The NFT Bible

All the NFT Terminology You Need to Know

The NFT community utilizes a huge number of acronyms, abbreviations and community specific terms. Here is all the NFT terminology you need to know.

 AB ArtBlocks, a platform dedicated to generative, decentralized art.
Alpha
The outperformance or underperformance of a portfolio of investments resulting from the skill of an asset manager vs the market's performance, otherwise known as the Beta.
Blockchain
A system in which a record of transactions made in bitcoin or another cryptocurrency are maintained across several computers that are linked in a peer-to-peer network.
Burn
Tokens are permanently removed from the circulation. Burning large amounts of cryptocurrency tokens can have the effect of increasing the scarcity of that token.
Coinbase
An American company that operates a cryptocurrency exchange platform.
Consensus mechanism
Used to confirm the state of a network by reaching a common agreement between nodes.
CT
Crypto Twitter, a subset of Twitter users that use the platform exclusively to discuss crypto-currencies.
DAO
Decentralized Autonomous Organization. Code that runs by itself when certain rules are met.
DeFi
Decentralized finance, a generalized term referring to decentralized financial services on the blockchain.
DEX
Decentralized exchange, a peer-to-peer network that connects crypto buyers and sellers.
Discord
Discord is a VoIP, instant messaging and digital distribution platform designed for creating communities. NFT communities typically communicate on Discord servers.
Drop
The date when an NFT becomes available for purchase.
DYOR
Do Your Own Research.
EIP Ethereum Improvement Proposal. EIPs describe standards for the Ethereum platform.
ERC Ethereum Request for Comment. Technical notes about the Ethereum platform and requirements to specific groups of developers and users.
ETH
Ether, the cryptocurrency of the Ethereum network.
Ethereum
A decentralized open-source blockchain with smart contract functionality.
Floor price
The lowest available asking price on OpenSea/Larvalabs etc either for a collection as a whole or for a subset of the collection.
FOMO
Fear of missing out.
Fren
Friend.
FUD
Fear, uncertainty and doubt.
Gas fee
The fee paid to miners for the work required to validate a transaction on the blockchain.
Gas wars
When demand drives dramatic increases in gas prices.
Generative art
Art that is algorithmically generated.
GM
Good morning
GMI
Gonna make it
GN
Good night
GOAT
Greatest of all time
Governance tokens Voting rights held by members within a specific ecosystem, e.g. a DAO
HODL
Hold on for dear life, a phrase used to express fear in volatile markets, typically in a downturn.
IRL
In real life, as opposed to NFT communities and marketplaces.
JPG
An image file type, generally used to joke about when other people say you have just bought a JPG when you have bought an NFT.
Liquidity
Available ETH to buy JPGs.
LL
Larvalabs, the creators of punks.
Metaverse
A virtual shared space, created by the convergence of virtually enhanced physical reality and physically persistent virtual space, including the sum of all virtual worlds, augmented reality, and the internet.
Mint
The act of initially issuing a piece of art on the blockchain, either by the artist of the creator.
NFA
Not financial advise.
NFT
Non-fungible-token, a term used to describe digital assets that have an authentication marker stored on a blockchain to demonstrate their originality.
NGMI
Not going to make it, a term typically used to point out trading efforts that result in negative outcomes.
NOOB
A person who is inexperienced in a particular sphere or activity.
Off-chain
Something that happens in real life and then needs to be reported to the blockchain.
OG
Original gangster, a person that deserves respect due to their longstanding contribution to the NFT community.
On-chain
A transaction that happens on the blockchain.
OpenSea
A peer-to-peer marketplace for NFTs, rare digital items and crypto collectibles.
P2P
Peer-to-peer, computing or networking is a distributed application architecture that partitions tasks or workloads between peers.
Permissionless
Blockchains that do not require approval before joining.
PFP
Profile picture.
Probably nothing
Ironically means probably something.
Ser
Sir, a term of respect.
Shill
Promoting a project in a tactless manner.
Snz
Abbreviation of seasons, referring to the market cycle.
Swap
Swapping one token or coin for another, usually via a decentralized exchange.
Sweep the floor
Buying up the lowest priced NFTs within a collection to increase the floor price.
Trustless
A trustless system means that the participants involved do not need to know or trust each other or a third party for the system to function.
Twitter
A microblogging and social networking service on which users post and interact with messages known as tweets. NFTs are regularly hyped via this medium and there is a subset of Twitter users that only use the platform to discuss cryptocurrency. This is called Crypto-Twitter (CT).
Up only
A term to express the desire for ever increasing NFT prices.
WAGMI
We all gonna make it, a phrase used between fellow traders to express optimism once a specific asset starts performing well.
Wallet
A cryptocurrency wallet is a device, physical medium, program or a service which stores the public and/or private keys for cryptocurrency transactions. In addition to this basic function of storing the keys, a cryptocurrency wallet more often also offers the functionality of encrypting and/or signing information.

Leave a comment

Please note, comments must be approved before they are published