Knowing the right NFT terms to use in the industry is absolutely imperative. Not only will you appear to be much more knowledgeable than you are. But, it will also intimidate anyone trying to pull a fast one on you. So, you can definitely consider this list your way of avoiding a scam just because you SOUND like a noob!
Therefore, make sure to check out this list of 122 NFT lingo that you’ll need in your day-to-day non-fungible life. In short, think of this as your cheat sheet to success. You gotta talk the talk before you walk the walk! If you can pass as a total NFT snob by knowing every word in the book, you can make it work! Manifest it till it happens. So, start with knowing the terms!
And, if you wanna take it a step further, expand your entire knowledge on NFTs all in one place. In other words, lock in the deal with having actual knowledge of everything NFT-related. So, just click on the button below to join our free NFT hub today and become a non-fungible MASTER!
NFT TERMS
Airdrop: An airdrop is an NFT reward or collectible that creators automatically send to your wallet for free. This is a popular method to generate a lot of engagement in the crypto space especially for early investors.
Alpha: Alpha group is one of the NFT terms referring to a place for insider information about certain NFT projects.
Ape-ing: Ape-ing into something means buying something haphazardly simply out of FOMO. You pay too much money for it without proper research. Very irresponsible on your part, fam!
Asset: A digital collectible, or token – as in an NFT or cryptocurrency.
Avatar Project: Similar to a 10K project – a collection with a couple thousand NFT avatars. Avatar project examples: CryptoPunks – BAYC – Azuki – World of Women – etc…
Bearish: The term bearish is when you believe that an asset or a market (like the NFT market) is going down!
Beeple: Mike Winkelmann’s alias – one of the most popular digital artists in the game! His NFT has one of the highest records for an NFT sale at $69.4M!
Bitcoin/ BTC: The most expensive and well-known cryptocurrency in the WORLD.
Blockchain: Similar to an open, public ledger with verifiable and unchangeable transactions. Everyone in the crypto world has access to it. This is where all secure transactions take place and it stores data across a global network.
Blue-Chip: One of the NFT terms that everyone wants to see! A project reaches the blue chip status when it has the most stability and security. A blue-chip NFT is a good option for investment. Blue-chip NFTs examples: Doodles – CryptoPunks – Cool Cats – etc…
Bot: An automated software that performs specific actions like buying, sniping, identity verification, and more. The most popular types of bots include sneaker bots and most recently NFT bots!
Bridge: A connection that lets you move NFT tokens from one blockchain to another for a fee.
BSC: Binance Smart Chain.
Bullish: The opposite of bearish. People use the term bullish when they’re expecting a token or market to go up! One of the NFT terms you should not ignore!
Burn: Complete destroying an NFT to get rid of it. You do this by sending an NFT to a non-suspendable address which makes it no longer transferable. It doesn’t disappear but becomes unusable. This CAN NOT be reversed. A Proof of Burn (PoB) is then created to verify the burning.
Burst: A very popular NFT that usually NFT collectors would like to buy!
CAT: Crypto-Collectible Asset Token.
Collectibles: A unique digital item with high value.
CDS: Community Designated Seller – someone who sets up a wallet address with fees for people who want to sell their NFTs.
Crowd Sales: A public sale for people who want to invest in NFTs. Projects often do this to raise money for developing their business.
Crypto: Short for cryptocurrencies. Basic NFT terms.
Cryptocurrency: Digital currency that uses cryptography. The most popular cryptocurrencies include: Bitcoin – Ethereum – Binance coin – etc…
Crypto Punks: CryptoPunks is a popular NFT collection.
dApps: Decentralized apps – crypto projects built to work on decentralized networks.
DAO: Decentralized Autonomous Organization – member-owned communities without a single, specific leader. Their rules come from smart contracts on the blockchain and changes go through voting first.
DeFi: Decentralized Finance.
Degen: Degenerate – people who make risky bets.
Delist: Canceling an NFT listing.
Derivative: Projects that come out of the OG project – like alternative projects!
Devs: Developers. Not really legit NFT terms, but whatever…
DEX: Decentralized Exchange – a cryptocurrency exchange.
Diamond Hands: People who hold on to their NFTs despite price change, negative news, or poor market expectations. Someone who doesn’t panic-sell.
Doxxed: Used to describe when the identity of an NFT team member is public, known, or verifiable. This is a good sign of credibility and transparency.
Drop: A release. NFT terms 101!
Dutch Auction: A type of NFT auction where the ceiling price gradually drops at specific time intervals.
DYOR: Do your own research.
ENS: Ethereum Name Service – a service that sells .eth domains.
ERC-721: ERC-721 is a token standard for creating unique NFTs.
ETH: Ethereum… NFT terms for kids!
Ether: An altcoin on the Ethereum blockchain.
Ethereum: The cryptocurrency used on the Ethereum blockchain for NFT transactions.
Etherscan: A platform for Ethereum that verifies balances, transactions, values, and more.
Exchange: To trade your crypto assets for other crypto assets.
Farm: Earning in-game assets.
Fiat: Government-issued currencies – not linked to the price of a commodity. Examples of Fiat include: USD – Euro – GBP – etc…
Flip: To sell an NFT in order to make a profit. Our favorite of all NFT terms!
Floor: Floor or Floor Price is the lowest price you can buy an NFT from a collection on the secondary market.
FOMO: Fear Of Missing Out.
Fractional Ownership: Partial ownership rights.
FUD: Fear, Uncertainty, and Doubt.
Fungible Tokens: Interchangeable and tradable tokens like ETH or BTC.
GameFi: dApps that come with rewards and tokens for game-related tasks – aka play-to-earn (P2E) games.
Gas: Gas fees are the amount of cryptocurrency you have to pay to perform a transaction: minting, buying, or selling NFTs.
Gas War: When there are more buyers than the amount of NFTs in a specific collection launch. This means you’ll need to increase your gas fees to outbid others – thus, a gas war! Self-explanatory NFT terms.
Generative Art: A collection of computer randomized pre-built image layers. Examples of generative art include: Pudgy Penguins – Cool Cats – BAYC – etc…
Governance Tokens: The main utility token of DeFis and blockchain projects.
GPU: Graphics processing unit used to mine certain types of cryptocurrencies.
Gwei: Equivalent to 0.000000001 ETH – also called Nanoether. It is the gas price unit for paying gas fees.
Hashmasks: Hashmasks are digital paintings made by over 70 artists globally and are managed by Suum Cuique Labs.
Hashrates: NFT terms explaining the measure of the speed at which your GPU mines cryptocurrency.
ICO: Initial Coin Offering – a funding method that developers of new cryptocurrencies use by selling digital assets to early investors.
IDO: Initial Dex Offering – NFTs launched using a fundraising method. NFT terms for creators looking for funding!
IGO: Initial Game Offering – users get early access to in-game assets while supporting early development.
IPFS: InterPlanetary File System – a way of storing NFT data other than on an HTTP gateway URL.
KYC: Know Your Customer – companies use this to verify the identities of their users using personal information.
Layer 2: A set of scaling solutions operating on top of an underlying blockchain to improve efficiency.
Liquidity: The ability of a coin to be easily converted into cash or other coins.
Metadata: The unique data that make up the NFT and how it looks.
Metamask: One of the most popular browsers or mobile app crypto wallets to store and exchange crypto.
Metaverse: The Metaverse is a 3D virtual world with a social connection between people. It brings together virtual reality, augmented reality, and video. One of the OG NFT terms!
Migration: When an NFT is moved from one blockchain to another during blockchain changeover.
Miner: Someone who mines tokens on a blockchain using a GPU.
Mining: The process of solving cryptographic problems (blocks) to verify and add new transactions to the blockchains. They use a proof-of-work (PoW) method where the first one to solve the block gets to add it to the blockchain. You receive tokens as a reward.
Minting: The process of creating an NFT.
Mods: Moderators – these are people on Twitter, Discord, or Reddit servers that make sure there is a friendly and informative space. They keep the community in check!
Moon: The exponential growth of an asset’s value. In other words, going to the moon. Keep a lookout for these NFT terms!
Multisig: Multi-Signature Wallet – a wallet that requires more than one signature to complete a transaction. Usually used in DAOs.
NFA: Non-Financial Advice.
NFT: Non-Fungible Token.
NGMI: Not Going to Make It. Not one of the NFT terms you wanna see!
Nifty Gateway: A popular NFT marketplace where you can buy or sell NFTs – Nifty Gateway.
Non-Custodial Wallet: A wallet that offers you full control of your private keys. Some examples of non-custodial wallets include: Metamask – Ledger Nano X – Trezor One – etc…
Noob: A newbie.
Off-Chain Metadata: Metadata stored outside the blockchain.
On-Chain Metadata: Metadata stored in a smart contract on the blockchain.
Open Editions: Any number of editions of the same NFT can be minted – opposite to limited edition!
OpenSea: One of the most popular, leading NFT marketplace – OpenSea!
P2E: Play-to-Earn – online games where players have to play to earn rewards.
Paper Hands: Someone who sells off their NFT at the first sign of trouble – opposite to diamond hands.
P2P: Peer-to-Peer – transaction directly between two people.
PFP Project: Picture For Profile – an NFT you can use as a profile picture.
Polygon: A secondary scaling solution on the Ethereum blockchain. It is a cheaper, faster, and more secure method of payment.
Pre-Mine: Creating tokens before the public collection launch.
Presale: A funding method to raise capital through an initial sale – presale!
Project: An NFT collection. Basic NFT terms right here, fam!
Private Key: A cryptography variable that encrypts and decrypts data. They are also used to sign transactions and prove ownership.
PoS: Proof of Stake – a method used to verify transactions where you are rewarded with tokens. This is based on the amount of money or stake you have.
PoW: Proof of Work – a method used to verify transactions where you are required to solve hashing problems. These problems verify and add new transactions on the blockchain aka mining.
Public Key: Same as Private Key, but it does not to be kept private. It allows other people viewing access to your wallet.
Pump and Dump: A pump is when a person (group) convinces other people to buy huge quantities of crypto or NFT. They do this to drive up the price to a peak! And then, they sell quickly and all at the same time for a big profit aka dumping prices. These NFT terms are describing a pure price manipulation scheme!
Rarible: One of the most popular NFT marketplaces – Rarible.
Rarities: A sense of how rare your NFT is: common, uncommon, rare, legendary, … This also indicates how valuable your NFT really is! You can check the rarity of your NFT here!
Roadmap: The set of goals, plans, and activities that a project plans on doing. A roadmap is a great indicator of an NFT project on the path of success. One of the NFT terms that will definitely give you peace of mind!
Royalties: A percentage of money that an NFT creator earns through their token’s resale.
Rugpull: An NFT scam.
Satoshi: Equivalent to 0.00000001 BTC.
Secondary Market: The aftermarket for reselling or buying NFTs like OpenSea.
Seed Hash: A 32-byte random value that allows you to regenerate public and private keys.
Sharding: Splitting an NFT into smaller parts that allow it to be owned by a group of individuals – for super expensive NFTs.
Shilling: When someone promotes an NFT project like influencers do!
Smart Contract: A smart contract is an agreement that automatically executes when you meet the predetermined conditions.
Staking: The process of keeping tokens in a wallet for a long time for PoS blockchains.
Sweeping: Floor sweeping is when people buy large quantities of the cheapest NFTs in a collection to raise the floor price. Definitely not one of our favorite NFT terms on this list.
Tokenomics: A combination between token and economics.
Tokens: Digital assets. Self-explanatory NFT terms again.
Traits: Characteristics of an NFT.
Utility-Focused NFTs: NFTs with real-world use cases aka utilities.
Volatility: A measure of how much the value of an NFT changed over time.
Wallet: A digital wallet where you store your cryptocurrencies and NFTs.
Web3: Web-based on a decentralized ecosystem using blockchain technology.
Whale: Someone who has a lot of money and the ability to influence the market by buying or selling certain collections. Aka NFT terms describing rich-ass people.
WL: Whitelist – a list that gives people on it exclusive access to an NFT drop or other rewards.