NFT Lingo - A Comprehensive Glossary

We may live in the technologically innovative 21st century, but the world of NFTs is relatively
new. As a result, it's normal to have a long list of words that may seem new to other people
out there, including NFT enthusiasts. The NFT glossary is a compilation of the most common
terms that are used in the non-fungible token ecosystem, including their meanings.

What Are Common Terms Used In NFTs?

Here's a list of some of the comprehensive terms that should be part of an NFT glossary;

Airdrop - NFT enthusiasts and experts do their best to keep up with their favorite projects
and products in the NFT space. Airdrops are an effective tool that's used to share new
non-fungible tokens among those interested. They exist as bonuses or free collectibles and
will generate more interest in the project or reward existing holders.

GM (Good Morning) - In the NFT world, GM is more than a greeting. Yes, people say GM to
each other in the NFT community because we are a global optimistic group. However, it
expresses the idea that a project is still early and everything seems bright about it.

GN (Good Night) - Active members of the NFT ecosystem say good night to each other
because they are members of an optimistic community. It's a great way to end your day after
an active period of NFT trading.

DYOR (Do Your Research) - Before you join the next NFT project, it's a great idea for
DYOR. The world of NFTs is made up of multiple individual elements. To avoid investing in a
bad project or wasting your money, it's important to do your research before getting started.

WAGMI (We All Gonna Make It) - This term is often used to express good news. It means
that based on the price of the asset and its current supply-demand, we may either make it or
not. The term can refer to either a single NFT or a community of NFTs.

NGMI (Not Gonna Make It) - This term is the exact opposite of WAGMI, and it's an
expression of bad news. NGMI may serve as an expression of a person's bad decisions. It
means that based on the current price of the asset and supply-demand, we may not make it.
It can also refer to a single NFT or active NFT community.

Frens (Friends) - This unique term refers to other members of an active NFT community. It
can also refer to those who believe in a similar project.

Ser - This term is also referred to as "Sir." Active members of popular NFT communities use
this to respectfully introduce themselves or share a point from an alternative point of view.
FOMO (Fear of Missing Out) - the fear of missing out expresses itself when you buy an NFT
because you are scared of not being a part of the next big move. Often, these purchases are
not backed up by any comprehensive reasons.

Mint - Mint describes the act of issuing a piece of art on the blockchain. These actions may
be performed by the artist or collector of the non-fungible token.

Floor Price - The floor price, also referred to as floor, is the lowest asking price demanded by
an OpenSea/Larvalabs collection, either as a whole or subset of a particular group. Various
important parameters determine the floor price.

Alpha - Alpha is a term that describes the process whereby an asset manager outperforms
the market. Most people cannot break through the expected market performance and will fail
to beat the community.

Generative Art - This refers to art generated using advanced algorithms and minted in
real-time.

NFT - This term represents a unique digital asset on the market today. Non-fungible tokens
are special because they maintain the identity of the owner of the ticket, even when it is
swapped and sold to another person.

LFG (Let's Fucking Go) - This term is ideal if you are excited about something or expect that
your next course of action will go well. It's a term that's best used with rocket emojis.

Ded - This is the short form of the dead. It can be used to describe a situation during which a
token or project ends up poorly. For instance, "I purchased a Cryptopunk at 7.2ETH. I am
dead."

Rugpull - Rug is also the short form for rug pull. This term originated in Crypto Twitter and
the world of DeFi. It describes projects that pump and dump their tokens on retail traders.
While rug pulling does not occur in the same way in the NFT space, it describes projects
whose developers have abandoned them.

CT (Crypto Twitter) - This is the active community of crypto holders and enthusiasts on
Twitter. This community will discuss trending topics in the crypto space, including hot tokens,
global news, and so on.

IYKYK (If You Know You Know) - This term is used as a polite form of FOMO.

Aped - This term originated directly from Crypto Twitter. It describes the act of taking on
large positions when compared to the size of your portfolio. Apes have been a crucial part of
the NFT space. Initially, there were multiple 24 Ape Punks, and we now have the Bored Ape
Yacht Club.

Derivative - This describes smaller projects that are gotten from a larger project. The great
thing about products is that they are attractive, draw more attention to the original brand and
tell everyone to remain calm.
NFA - Stands for Not Financial Advice. It is closely related to DYOR. It explains that when a
person shares a particular trading idea or informs you about a token, you are free to follow
the input or not.

KYC (Know Your Customer)- These are the forms where users on a trading platform fill in
their names and personal information. Most blockchain companies and trading platforms
gather user information to comply with KYC regulations.

Metaverse - The Metaverse is a 3D virtual world where people from different parts can
connect and interact. Popular blockchain-based projects on this Metaverse Decentraland
and The Sandbox where people can buy and sell different types of NFTs.

Flip - Just like its name suggests, a flip is an act of quickly switching an NFT. When you flip
an NFT, this means that you buy and sell it quickly within a short period - a few days. It's a
great strategy to make money from these tokens instead of holding onto them.

PFP (Profile Picture NFTs) - These are new types of NFTs generated and unique to each
user. However, they can only be used as a profile picture.

Whale - This term refers to a person with multi-million dollars worth of money in their
portfolio or a person with a large amount of NFTs from a particular collection.

Whitepaper - This term is used more in the crypto community and on crypto Twitter. A
whitepaper is a document that describes all the essential details and information about a
particular token.

Wen (Wen moon ser?) - This refers to the uncertainty surrounding the NFT ecosystem. It
describes a scenario where people wonder which token will take off and make them rich
enough to bug all they want.

Shilling - NFT Shilling is the process of promoting a particular NFT or collection on social
media. Some specially designed shilling channels can be used for different NFT projects.

BAYC (Bored Ape Yacht Club) - This collection of 10,000 individual tokens is designed to
look k like apes but is hosted on the Ethereum blockchain.

MAYC (Mutant Ape Yacht Club) - This is a popular collection of 20,000 individual tokens
designed to look like mutant apes.

Serum (M1/M2) - This is a crucial element used to mint MAYC NFTs.

Dutch Auction - https://blog.niftify.io/what-are-pfp-nfts/ refers to a type of bidding that

considers all bids for the asset before arriving at a ceiling price at different intervals.

Sweep The Floor - This refers to someone or a group of people who keep buying NFTs at
the lowest possible price. Most NFT enthusiasts attempt to sweep the floor to earn maximum
returns on earnings.
FUD - Stands for Fear, Uncertainty, and Doubt. FUD occurs when the price of a particular
digital asset drops drastically due to some form of negative news. When this happens,
people will panic about selling their digital assets.

Moonboy - This term refers to someone who has blind faith in a token or project, especially
when there are indications that it may fail to do well.

Snipe - This involves having an overview of the best tokens or collections from your favorite
marketplace.

Cash Grab - This is a project launched by the Cyphage, which contains 5,608 unique NFTs
hosted on the Ethereum blockchain.

Rekt - This slag is used to represent "wrecked." i.e., a person's portfolio of digital assets has
been destroyed. In the crypto community, it means someone who has suffered substantial
financial losses.

Blue Chip - This term means that the NFT will attain a high value and retain it for a long time.

Web3 - This is a new version of the worldwide web designed based on blockchain
technology. This innovative technology incorporates concepts such as decentralization and
token-based economics.

Traits - This refers to the distinguishing features and qualities of an NFT project. For
instance, the Cryptopunks collection involves a combination of different digital and unique
characteristics.

Snag - This refers to when a project meets some obstacles or problems that temporarily it
from progressing with some of its plans.