Jun 15
3 min read
NFT GLOSSARY FOR BEGINNERS
During the past couple of years, NFT has become one of the 21st-century buzzwords. NFTs have gained a lot of hype as a form of digital art that sells for millions of dollars.
In this article, you are going to find a list of commonly-used NFT/crypto terminology and their explanations:
- Whitelist- A presale list to gain access to buy an NFT presale and typically at a lower price than public sale… typically the best way to make $$$ in the NFT space as a flipper.
- Minting- the process of purchasing an NFT.
- Gas- the gas fee is the fee you have to pay for minting smart contracts into the blockchain. The amount of fees to be paid is determined by the demand for cryptocurrencies in the market.
- Discord- A social platform where NFT projects community build and grow. This is where you will learn to get whitelisted as well as get access to all all up to date info on these projects
- Open Sea- platform where NFTs are bought and sold. (Typically for people who are buying presale, they resell on open sea) ( competitors: Looksrare, Rarible, foundation, nifty gateway, Axie marketplace)
- WAGMI: WE ALL GONNA MAKE IT
- Blue Chip: A successful project that is a good long term investment. Like blue chip stocks, “blue chip NFTs” are reliable to provide a good return on investment.
- Diamond Hands: Holders who are invested for the long term and not easily scared to sell.
- Paper Hands: Holders who sell investments too early, are easily frightened.
- Flippers Market: When it is a good market for quick flips. When the floor price is expected to increase quickly, allowing investors to make quick returns.
- MetaMask: A crypto wallet that holds your cryptocurrencies and NFTs.
- Dutch Auction: An auction structure where all bids are collected and the highest bids are selected to win.
- GM/GN: Good Morning, Good Night.
- PFP: Profile Picture
- Liquidity: How easily an NFT can be bought or sold.
- Floor Price: The lowest price that an NFT in a certain collection can be bought for at the current time.
- Delist: To remove an NFT from the marketplace.
- Roadmap: The current and future plans of an NFT project. Almost like a business plan.
- DYOR: Do Your Own Research
- Mint: The process of initially buying an NFT from its creator. The first time an NFT is purchased, it is Minted.
- Alpha: People with valuable information in the NFT space. Ex. Trending NFTs, WL spots, education and information.
- Meta: Trends in the NFT space.
- NGMI: Not going to make it
- FUD: Fear, uncertainty, doubt.
- Sweeping the floor: Purchasing the cheapest NFTs in a collection to raise the floor price.
- Mooning (verb): When a project reaches “the moon”, meaning it has reached a very high floor price.
- Staking: A way for NFT holders to earn passive income by locking their assets for a period of time to receive rewards.
- HODL: Hold on for dear life.
- Airdrop: A free distribution of cryptocurrency, NFTs, or rewards that are sent to a holders wallet usually as a perk or for promotion.
- Web3: The next iteration of the internet that will be decentralized, open, and of greater utility.
- Reveal: After the launch of an NFT collection, the artwork is usually revealed a few day later.
- Degen: Short for degenerate. Used in the crypto space to describe people who purchase NFTs because they have a feeling, rather than market research.
- Ledger: A crypto wallet to store, visualize, and manage you’re NFTs.
- Solidity Developer: The person who builds and deploys the smart contract on the Ethereum blockchain.
- The Metaverse: different types of Metaverse: The metaverse is a virtual world that allows users from anywhere to immerse themselves into an augmented reality and interact with others. Ex: sandbox, Decentraland, NFTs world.
- ERC721 A: The Azuki smart contract- that has helped upcoming projects become more gas efficient and optimized.
- Metadata: The actual content and description of the content stored on the blockchain
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