NFTs, Investing, Tech

Terminology of the NFT Space — Aping, Mooning, Rugging, Paperhands, Diamondhands, LFG

A handy glossary for newbies!

Photo by Nick Morrison on Unsplash

New to the NFT space? Don’t worry; you’re not alone. But, you’ll definitely start reading and hearing terms that you may not have encountered before. Some are particular to the NFT world and others are imported from other related industries. Let’s look at some and get you up to speed!

  • “1/1” — A “one of one” or “1/1” is a unique piece of art. A “1/1” can be a standalone NFT (e.g., a unique creation by a digital artist), or it can also be a super rare 1/1 inserted into a larger generative set. (Although, technically, all items within a larger generative set are generally also unique. We just don’t usually call normal members of generative sets 1/1s.)
  • “Ape” — This term, often used as a verb, is particular to the NFT world. It refers to the Bored Ape Yacht Club, one of the blue chip OG generative NFT sets (arguably the gold standard among NFT drops, with top-quality, whimsical generative art and insanely high values per NFT). People use the term in different ways. As a verb — to ape, or to ape into — it can mean “to buy,” “to buy in early,” “to rise in value.” But, it’s flexible, too. One might say, “Wow, that’s gonna be an ape-level drop!”
  • “Diamondhands” — These are the NFT owners who hold for the long term. They’re in it for the long-haul and believe in the massive payout ahead.
  • “Discord” — Home of 99% of NFT drop communities. Yes, they do Twitter and (less often) Instagram or somewhere else. But all of the action is on Discord, IMHO.
  • “Drop” — A drop is an NFT sale. It can be a noun, as in “that’s was an awesome drop!” Or a verb, as in “When does that set drop?”
  • “DYOR”Do Your Own Research. Just because someone you know and maybe even respect says to buy, that doesn’t mean that you should do so. Don’t blindly follow anyone in the NFT space. (Well, okay, unless GaryVee says to buy, in which case a set’s gonna sell out. lol, jk.)
  • “Floor” — The floor, or floor price, is the lowest price that an NFT (usually within a larger set) can be purchased. NFT buyers watch the floor like hawks, and it’s common to have dedicated…