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The Ultimate Guide To NFT Terminology

The Ultimate Guide To NFT Terminology by Ninja Squad

If you’re intimidated by the LFG’s, NGMI’s and GM’s that keep popping on your feed day after day, fret not! You’re not alone. There are a lot of terms to learn and as a newcomer, it’s normal you don’t know them.

All you need is… a little dictionary :)

Let’s dive into the NFT ocean and demystify the jargon.

Ethereum

Ethereum is a type of cryptocurrency and a blockchain platform with smart contract functionality.

Drop

A drop is a reference to an exact date, time, and the price that the NFT will be available for minting.

Blockchain

A block in the chain is data stored in a database in such a way that it allows for unique proof of existence, authenticity and integrity of any data. It is the basis of cryptocurrencies and NFTs.

OG (Original Gangster)

OG, which stands for Original Gangster, is a term used to describe an individual who has been active in the game since its very early days.

Noob/Pleb

Noob or Newbie is short for new user and it refers to a member of the online community who has limited or no experience with a specific game. Being new can be confusing but that’s where we come in!

Floor price

The floor price of an NFT refers to the lowest possible price you could buy it at.

Fungible

Fungible means that two or more things are interchangeable. For example, gold is fungible because one ounce of gold can be exchanged for another ounce of gold with the same value.

Non-fungible

Non-fungible tokens are unique and cannot be replaced by anything else.

Smart contract

It’s a protocol for agreeing on terms and self-executing without third-parties. Basically it’s a computer protocol that confirms and executes the terms of an agreement.

Crypto Wallet

In the cryptocurrency world, a crypto wallet is a safe storage for different digital currencies that you use in virtual transactions. Like a digital wallet on an e-commerce platform, it stores cryptocurrencies.

Ser

Ser means “sir”. Used commonly when addressing male profiles in conversations.

Mer

Mer is the opposite of ser. Used when addressing female profiles in conversations.

Fren

Fren means “friend”.

LFG

“Let’s F***in Go”!

WAGMI

WAGMI means “We All Gonna Make It”.

PFP

Profile Picture. In our case it’s a ninja!

Roadmap

It is the pathway for reaching a given destination. The roadmap is essentially a list of improvements and upgrades that will be implemented in the future to add value to the NFT community.

Mint

Creating an NFT and generating a record for it on the blockchain for the very first time.

GM/GN

“Good morning” and “good night”. It’s how NFT/Crypto Twitter starts and ends their days :)

Szn

Szn means season which means market cycle.

IRL

“In Real Life”.

FOMO

The NFT world can be overwhelming. So many things to see and buy. How do you know what’s worth it? People are buying these?!

Quick! I have to have it too!

You hear that sound? That’s FOMO (fear of missing out) fire being stoked.

COPE

The opposite of FOMO.

Shill

Shilling is when you advertise in a very underhand way. One of the most creative ways to shill is by using social media. In the NFT world, people are usually using Discord and Twitter for shilling.

Whale

The elusive crypto-currency holders that seemingly have the power to make or break markets. A “whale” is a slang term used to describe an individual who owns a lot of the crypto-currency they trade and therefore has a big impact on the markets. These whale investors are sometimes also known as “bulls”.

Sweeping the Floor

Sweepers are often the whales or a group of whales who have agreed beforehand to buy a large number of pieces from an NFT project listed at floor price. That action will cause a rise in the floor price.

Mooning

Mooning refers to an NFT project that is growing in price rapidly. Mooning happens when a little-known crypto project increases its market cap by 100% or more in just a few days. Mooning projects are unlikely to be hyped in the media but instead will be discussed on Discord or Reddit.

Wen

Wen means “when”. It is a more enthusiastic way of saying since it’s used when someone is excited about something.

DAO

A DAO is an organization that runs autonomously with self-governance in a transparent manner. Transactions are not taken care of by people or controlled by managers but rather the rules and code that each DAO was programmed to.

Discord

Discord is a messaging platform that is typically synonymous with gaming communities. But lately, it has also become the space to build and manage cryptocurrency & NFT communities.

Ded

Ded is short for dead.

Airdrop

An ‘airdrop’ is the distribution of digital tokens or coins to existing holders of specific cryptocurrencies, such as Bitcoin or Ethereum, or a token-based blockchain network that is typically free.

Apeing

Apeing is essentially the result of the fear of missing out (FOMO). When a new token project is announced, people listen and read but rarely do they understand what the heck they are investing in. They rush to buy a token without doing thorough research out of FOMO. This results in them buying into projects which they don’t know much about.

Burn

Burning an NFT effectively destroys the token and removes it entirely from the Ethereum blockchain.

Diamond Hands

Diamond hands are people who plan to hold an NFT long-term. Therefore, they have no concern about the market conditions in the short term and are in the game for the long run.

Paper hands

Paper hands are people who quickly sell their NFTs when market prices drop. This is a derogatory term because they’re considered “weak hands.”

FUD

Stands for Fear, Uncertainty, and Doubt. Misinformation is a form of online marketing that is rarely discussed but still very much in practice. It is used to manipulate public opinion into a desired action, or inaction.

Gas

Gas fee is the amount of money that users have to pay to complete their purchase of an NFT.

Rug-pull

It has nothing to do with the rugs in your home. A rug pull in the crypto industry is when a development team suddenly abandons a project and sells or removes all its liquidity.

Hodl

The word Hodl comes from a misspelling of the word “Hold,” and it is a cryptocurrency trading strategy. Hodl is short for “hold on for dear life” and means hold on and wait, rather than selling off in a panic.

Farm

This relates to the mining of cryptocurrency. Farms are large scale operations that make mining more efficient.

NFA (Not Financial Advice)

Short for “Not Financial Advice”.

DYOR (Do Your Own Research)

Short for “Do Your Own Research.”

Hopefully, this guide has helped you to better understand NFT systems. If you’re like me and you have a fascination with the future of digital collectibles and NFTs, then we hope this guide also introduces you to some new terms and concepts that will pique your interest.

Please ask any questions in our Discord channel — we are happy to provide further clarification if needed! :-)

!poof

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Ninja Squad

Ninja Squad

Ninjas roaming through the Ethereum blockchain & metaverse. Join us as we grow into the largest crypto & NFT community.