Terminologies in NFT

Do you feel like a #1 bullsh!t guy when you join conversations on NFT?

I guess you’re new to the NFT space.

Grab my hand, I’m about to give you freedom.

I’ll walk you through key terms in the NFT community and in a short while NFT jargon would become your lingua franca.

First things first, what are NFTs? — Find out in my previous article.

Moving further, I believe you know what NFTs are.

Let’s f**g go!

LFG

Means Let’s fucking go!

I bet you’ve seen a lot of people use this, particularly in excitement about an NFT project on Twitter.

Wait, what’s a project?

PROJECT

A collection of art or digital assets created around a particular story is called a project.

Some cool examples are Vee Friends and Funky Dogs Club.

AIRDROP

Airdrop is a common practice in the crypto space in general.

When you receive an airdrop, you’re rewarded with free collectibles or NFTs dropped into your wallet for meeting certain criteria.

Some projects give airdrops for being early to the project or making a social media post about the project.

FLOOR

The “floor” or “floor price” of a project is the lowest current market price you can buy an NFT at a particular time.

Floor prices are used to gauge the price and track a project’s performance over time.

DYOR

Pronounced as DIOR, the brand.

Do Your Own Research — DYOR is an advice saying “before you invest in a project, you should carry out proper research”.

MINT

As an artist, you might want to convert your artwork into digital assets on the blockchain.

When you convert a digital file into a digital asset on the blockchain, you have minted an NFT.

GAS

Gas is a fee you’ll pay to mint, buy or sell NFTs.

Minting, buying or selling an NFT on the Solana blockchain can be relatively cheap when compared to Ethereum blockchain.

GAS WAR

This war occurs on the Ethereum blockchain where a lot of people compete to purchase a limited number of NFTs.

For instance, gas war occurs when a popular project launches 5,555 NFTs and 55,000 people are trying make purchases.

FLIP

What comes to mind immediately is flipping a coin — Yes, a quick switch.

When you flip an NFT, you buy and quickly sell within a few days for the sole purpose of making immediate profits.

APED

Buying an NFT for an incredibly high amount relative to your account (portfolio) size.

“I aped HazeMonkey” — I almost emptied my account purchasing Haze Monkey.

RUG PULL

I don’t wish my enemy this. Rug pull is an exit scam in the crypto space.

Happens when the developers of an NFT collection, market the project to generate sales, then take profits and pull out, leaving adopters with a valueless NFT.

It’s advised to DYOR to avoid being victims of rug pulls.

DAO

DAO — Decentralized Autonomous Organization is a community where owners of NFTs of a particular project have voting rights and control over the future actions and overall direction of the project.

DIAMOND HANDS

A person with diamond hands is one who holds on to an NFT through price volatility, negative news or poor market sentiment.

PAPER HANDS

The opposite of diamond hands, used to refer to someone who sells an NFT or a cryptocurrency, at what is perceived by others as too low of a price.

WAGMI

A very popular abbreviation for promising success — We’re All Gonna Make It.

MM

A shorthand for Metamask, the most popular wallet in the Ethereum ecosystem.

OS

A shorthand for OpenSea, the leading NFT marketplace on Ethereum.

Phew! That’s a lot, right?

You’ve come a long way from the top, you really do not have to master all these terms at once.

Make a reference to this article whenever the need arises, you might just be DYOR, you know.

Follow me on Twitter if I gave you freedom as promised.