44 NFT and Crypto Slang Terms You Need to Know in 2023
This article was originally published on Udonis’ blog.
Struggling with crypto jargon? Let me help you. Here are the common NFT and crypto slang terms you need to know to avoid embarrassing yourself on Twitter.
An ape is a person who purchases an NFT or a token right after its release without researching it first. It’s also referred to as apeing.
AMA stands for “ask me anything” and it’s a type of social media post where the poster answers questions from people, usually in real-time. It originated on Reddit, but it’s also popular on Twitter, in crypto, and other communities.
A bagholder is a person who holds onto their investment instead of selling it even though it’s losing its value and becoming worthless.
Bearish is a traditional stock market term that’s also used in the crypto market. Put simply, a bear market refers to a market in which the prices are going down, which usually makes a lot of people want to sell. Moreover, bearish investors believe that the prices will decline soon.
A Bitcoin maximalist is a person who believes that Bitcoin is superior to all other cryptocurrencies and that it’s the only currency worth having.
BTD is an acronym that stands for “buy the dip”. It refers to investing in coins, tokens, or other assets when their price went down and it has fallen in value. The goal, of course, is to profit when the market bounces back.
BTFD means the same thing, but it’s more urgent and emphasized — it stands for “buy the f*cking dip”.
Unlike a bear market, a bull market refers to a market in which the prices are going up. Thus, if someone is bullish, they expect that the market prices will increase.
Cryptojacking is a type of crypto crime that includes hijacking a computer to mine crypto.
Cryptosis refers to someone who’s obsessed with crypto and wants to learn everything about it.
DAO is one of the popular crypto slang terms which refers to decentralized autonomous organizations. As its name implies, it’s a type of organization that has no central authority and operates autonomously.
To learn more about it check out my article What Are DAOs and Why They’re Essential for Blockchain Gaming?
Degen is short for degenerate and the crypto community uses it in a couple of different ways. Primarily, degen refers to a person who invests large sums of money in risky and suspicious crypto projects. However, sometimes the term is used affectionately among the crypto community when referring to themselves and others.
DEX is an acronym for a decentralized exchange. Unlike centralized exchanges, decentralized exchanges aren’t governed by a central authority, have no intermediary, and trading is done in a non-custodial way.
Diamond Hands 💎🙌
In the crypto community, diamond hands or the diamond hands emoji refer to traders who will hold, i.e., not sell, regardless of market fluctuations. It’s considered to be a ballsy, high-risk move, but it can pay off.
This is one of the most common crypto slang terms referring to a release of something. For example, an NFT drop.
Our list of popular crypto slang terms wouldn’t be complete without DYOR. It stands for “do your own research” and people in the crypto community use it as advice and a reminder for anyone interested in investing to do their due diligence.
Floor Is Lava
You probably know the floor is lava as a game where the goal is to avoid touching the ground. But did you know that it’s also one of the crypto slang terms?
It refers to when the floor price of an NFT project is rising fast because it’s being bought quickly.
The flippening refers to the potential moment when Ethereum surpasses Bitcoin and becomes the biggest cryptocurrency in terms of market capitalization.
FML stands for “f*ck my life”, which is one of the most useful crypto slang terms you can also use outside the crypto community. People use it along with something negative that happened to them.
FOMO is a term you’ll find not only in the crypto community but everyday life as well. It refers to the fear of missing out. In crypto, that feeling often results in making emotional decisions without doing enough research.
FUD stands for “fear, uncertainty, and doubt” and it’s another one of the common crypto slang terms. It happens when people start to doubt a specific project or have pessimistic views on the crypto market as a whole and spread that negativity online.
GM is one of the simplest crypto slang terms — it means good morning. However, it’s not just a greeting — it also expresses optimism about the crypto market or a specific project.
GOAT stands for “greatest of all time” and it’s one of the best compliments you can give someone in crypto and other communities.
HODL is one of the most widely known crypto slang terms. It means “hold on for dear life”, which is exactly what crypto traders do when they hold even when the market becomes volatile.
IYKYK stands for “if you know, you know” and usually refers to an inside joke or insider knowledge.
LFG stands for “let’s f*cking go” and people from the crypto community use it to hype something up.
Minting refers to creating new coins or tokens by creating new blocks. For example, an NFT mint.
Mooning means that the price of a cryptocurrency is rapidly going up.
NFA stands for “not financial advice” and people who give crypto or NFT advice use it as a disclaimer to signify they’re not responsible for any consequences of their advice.
NGMI is one of the most popular crypto slang terms — it stands for “not gonna make it”. People use it in different circumstances.
For example, when someone makes a bad decision or doesn’t understand basic crypto concepts. People also use it to make fun of people with negative opinions regarding crypto.
Not your keys, not your coins
Not your keys, not your coins is a popular expression and it refers to the belief that one must own their wallet keys to truly own their crypto.
Paper Hands 🧻🤲
Unlike diamond hands, the paper hands emoji refers to someone who panic sells as soon as they sense any potential trouble.
In the crypto community, PFP stands for a profile picture that’s an NFT — it’s popular on Twitter.
Pump and Dump
Pump and dump is a type of crypto scam where the perpetrators use misleading tactics to raise the price of a currency or an asset. Then they sell all of it and disappear with the money.
Rekt describes a huge loss that came from a bad trade or investment.
Rug pull is pretty much the same as a pump and dump scam. It can happen with any coin or token. For example, NFT rug pulls are quite common.
In the crypto sphere, SAFU means safe. More specifically, the funds are safe. Here’s the backstory.
SAFU is actually Binance’s initiative that protects people’s funds and is short for Secure Asset Fund for Users. In 2018, Binance’s CEO tweeted “funds are safe” and the YouTuber Bizonnaci made a funny video based on it, but changing it to “funds are safu”, and it stuck.
A scamcoin is a type of coin that’s created with the purpose of stealing money from people who invested in it.
A shill is someone who shamelessly promotes a project, token, or coin while trying to appear objective, but actually benefits from it becoming more popular, for example, owns the token.
Sweep the Floor
Sweep the floor is one of the crypto slang terms commonly used in the NFT space. It refers to someone buying all the NFTs in bulk at their floor price. We can compare it to scalpers who purchase concert tickets right when they’re released and then resell them for a higher price.
WAGMI is the opposite of NGMI and it means “we’re all gonna make it”. People from the crypto sphere use it to spread hope and optimism to the community.
WAGBO stands for “we are gonna be okay” and it’s similar to WAGMI — its primary use is to encourage people and ensure that everything is going to be okay.
A whale is someone who holds an extremely large amount of a particular coin or token.
Wen Lambo? means when will you buy a Lamborghini? In translation, it means when will crypto make you rich enough to buy a Lamborghini, which became the ultimate status symbol of the crypto community.
Crypto Slang Terms: A Summary
We’ve come to the end of our list of crypto slang terms. Hopefully, these translations will help you better navigate the crypto space.
Have I missed any? Let me know in the comments.