.” You might think it’s self-explanatory and refers to an NFT not making it, but it’s actually used more personally. For example, if you make a bad choice and pick an NFT that fails, you’re “Not going to make it.”
Noob is a video game term for someone who is new to NFTs. This can be used as a compliment or as an insult.
P2E stands for “Play to Earn,” a type of video game only found in NFT games. Players can earn crypto and money by playing these games. A player could, for example, level up a character and then sell that character to other players.
Paper Hands: These NFT collectors sell early and are the opposite of diamond hands.
PFP stands for “Profile Picture.” This is the first type of NFT that became popular, like Bored Apes Yacht Club and Crypto Punks. They have become well-known on social media by being used as online personalities. Now, NFTs are moving beyond this simple form of Art.
Pumping is when the price of an NFT goes up very quickly. But be careful because “pumps” often lead to “dumps,” which is when everyone sells after a rise. Most of the time, “pumps” artificially raise the value of an NFT, so again, DYOR.
Raids are quick campaigns, drops, and promotions that are usually done on social media to get people excited about an NFT.
Rekt is another word that came from video games. It means “wrecked,” which is what it means to lose all of your money.
Right-click Save As: This one is used by people who don’t like or understand NFTs. It means to right-click on a JPEG and download it. (It’s pretty clear that this isn’t how NFTs work.)
Rug Pull: This is when the people who started an NFT leave the project and take all the money with them. This means that the content that was promised in the roadmap will never come out. In the end, this means that an NFT will have no value at all.
To The Moon: When a project is going so well, it is “going to the moon.”
Wen: This one is often used in jest to mean “When?” As in, “When will this come out?” or “When will the price go up?”
YOLO: You may know this one as “Carpe diem,” which means “Take advantage of the day.”
These are the NFT slang I found, if I miss some then comment below.
