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THE GLOSSARY OF NFT: A-Z (174) NFT TERMS YOU SHOULD KNOW BEFORE YOU KICKSTART YOUR NFT JOURNEY.

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Want to know what an NFT is? You should click here to read a simplified and detailed blog on what NFT is before upstarting your NFT journey.

However, if you do know what NFT is and are on your way to creating and exhibiting one you will know There are so many special terms in NFTs that it can get overwhelming but don’t worry – I’ve made this Ultimate Glossary of NFT Terms just for you! You’ll never need to worry about being confused again because I will take care of all the nitty-gritty details.

This list covers abbreviations, intentional misspellings, and Twitter terminologies.

Once again, I have explained the basics, and you can read about how to buy, sell, and invest in NFTs all in one place. just click here 

Let’s get started!

 

  1. AIRDROP

Airdrops are free collectibles offered by the creators of a particular NFT collection.

Two common reasons why someone would do an airdrop are:

Create additional interest in the NFT project to build more hype.

Reward a member or members of the community based on some criteria, such as doing a social media post.

To put it short, an airdrop is a free piece of NFT.

  1. AFAIK
    Acronym for “As far as I know”.
  2. ALPHA

Alpha is a secret future announcement.

In layman’s terms, it refers to insider information about an NFT project.

A reason why a future announcement is kept confidential is to avoid price manipulation of an NFT collection.

A person who is somehow able to figure out the alpha(s) can invest early on in the project.

Knowing an alpha and investing early practically guarantees a positive return on investment.

  1. AMA
    Acronym for “Ask me anything”. Many NFT projects hold live AMA sections regularly to keep up the engagement with their community.
  2. APE-ING (into something)
    When you ‘ape into’ something, it means that you’re buying something in an irresponsible manner and typically out of “FOMO”, and/or without doing your due diligence.
  3. ASSET
    This is another way to talk about a digital collectible.
  4. ATH/ATL
    Stands for “All-Time high” and “All-time low”. When an NFT project or token reaches the highest or lowest price to date.
  5. AVATAR PROJECT
    Basically the same as a 10k project. Refers to a collection that consists of a few thousand NFT ‘avatars’ such as CryptoPunks, Bored Ape Yacht Club, and Cool Cats.
  6. BEARISH
    When you believe that a market or asset is heading toward a downward trajectory. For example, “I’m feeling pretty bearish about the P2E gaming space right now.” See bullish below.
  7. BEEPLE

Beeple is an alias for the most popular digital artist, Mike Winkelmann.

Beeple created a piece of digital art that sold for $69,400,000. This is the record for the highest price ever paid for digital art.

  1. BITCOIN 
    This is the most popular cryptocurrency in the whole world it is also used when you buy/sell NFTs.
  2. BLOCKCHAIN 
    Blockchain is a digital ledger. It stores data across a global network.

A blockchain ledger is publicly verifiable and unchangeable. This means anyone can access the nodes in a blockchain.

  1. BLUE CHIP
    Well-known projects or tokens with the most stability. An example of a blue-chip NFT project is CryptoPunks by Larva Labs.
  2. BOT
    An automated software or script built to perform specific actions. Bots are commonly used to automate trade executions, initiate identity verification, snipe cheap NFTs once they’re listed, etc.
  3. BRIDGE
    Bridge or bridging means moving NFT tokens from one blockchain to another. Just like transferring money or assets from one bank to another.
  4. BSC
    Short for “Binance Smart Chain”.
  5. BTC 
    This is an abbreviation for Bitcoin.
  6. BTD
    refers to “Buy the dips”. It means to purchase an asset after its price has dropped, which is usually considered a bargain since the asset is likely to bounce back and increase in value after the short-term correction.
  7. BULLISH
    The exact opposite of bearish. This term is used when traders, investors, and community members expect an appreciation of a token or asset’s value in the near future.
  8. BURNING 
    Burning means destroying an NFT.

However, it is good to understand what it means in practice.

Burning means sending the NFT to an unspendable address. In other words, your piece of NFT does not actually get destroyed. Instead, it becomes unusable.

This action cannot be reversed.

Notice that transactions that took place before burning will remain in the blockchain forever.

After burning an NFT token, a Proof of Burn (PoB) is created to verify the burning action.

Your NFT marketplace makes it easy for you to burn NFTs.

So If you want to get rid of an NFT, send it to the NFT contract address. This will destroy your tokens and they’ll no longer be transferable.

  1. BURST 
    These are widely known NFTs you will want to buy because of their fame and hype, also known as assets on the market.
  2. BUYERS/COLLECTORS
    These are people who buy digital collectibles in order to resell them for a higher price. It’s like real-world trading where you try to get more money than what you paid.
  3. CAT 
    This is short for CryptoKitties and stands for Cryptocollectible Asset Token. It’s one of the most popular NFTs on Ethereum.
  4. COLLECTIBLE 
    refers to a unique piece of digital art that holds an intrinsic value.

A collectible can be a song, video, picture, or any other unique digital item.

  1. COMMUNITY DESIGNATED SELLERS (CDS)
    These are people who set up their addresses with specific purposes and fees for others looking to sell their assets.
  2. CROWDSALES 
    Crowdsale is a public offering to invest in a new digital asset, such as a cryptocurrency or NFT.

Companies creating an NFT project sometimes will have a pre-sale, allowing everyone to use ETH (or their own altcoins to purchase the new tokens). The tokens purchased can be invested back in developing the business or go to the investors and the company’s early employees.

  1. CRYPTO 
    This is another name for cryptocurrencies. We can say the short form of cryptocurrency.
  2. CRYPTOCOLLECTIBLES 
    These are blockchain assets that aren’t tradable because they represent one-of-a-kind digital items such as crypto art or crypto kitties the first NFTs.
  3. CRYPTOCURRENCY 
    This is a type of digital currency, like Bitcoin, that uses cryptography to secure financial transactions and control the origination of new coins.
  4. CRYPTOPUNKS

CryptoPunks is a popular NFT collection.

It consists of cartoon-like punks with different outfits and facial traits.

  1. CRYPTO TWITTER (CT)
    Subculture of developers, tech founders, economists, influencers, and speculators that frequently tweet about cryptocurrency, blockchain, decentralization, and crypto scams.
  2. DAO

DAO is an abbreviation for Decentralized Autonomous Organization.

It is an entity owned and run by its members, instead of a central authority.

In a DAO, each member has an equal say when it comes to decision-making.

One way to describe a DAO is to think of it as a club for crypto enthusiasts. It is a group of members that have a shared goal.

A DAO is built on a blockchain using smart contracts.

To join a specific DAO one usually has to buy their way in to get a governance token. This token verifies you are part of the community and have a say in decision-making.

The DAOs can consist of people from all across the world.

Usually, the communication is made through Discord channels.

  1. Dapps 
    DApp is an abbreviation for Decentralized App.

Similar to DAO (earlier in this list), a decentralized app is an app with no central authority.

In a regular app, the backend runs on a server provided by a central authority like Facebook or Instagram.

The backend of a dApp runs on a peer-to-peer network, that is, on a blockchain. Thus, the servers do not belong to a company. Instead, they belong to the community.

The benefits of dApps include:

  • Zero downtime. The network is always up and running.
  • Privacy. No real-world identity is needed.
  • No censorship. No single entity on a network can block its users from taking action.
  • Data integrity. The data stored on a blockchain cannot be changed later on.
  • Trustlessness. No need to trust a central authority to handle our data the right way.

Think of these as apps that run on decentralized networks (and not just Ethereum, but any platform). They’re crypto projects.

  1. DECENTRALIZED EXCHANGES (DEX)
    These are exchanges that allow for peer-to-peer transactions rather than transactions being made with a central authority, like a bank.

The crypto transactions are carried out by smart contracts.

  1. DED
    Simply a misspelling of ‘dead’. Commonly used by NFT communities to refer to a rug pulled from the project.
  2. Defi 
    Think of this as an acronym for decentralized finance.

The idea behind decentralized finance is to disarm the financial power from central authorities like banks and other financial institutions.

Defi is based on peer-to-peer networks, similar to the ones used by cryptocurrencies.

  1. DEGEN
    Short for “degenerate”, usually refers to people who often make risky bets. In the crypto space, it usually refers to people who invest in digital assets like NFTs by “ape-ing” in and without doing due diligence.
  2. DELIST
    Canceling the listing of an NFT for sale from an open market.
  3. DERIVATIVE
    Projects derived from the original project were first popularized with a wide variety of “alternative” punks collections.
  4. DEVS
    Short for “developers.”
  5. DIAMOND HANDS

In the NFT space, the word “hands” refers to the way an investor holds their NFTs.

Diamond hands mean you are determined to keep the NFT assets no matter how long it takes before you make a profit.

Someone with diamond hands can single-mindedly hold on to their NFTs for years without panic-selling them.

  1. DISCORD

Discord is a popular social media platform in gaming and NFTs.

Most of the popular NFT projects have their own Discord channel where anyone can join for engagement and stay up to date with the project.

  1. DOXXED / DOXED
    When the identity of an NFT team member, dev, or creator is public, known, or verifiable. In the NFT market, when an NFT team is doxed it’s usually a sign of confidence and transparency for NFT collectors to ensure they won’t be scammed by an anonymous creator.
  2. DROP 
    This is an event where users receive free tokens for holding onto certain types of assets.

You can hear about NFT drops through:

  • Word of mouth
  • Social Media
  • DMs
  • NFT marketplace news
  1. DYOR
    Acronym for “Do your own research”.
  2. DUTCH AUCTION

A bidding technique that considers all bids received on a given asset before arriving at a ceiling price, which gradually drops at specific time intervals.

  1. ENS (.eth)
    Stands for Ethereum Name Service, a service that sells .eth domains. These domains shorten your long Ethereum wallet, making it easier for others to identify and send ETH/NFTs to identify your wallet.
  2. ERC-721

ERC-721 is a recipe for building NFTs on the Ethereum Virtual Machine compatible blockchains.

ERC stands for Ethereum Request for Comment

721 is the identifier number of the proposal

There are lots of these ERC proposals.

In particular, the ERC-721 proposal has become a popular open standard for building NFTs. This is because it specifies a set of rules that makes it easy to work with NFTs.

  1. ETH 
    This is the abbreviation for Ethereum, which is the blockchain that stores all NFTs.
  2. ETHER 
    An altcoin with its own blockchain, like Bitcoin, has BTC. Ether runs on the Ethereum blockchain. It’s used as “gas” in order to perform transactions or make Dapps function properly. If you want to buy an asset, then you have to pay more ETH than the actual cost of the asset.
  3. ETHEREUM 
    The name one particular cryptocurrency, also known as ETH, supports Dapps and smart contracts.
  4. ETHERSCAN 
    This is the most popular block explorer to check the worth of your digital collectibles. You can also use it to verify balances and transactions.
  5. EXCHANGE
    If you want to trade your crypto assets in order to get other crypto assets, then you’ll need to go through an exchange like Binance. You can buy with credit cards here, too.

Can’t wait to start minting NFTs? Click here!

  1. FARM
    Instead of buying NFTs with money, you can “farm” them by using your GPU to mine their tokens. Your computer will join with other computers on the blockchain that are also mining.
  2. FIAT
    Fiat currency is the “regular currency” issued by the government.g. USD, Euro, and GBP.
  3. FLEX
    Slang for showing off. NFT owners usually flex by setting their high-end NFTs as their discord or Twitter display picture.
  4. FLIP
    When you flip something, be it an NFT or token, you buy and sell it quickly to make a quick profit.
  5. FLOOR

The floor is the lowest current market price of an NFT project.

For example, consider an NFT collection with 10,000 assets. The floor is the price of the cheapest NFT in the collection.

  1. FOMO

FOMO stands for “fear of missing out”.

This term is widely used in different contexts.

In the crypto/NFT space, FOMO refers to the fear of missing out on buying assets whose value could rise.

  1. FRACTIONAL OWNERSHIP

Fractional ownership means you do not own the entire NFT. Instead, you own a fraction of it.

More often than not, NFTs are owned by a single owner.

However, the new variant called fractional NFT makes it possible to own a fraction of a piece of NFT.

  1. FUD

FUD is an acronym for Fear, Uncertainty, and Doubt.

FUD is typically created when someone spreads negative and potentially incorrect information on a crypto/NFT project.

There is a general bad smell on the future of a crypto/NFT project.

A related term, fudder, is someone who is going through the FUD.

  1. FREN
    Misspelling for “Friend”.
  2. FUDDER
    Someone who engages in FUD about an NFT project.
  3. FUDDING YOUR OWN BAGS
    When an NFT collector or crypto investor spreads false and negative information about an NFT or crypto project he/she has invested in or has a stake in.
  4. FUNGIBILITY
    simply means Replaceability. The ability of a good or asset to be traded with other individual goods or assets of the same type. On the contrary, something that is non-fungible, like a piece of art, is one-of-a-kind.
  5. FUNGIBLE TOKENS (FT)
    These are interchangeable, tradable tokens, such as ETH and BTC.
  6. GAMEFI
    Refers to decentralized applications (dapps) with economic incentives, which generally involve rewarding tokens or NFTs when players perform game-related tasks such as winning battles, mining in-game resources, or cultivating digital crops. This approach is also known as play-to-earn (P2E).
  7. GAS OR GAS FEE
    An amount is required to perform cryptocurrency transactions on the blockchain. Every time you buy an asset, send ETH or set up a smart contract, then gas has to be paid in order to run the transaction.
  8. GAS WAR
    A gas war occurs during an NFT collection launch where there are more buyers (e.g. 100,000) than the amount of NFTs (e.g. 10,000) available for sale. In these situations, you’ll need to increase your gas fee to outbid the others, in hopes that your transaction would go through faster than theirs to secure your purchase.
  9. GENERATIVE ART

Generative art means a computer program randomizes pre-built image layers to create the NFT art images.

The NFT images are generated by a computer program that randomly adds layers upon layers to form the images.

This streamlines the process of creating the NFT artwork.

As an artist, you only need to draw a bunch of layers and let the program take care of the rest.

For example, if you have 5 hats, 4 glasses, and 10 jackets, you can generate 5 x 4 x 10 = 200 combinations, where the avatar wears a different hat, glasses, and a jacket.

  1. GM / GN
    If you’ve seen crypto Twitter (or discord) flooded with “GM” and “GN”, know that it simply means “good morning” and “good night”.
  2. GMI
    Means “Going to make it”. Often used by NFT holders to express optimism for their collection. For instance, “If you hodl this amazing NFT, it’ll moon someday and you’re gonna be living the life!”
  3. GOVERNANCE TOKENS
    Cryptocurrencies represent the main utility token of Defi protocols and blockchain projects. Holders of governance tokens are also granted voting power to determine the direction and future of the project.
  4. GPU
    This is an acronym for graphics processing unit, which is needed to mine certain types of cryptocurrencies, such as Ethereum.
  5. GTD
    Acronym for “Going to dust”. When a token or NFT project turns out to be a bad investment and its value is quickly diminishing.
  6. GWEI
    Gwei is a denomination of the cryptocurrency ether (ETH). Also called another, Gwei denotes the ninth power of the fractional ETH (i.e. 0.000000001 ETH). In simpler terms, Gwei is the gas price required to successfully conduct a transaction or execute a contract on the blockchain. See satoshi below.
  7. HASHRATE
    A measure of the speed at which your GPU can mine crypto tokens.
  8. HASHMASKS
    Hashmasks are digital paintings made by a globally-distributed team of 70 artists managed by Suum Cuique Labs that offer consumers control over the art. According to the Hashmasks Manifesto, “Each holder has the ability to contribute to the completion of the art piece by giving a name of their preference to the Hashmasks they hold via the Name Change Token (NCT)”.
  9. HODL
    means Hold for Dear life and also a misspelling of ‘hold’ used by crypto people to say that they’re holding on to their assets through thick and thin.
  10. ICO (Initial Coin Offering)
    Think of this as an event where a company sells digital assets to early adopters. In the crypto world, the ICO is equivalent to the IPO (Initial Public Offering).
  11. ICYMI
    Acronym for “In case you missed it”.
  12. IDO
    Acronym for Initial Dex Offering. In IDOs, new NFTs or tokens are launched via a decentralized liquidity exchange as a fundraising method for upcoming crypto or NFT projects.
  13. IGO
    Acronym for Initial Game Offering. Similar to an ICO, IGO participants get early access to the in-game assets (typically NFTs) while supporting the game’s early development.
  14. IDK
    Acronym for “I don’t know”.
  15. INTERPLANETARY FILE SYSTEM

An Interplanetary File System (IPFS) is a peer-to-peer file-sharing network. IPFS aims to take us a step closer to the decentralized web.

IPFS offers a better way to store NFT data in comparison to an HTTP gateway URL. This is because the latter means your NFT data is stored on a central authority’s servers, and thus relies on it.

  1. IRL
    Short for “In real life”, refers to the physical world we’re living in. Opposite to the virtual world.
  2. IYKYK
    Short for “If you know, you know”. It implies a message, post, or information that’d make sense to the insiders but not the general public.
  3. KOL
    Short for “Key opinion leader”, a synonym for social media influencer.
  4. KYC
    means Know Your Customer.

Do you know those annoying forms for new users where they ask for your name and all your personal information? It’s just something blockchain companies do in order to comply with KYC regulations.

Can’t wait to start minting NFTs? Click here!

  1. LFG
    Means ‘Let’s f***king go!’. It’s used in excitement about new project launches, huge NFT news, and other massively positive updates.
  2. LIQUIDITY
    Liquidity is the ability of a coin to be easily converted into cash or other coins.
  3. LAYER 2
    Layer 2s are scaling solutions that operate on top of an underlying blockchain protocol (e.g. Ethereum) to improve its scalability and efficiency
  4. LIQUIDITY POOL
    This is a Crowd-sourced pool of cryptocurrencies or tokens locked in a smart contract to facilitate trades between the assets on a decentralized exchange (DEX).
  5. LOOKS RARE
    Rarity is relatively important in NFT collections. But when others say something like “ok, looks rare”, it’s being used ironically — they actually mean “it doesn’t look rare”.
  6. MEATSPACE
    Same meaning as IRL. Refers to the real-life physical world, as opposed to the virtual world.
  7. METADATA

Metadata in general means data about the data. It provides information on the data.

Any piece of digital art is associated with metadata. This could be:

  • Name of the file
  • Size of an image
  • Length of a video
  1. METAMASK

Metamask is a digital wallet used to access NFT marketplaces, such as OpenSea or Rarible.

It is used as a browser extension.

With MetaMask, you can:

  • Store Ether tokens in the MetaMask wallet.
  • Interact with dApps in the Ethereum blockchain.
  1. METAVERSE
    A network of 3D virtual worlds focused on social connection. It’s typically a combination of multiple elements of technology, including virtual reality, augmented reality, and video.
  2. MIGRATION
    Migration occurs when a token or NFT is transferred from one blockchain to another during a blockchain changeover.
  3. MINER
    A person who uses their GPU to mine tokens on a blockchain network.
  4. MINING
    This is the process of solving cryptographic problems. The first one to solve it gets to add the current block on the blockchain and receive newly minted tokens as a reward.
  5. MINT
    Minting means producing something new.

In the crypto/NFT space, minting means adding new NFTs to the blockchain.

As a concrete example, you can mint NFTs.

A minted NFT can then be purchased by someone else in the network.

  1. MINTING INTERVAL
    This is how often you can mint or create tokens.
  2. MODs
    Refers to the moderators of Twitter, Discord, or Reddit channels. The role of moderators is to ensure a healthy, active and informative community experience in these spaces.
  3. MOON
    One of the most common financial market terms used in the crypto and NFT space refers to the exponential growth of an asset’s value. For example, if the price of a coin/NFT is experiencing a spike, we can say that the asset is ‘mooning’ or ‘going to the moon.
  4. MULTISIG
    Short for “multi-signature wallet”. It is a wallet that requires more than one signature for a transaction before moving funds for added security. Multisig wallets are frequently used in DAOs.
  5. MOONBOY
    Someone who has blind faith in a token or NFT project and stands by it no matter what.
  6. NFA

NFA is an abbreviation of Non-Financial Advice.

“I think CryptoKitties price will continue to rise. NFA, though.”

  1. NFT
    Stands for Non-Fungible Token. It’s a unique, one-of-a-kind digital asset that’s stored on a blockchain. An NFT can be anything digital, such as an image, video, or song.
  2. NGMI

NGMI is the short form for Not Going to Make It.

This acronym is called for someone making bad decisions or using poor judgment.

In the NFT/crypto space, NGMI is used to highlight the fact that someone, usually with paper hands, is about to miss a huge opportunity on a trade.

  1. NIFTY GATEWAY

Nifty Gateway is a popular NFT marketplace where you can purchase and sell digital collectibles.

The word “Nifty” is a playful term that refers to NFT.

The Nifty Gateway operates on the Ethereum blockchain.

  1. NONCUSTODIAL WALLET
    Think of this as an online wallet that you control using private keys stored in your own computer.

There is a no-third-party solution like save to Google, last password, or forget password when it comes to storing your crypto assets. Instead of relying on a third party, you have to trust yourself not to mess things up with a non-custodial wallet. This means you have to make sure not to:

  • Lose the wallet.
  • Destroy the wallet.
  • Forget a password.

One example is MetaMask, which is also a browser extension that lets you run Dapps in your regular web browser (instead of a centralized app).

  1. NOOB 
    Someone who’s new to this whole blockchain thing and doesn’t understand how it works.
  2. NUCLEAR NFTs
    Sometimes they’re rare collectibles with over 1,000 owners. You can’t send them to anyone without their permission first because you have to ask everyone on the list if it’s okay before each transaction. If someone forbids the NFT from being traded even once, then it’ll never leave its original wallet again.

Want to know more about NFT or get into the field? Click here!

  1. OG
    Slang for “original”. This term originated from “Original gangster” and refers to someone or something that is an original or originator, especially one that’s held in high regard by the community.
  2. OFF-CHAIN METADATA

Off-chain metadata is metadata that is not publicly accessible. It is stored outside of the blockchain.

When NFT projects store metadata off-chain, they do this because of the limitations in the Ethereum blockchain.

  1. ON-CHAIN METADATA

On-chain metadata is metadata that is integrated directly into the smart contract that makes up the tokens.

  1. OPENSEA

OpenSea is the most popular NFT marketplace.

  1. ORACLE
    An oracle is a code that provides smart contracts with external data by serving as a bridge between blockchains and information that resides on outside networks.
  2. OPEN EDITIONS
    An NFT for which any number of editions may be minted is the opposite of a limited edition NFT (e.g. a collection with only 10,000 editions).
  3. OS
    Short for OpenSea, the leading NFT marketplace on Ethereum.
  4. PFP

The PFP stands for Picture for Profile.

  1. PAPER HANDS

Paper hands refer to a person who nervously holds on to their NFTs or cryptos and panic sells them too early.

See also “diamond hands” earlier in this list.

  1. PEER TO PEER (P2P)
    Peer-to-peer or P2P means the direct exchange of an asset between two parties without involving a central authority in the process.

If you need to make a transaction without going through an exchange, then you’ll use P2P trading instead.

  1. PERMANENT RECORDS
    The Ethereum blockchain permanently stores digital collectibles, so your crypto collectibles will never disappear unless you remove them yourself off the ledger.
  2. PLAY-TO-EARN (P2E)

Play-to-earn games pay players based on their skill level.

These payments are NFTs that a player can collect and sell for cryptocurrency or real money.

  1. POLYGON

Polygon is a scalable solution for the Ethereum blockchain. It allows payment transactions that are:

  • Cheaper
  • Faster
  • More secure
  1. PRE-MINE
    The act of creating a set amount of tokens before their public launch.
  2. PRESALE
    A funding method often used by companies or project developers to raise capital through an initial sale (such as ICO, IDO, and IGO) where investors and early adoptors use ETH (or other altcoins) to purchase the new tokens/NFTs.
  3. PRIVATE KEY
    A private key is a secret number given to a user.

It gives you access to information or digital property on blockchains. You can always see your public address on Etherscan, but you might need to use a private key to access wallets or assets stored on the blockchain. Do not share your private key with anyone!

  1. PROJECT

In the NFT space, the project refers to digital art or digital assets related to an overall roadmap.

An NFT collection is a project.

  1. PROOF OF STAKE (PoS)
    Another way crypto projects verify transactions, means you’re rewarded with tokens if you hold on to them for a certain period. Like mining, this process also requires some computing power and electricity usage.
  2. PROOF OF WORK (PoW)
    This is one way of verifying transactions, which means miners must solve hashing problems to do their job. This method makes it difficult for hackers to crack the network since they’d need over 51% of all computing power available worldwide.
  3. PUBLIC KEY
    Similar to private keys, it’s a cryptographic key that allows people to access your wallet or NFTs. The difference is it doesn’t need to be kept secret. It’s posted in open spaces so the blockchain knows who you are and what you can do with your tokens.
  4. PUMP-AND-DUMP

Pump-and-dump is a price manipulation scheme.

A pump occurs when a person or a group of ‘whales’ buy or convince others to purchase large quantities of crypto or an NFT to drive up the price to a peak. When the price peaks, these people sell their position high (quickly and all at once) for a hefty profit, therefore dumping the price. Slower investors or newbies who bought in at the peak price may find themselves at a loss.

The goal of a pump-and-dump scheme is to benefit traders from spikes in prices.

  1. PUMPING

This means the price or value for a token or digital asset is skyrocketing.

  1. QR Code

If you’re using a mobile wallet that supports scanning QR codes, then this is the easiest way to send NFTs or Ethereum since all you have to do is scan a code and confirm everything before hitting “send.”

  1. QUANTITY
    This means is how many of a certain asset are available.
  2. RARIBLE

Rarible is a popular community-driven NFT marketplace.

  1. RARITIES 
    Items with different rarities get assigned with a certain number on the Ethereum blockchain. They’ll have unique IDs and metadata and get labeled as “Legendary” or “Mythic.”
  2. RE-MINT
    Minting coins or tokens on a blockchain means giving out digital wallets’ private keys so they’re locked forever, meaning no one destroys or transfers them except for the original wallet owner.
  3. REKT Is A Slang Term For “WRECKED”.

Often used in the online gaming community to refer to someone (or something) who has been totally ruined or destroyed. In the crypto space, getting rekt usually means experiencing severe financial loss due to bad investment decisions.

  1. REWARD POOL
    In P2E games, a portion of the tokens is allocated in a ‘reward pool’ for the distribution of tokens to players who earned them through their gaming efforts. Depending on the game mechanics, this reward pool is kept balanced and refilled through various sink features that’ll typically require players to reinvest in the game.
  2. RING SIGNATURE

A type of transaction that only lets the sender know someone signed it but not who, which means they can’t spend funds unless another signer provides their approval as well.

  1. ROADMAP
    The set of activities or development plans for an NFT project or P2E game. A project with a solid roadmap is generally viewed to have more potential, and sustainability and is designed to stay for the long haul as compared to one with no foreseeable updates.
  2. ROYALTIES

Royalty refers to money earned by the creator of an NFT through resales.

For example, say you create an NFT and set the royalty to 5%. Now every time the NFT is sold or resold, you get a 5% of the selling price.

  1. RUG PULL

A rug pull means a crypto/NFT project is abandoned right after the developers of the project generate sales.

  1. SATOSHI
    It’s the smallest unit of Bitcoin (0.00000001 BTC) named after Satoshi Nakamoto, credited with anonymously creating Bitcoin and the first blockchain developer.
  2. SEED HASH
    A 32-byte random value that allows you to regenerate public and private keys.
  3. SHARDING
    Sharding in the context of NFTs refers to the practice of splitting NFTs into smaller subsets, generally for the purpose of allowing groups of individuals to purchase an expensive NFT so that it can be owned collectively. See fractional ownership above.
  4. SHILLING

Shilling means encouraging others to buy your NFTs for the higher price you purchased them.

  1. SMART CONTRACT
    An agreement that automatically executes between two or more parties under certain conditions. They’re enforced on the blockchain network, irreversible, and not subject to change.
  2. SNAG
    It means buying an NFT quickly and for a very low price. Can also be known as sniping.
  3. SNAPSHOT
    Usually used by NFT creators and P2E games to determine who is eligible for airdrops and early access at a certain point in time. For instance, all owners who hold NFT X in their wallets at the time of the snapshot on 1 June get a free airdrop of NFT Y next week.
  4. SNIPE
    Getting a great deal. Such as being able to quickly buy an undervalued NFT before someone else or before the floor price rises.
  5. SOLIDITY
    A programming language for Ethereum-based crypto token smart contracts. It stands for “Secure Interoperable Data marketplace,” which is what this language does when people design any new NFT on the blockchain, including illustrations and 3D models with metadata underneath to describe each asset’s unique history or story. Solidity is a high-level programming language, similar to Python.
  6. STAKING

The process of locking up tokens in a wallet for a certain amount of time. The more you lock up, the more chances you have to win a reward as long as other stakers are also taking part. This usually happens on PoS blockchains where users stake their tokens and get rewarded every few seconds or after processing a certain number of blocks.

  1. SWEEPING THE FLOOR

Sweeping the floor means buying NFTs on the floor price.

  1. TOKENOMICS
    The branch of economics deals with the design, issuance, trading, and regulations of crypto tokens.
  2. TOKENS
    A token is a record on a blockchain. They are digital assets that allow people to raise money for projects through crowdfunding/ICO protocols, such as ERC-20 tokens.
  3. TRAITS

Traits are characteristics that make an NFT unique in the collection.

  1. UTILITY-FOCUSED NFTS

A utility-focused NFT is an NFT that has real-world applications.

For example, the Bored Ape grants its owners some privileges, such as access to a collaborative graffiti board.

  1. UTILITY TOKEN
    A fungible token that serves some use case within a specific ecosystem. These tokens are required to utilize some functionality of a smart contract system or perform some action on a certain network.
  2. VAULT
    A smart contract that escrows collateral and keeps track of the value of the collateral.
  3. VERIFIED CONTRACT
    A publicly available contract that allows users to read, study and audit the code. Verified contracts are prevalent in transactions where parties require a higher level of trust, preferably verifiable by another third party.
  4. VOLATILITY
    A measure of how much the value of an asset has moved up or down over time.
  5. WAGMI

A shorthand for “We all gonna make it”.

  1. WALLET

This is where your tokens live while they’re not in use. Think of it like a house where you store all your digital collectibles until you want to sell them or send them somewhere else. A wallet could be a cold storage wallet, but also any place where you can send and receive items from using something like Metamask with MyEtherWallet.

  1. Wen
    A silly misspelling that’s used ironically by NFT and crypto communities, often in “Wen moon?” which loosely translates to “When will the price of this asset rise exponentially?”
  2. WHITELIST
    Often abbreviated as “WL”, a whitelist is a special list that gains early access to an NFT drop before the general public
  3. WEB3
    An idea/vision for a new iteration of the web-based on a decentralized online ecosystem powered by blockchain technology.
  4. WHALE
    Someone with a lot of capital grants them the power to singlehandedly move markets either upward by buying a lot from a given collection, or downward by selling.
  5. WHITEPAPER
    An officially released document by a crypto project team that offers investors detailed technical information about its concept and roadmap.
  6. YOLO
    Acronym for “You only live once”, which expresses the view that one should enjoy the present moment without worrying about the future (or consequences).

 

sources:

NFT Glossary: 93 Terms You Should Know [2022 Edition]

The Ultimate Glossary of NFT Terms

The ultimate NFT glossary

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