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79 Crypto/NFT Words You Need To Know: The Crypto/NFT Slang Dictionary.

WAGMI? Ape In? Diamond Hands? DYOR? Search no more! Here you can find a glossary with 79 crypto/NFT words that will help you navigate the crypto/NFT space like a pro! Oh, and also memes!

It doesn’t matter if you are a beginner or a pro. This space runs very fast, and you need to be up-to-date on the lingo that the community uses. The crypto and NFT communities have their own language, and this glossary will help you with all those crypto slang.

Acronyms are also widely used, and here you will find all the acronyms, slang and terminology. Oh, BTW, if there’s something I’m really passionate about is teaching. I have created the first NFT Investing Masterclass and if you are interested in this topic, I would like to invite you to take a look.

OK! My dear Degens, WELCOME to the complete Crypto and NFT slang dictionary! Let’s Ape In into this 1:1 article that will help you in your future DYOR. No FOMO and no FUD. Let’s YOLO because I’m sure WAGMI! Feel free to red this crypto/NFT slang like a novel or just hit “CTRL+F” to search for whatever you are looking for.

No, this is not some kind of arithmetic problem. 1/1 of x refers to one unique NFT of a collection of X NFTs. For example, CryptoPunks are a collection of 10 000 NFTs, of which each one of them is unique.

1:1 Art.

One single unique piece of NFT from an artist, usually the price of 1:1 art, is way higher than that with an extensive collection since it’s way more scarce and unique.

Art Blocks. It seems there’s some sort of misconception towards Art Blocks- it’s not referring to an NFT collection or a type of NFT art. In fact, Art Blocks is a digital art platform built on the Ethereum blockchain that produces, sells and stores generative art. One of the most famous collections under Art Blocks is Fidenza, the most expensive piece ever sold is #313; it was sold for 1,000ETH in August 2021.

Check more about AB in the articles below:

The power of Generative Art in the NFT space.

The future of the art market may be at the intersection between a brush, Adobe, computer algorithms and the blockchain…

The 7 Generative Art Collections that Revolutionized NFTs.

If you got any of these project’s NFTs early stage or at mint price, you are doing very well. Congrats!

ADA refers to the native cryptocurrency of the Cardano blockchain platform, which was launched in 2017 by Charles Hoskinson, who was the co-founder of the Ethereum network.

Airdrop.

An airdrop refers to sending cryptocurrency coins/ tokens or NFTs for free to different wallet addresses. Some NFT projects may airdrop free companion NFTs to reward the original NFT collection holders. In addition, it can be used as a marketing strategy for NFT/ crypto-related projects to generate attention and new followers. For example, in August 2021, NFT collection “Bored Ape Yacht Club” holders were airdropped a “mutant serum”, which allowed them to mint a free Mutant Ape in the likeness of their original form can be freely traded. The floor price for one Mutant Ape is now sitting at 6.3ETH (as per December 2021).

AMA is an abbreviation for “ask me anything”, it is used by people who are opening themselves up for a session where the community can ask any kind of question. Many NFT projects hold live AMA sections regularly to keep up the engagement with their NFT holders.

Ape in usually refers to people who rush into buying a new NFT or coin without doing much due diligence or research. Originated through the ‘apes together strong’ meme. It is, however, always advised not to ape in any projects without having proper research and understanding on what you’re buying! Unless you are a true degen (see below what degen is)!

Bot refers to the automated software that performs specific actions. Some examples are: to conduct trades and execute transactions on behalf of human investors and to offer a range of customizations for Discord servers, including answering frequently asked questions, offering mini-games to their communities, spitting out memes on a daily basis, etc.

BSC refers to Binance Smart Chain. It provides an alternative to Ethereum. Some DeFi platforms like PancakeSwap use BSC, benefiting from much lower transaction fees. It was announced in September 2020 by Binance, a leading cryptocurrency trading exchange. It runs in parallel with Binance’s native Binance Chain (BC), providing the high transaction capacity of BC with added smart contract functionality.

BTD refers to “buy the dips” while BTFD refers to “buy the fxxxxxx dips”. It means to purchase an asset after its price has dropped, which is usually considered as a bargain as the asset is likely to bounce back and increase in value over time after the short-term correction.

Copy Cat.

It originally refers to a person who copies another person’s ideas, appearance or behaviour, in the NFT world, it means a knock-off project which copies another more popular project.

Decentralized Autonomous Organization. DAOs are not governed by one single person or entity. The rules and governance of each DAO are coded in smart contracts on the blockchain and cannot be changed unless voted upon by the members of the DAO. More and more recent NFT/ Metaverse projects are setting up DAO treasury in which the fund is collected from their NFT sales, and holders can decide how to use the treasury and future project direction, etc. Decentraland DAO is one of the examples.

dApp stands for “decentralized application”, which is a software application that partially runs on a distributed network (i.e. blockchain) instead of a centralized server. With the ability to decentralize information and services, there won’t be a single entity that has total control over all the information and related services on the application.

DeFi stands for “decentralized finance”, unlike traditional finance or CeFi (centralized finance), where a bank or company has control over your money. In DeFi, no one but you has access to it. Both cryptocurrencies and dApp play important roles in DeFi, which are automated by smart contracts.

Degen is short for “degenerate”, usually refers to people who often make risky and bad bets. In the crypto space, it can refer to people who invest in digital assets like NFTs without doing due diligence.

Delist.

It means to cancel the listing of an NFT for sale from an open market.

Devs is short for “developers”. It refers to the developers of a crypto or NFT project.

DEX stands for decentralized exchange. In a centralized exchange, the ownership of the coins is held by the exchange completely. In contrast, a decentralized exchange is a peer-to-peer marketplace where transactions happen directly between crypto traders without the need for a middleman. Some well-known DEX examples are Uniswap, PancakeSwap, dYdX and 1inch.

Diamond Hands refers to someone who has high-risk tolerance for high volatility assets. It is originated on the forum website Reddit in the /r/WallStreetBets subreddit, where this term has been used since 2018. Diamond Hands don’t panic sell their assets no matter the value of the assets decrease or increase. There is also a negative definition of “Diamond Hands”, which refers to a stubborn investor who is not willing to let go of an asset despite its falling value.

Discord.

Discord is one of the most popular social media platforms for NFTs and gaming. Most NFT projects have their Discord channels to keep the community engaged and informed of new updates regarding the projects.

DYOR is short for “do your own research”. It is always a smart idea to DYOR before investing in any asset! “I got into this new NFT project last night, and I see really high potentials. DYOR, though.”

Dutch Auction.

The Dutch auction is a bidding technique that considers all bids for a given asset before arriving at a ceiling price, which gradually drops at specific time intervals. See a detailed explanation here.

ETH is Ether, which is the native currency of the Ethereum blockchain.

FAQ is short for “frequently asked questions”.

Flipping refers to buying items at low prices and selling quickly for a profit. Flipping is gaining popularity in the NFT space, where people buy and sell NFTs to make a quick profit, especially during the early stages of the projects when there are higher demands.

Floor price means the lowest price listed of an NFT project. It doesn’t necessarily mean you should always buy NFTs at floor price as most of them are usually in lower ranking in rarity, it however, is a good entry point for new joiners for the project. BTW, you can learn more about NFT Investing here.

“Floor is lava” originally comes from a game kids play to avoid touching the floor at all costs. It also became a meme people used to describe the things in life we try to avoid. Since “floor” is short for “floor price” in the NFT world, “floor is lava” refers to “avoiding the low price”, which means the floor price is rising.

It refers to someone or a group of people who keeps buying the NFTs, which are listed at the lowest price. You can always see people on different NFT project Discord channels screaming “sweep the floor!” to encourage the members in the community to buy the NFTs at floor price in order to raise the floor price of the project.

FOMO.

FOMO is short for “fear of missing out”, it’s to describe people (especially newbies in the space) rushing into buying an asset just because they see many other people are doing so/ talking about it, without doing much due diligence. However, as sophisticated investors, we should always avoid FOMO and keep our heads cool before investing in anything.

FML.

Short for “f**** my life”, which is used after a statement of some unfortunate circumstance that was forced upon you. “I had to pay $2000 in gas fee when minting a new NFT last night, and the transaction was failed, FML.”

FUD is short for “fear, uncertainty and doubt”. FUD is commonly seen when the price of a coin/ NFT project dropping, or when there is some sort of negative news or rumours. People tend to panic sell their assets when there is FUD. Being logical and a bit doubtful is important for making the right investment decision, it however, is not very wise to let your emotions take over as a lot of people make the worst investment decisions when they are emotionally investing.

Gas is the fee we need to pay to the blockchain network for all sorts of transactions. The fee is paid to the “miners” of a blockchain network to compensate for the computing energy required to process and validate transactions. High gas fees commonly occur when there is a lot of demand on the network, like during the beginning of the minting process of a new NFT project. Ethereum’s gas fees are sometimes ridiculously high due to the huge demand, and most of the Crypto/ NFT projects are built on Ethereum blockchain because of its popularity. It is believed that Ethereum 2.0, which is planned to launch sometime in 2022, will bring way cheaper gas fees. There are some other networks such as Solana, Avalanche and C̶a̶r̶d̶a̶n̶o̶, which are gradually gaining popularity, as they are way faster with more affordable fees.

Short for Good Morning. A common way of greeting in Twitter/ Discord space.

Short for “gonna make it”. This is to describe the future state when our investments are going to the moon and have amazing returns.

Gwei is also called nanoether, or simply nano, to denote the ninth power of the fractional ETH (i.e. 0.000000001 ETH)— Ether which is the Ethereum native currency. You can download a browser extension for current Ethereum gas price, which is measured in Gwei. One example here.

I’m sure you’ve heard of this one. HODL- “hold on for dear life” means to hold an asset for a very long time, regardless of the price. Fun fact: HODL comes from a fortuitous typo in 2013 in an early Bitcoin forum, and readers interpreted it as an acronym and have been widely spread since.

IMX.

IMX- Immutable X is an NFT marketplace, which is the first layer 2 Ethereum for NFTs. Trading NFTs on Immutable X requires zero to very little gas fees, which is gaining popularity as fees on Ethereum based NFT platforms like OpenSea can sometimes be sky-high.

Short for “in real life”, refers to the physical world we are living in. If you have almost any inquiries about exactly where in addition to how you can use 二元期權.crypto-currency.uno, you’ll be able to call us with our own website. Opposite to the virtual world.

Short for “Interplanetary File System”, it is a protocol and peer-to-peer (P2P) network for storing and sharing data on a distributed file system. IPFS is an ambitious project created by Juan Benet in 2015, aiming to fix some issues that HTTP currently has, for example, uploading content on the IPFS network requires every node to host data on the network, which is decentralized and distributed, instead of having one single-host server doing the job. Usually, NFT images are stored on IPFS services such as Pinata.

“If you know, you know”. It implies that a message or post will make sense to some people but not the others. For example, “I just had a date with a guy who owns 10 CryptoPunks. IYKYK.”

Short for “key opinion leader”, a synonym for social media influencer.

“Let’s F**** Go”. People use it when they’re excited about something. “The floor price of the NFT project I got into last night has already doubled this morning. LFG!”

LL — LarvaLabs. The company behind CryptoPunks.

LL is Larva Labs, which is a mobile software company based in New York City. Larva Labs is well-known as the maker of the very popular (and ultra high-valued) NFT collection CryptoPunks.

Rarity is relatively important in NFT collections. However, when people say “it looks rare”, it’s being used ironically, he/she actually means “it doesn’t look rare”.

This is a funny one. “McDonald’s” refers to the backup career plan in case the GMI scenario doesn’t come to fruition.

Meatspace.

Same meaning as IRL(in real life), meatspace refers to the real-life physical world, as opposed to the virtual world or cyberspace.

I’m sure you’ve heard of this buzzword everywhere these days. There are many different definitions of Metaverse out here, and crypto wallet may make money here’s mine: Metaverse is a social construction that leverages the Web 3.0, blockchain and computer interfaces where individuals build customs, habits and values, that allow them to spend time and socialize in the virtual world using their digital identities (avatars). It co-exists with the real world. Want to explore more? Here is a Masterverse masterclass I have created on Udemy. And check also the next stages of the Metaverse.

The meaning of “mint” is “produce for the first time”. In the NFT world, minting refers to the creation of a new NFT.

It refers to the moderators of Twitter or Discord channel. The role of moderators is to ensure a healthy, active and informative community experience in these spaces.

I’m sure you’ve heard of people saying “To the moon!” in crypto/NFT space often. When the price of a coin/NFT goes to the moon, it means it goes up/ skyrocket a lot.

Moonboy.

Moonboy refers to someone who is not rational and has blind faith in a coin/NFT project no matter what and bashes anyone who doesn’t think the same.

If something is “mooning,” that means the price of a coin/NFT is experiencing a spike.

Multisig is short for “multi-signature wallet”. It is a wallet that requires more than one signature to a transaction before moving funds. It’s frequently used in DAOs. The DAO multisig wallets are controlled by a committee of trusted people, which guarantees the security of the DAO and making sure that the passed proposals will result in an on-chain action.

Short for “not financial advise”. “I see huge potential in this crypto gaming token, and I’m gonna buy some today. NFA, though.”

Opposite of GMI, short for “not gonna make it”. Refers to people making bad trading decisions.

Noob.

Noob is a slang term for newbie/ newcomer, or someone who is inexperienced in an activity or profession. We should always be kind to noobs and offer help if needed!

Short for “original gangster”. Slang for “original”. It refers to someone or something that is an original or originator, especially one that is highly respected or admired.

Refers to OpenSea- the leading and by far the most popular decentralized marketplace for trading NFTs. The platform allows users to buy and sell NFTs on the secondary marketplace as well as creating their own collections to launch on the primary marketplace. It was founded in 2017, it initially began as a marketplace for trading CryptoKitties and had been expanding ever since. It’s now a marketplace not just for collectibles, but also many other digital assets like art, gaming items, music, domain names, etc.

It’s the opposite of diamond hands, which refers to someone who is nervous and panic sell or flipping their position too soon instead of holding them long term. Same as the term “diamond hands”, it is originated on the forum website Reddit in the /r/WallStreetBets subreddit.

Short for “profile picture”. Lots of people in the NFT space like to show off their NFTs by using them as PFP on different social media platforms.

P2E.

Play to earn games. Blockchain-based games that use tokens to reward players. Read more about it here.

This term is used in an ironic way, it means “probably something important”. “The NFT collection that I created and just launched is now no.1 in trading volume on OpenSea in the last 24 hours. Probably nothing.”

Raids refers to doing a flash campaign on Twitter or other social media platforms. Some NFT projects like to use raids as a way to keep the community engaged in order to promote their NFTs.

Rekt, also known as #rekt, it’s a slang term for “wrecked”. It’s often used in the online gaming community, referring to someone who has been totally ruined or destroyed. In the crypto community, rekt refers to someone who has experienced severe financial loss because of bad investment decisions.

A lot of NFT collections nowadays has a “delayed reveal” feature, which means you won’t be able to see how your jpegs look like and check its rarity until the official revealing day. That’s why you often see lots of people in the NFT community asking “Wen reveal?” before the revealing day (even that question has been answered one thousand times), it’s understandable as the feeling of the unknown is causing a lot of anxiety in people after all!

This term is used as an argument for someone who does not understand about NFTs and does not believe it’s value. “I don’t get people paying millions of dollars for these jpegs while I can just right click and save the image?!”

Different to a scam, a rug pull refers to when a team behind a crypto/NFT project abandon the project and run away with investors’ funds. Unfortunately, it happens quite a lot as it has pretty loose regulations in the crypto world. It’s important to look out for red flags in different crypto/ NFT projects to avoid potential rug pulls. BTW, you can learn how to avoid rug pulls in this NFT Investing Masterclass.

After an NFT is minted, it can be sold or purchased on the secondary market, such as OpenSea.

NFT shilling is when someone promotes an NFT project on social media as a marketing strategy. There are often “shilling” channels on different NFT projects’ Discord for the members in the community to post links to their NFTs or other NFT projects they personally think has potentials so they can be viewed and potentially purchased.

SOL is the cryptocurrency that runs on the Solana blockchain. Compared to Ethereum blockchain, Solana blockchain is much faster in terms of the number of transactions it can process and much lower gas fees. It may, however have some downtimes. Here are a few examples of the NFT marketplaces that are built on Solana blockchain: Solanart & Solsea.

It’s slang used to describe males who completely lack all necessary masculine qualities. In crypto space, it refers to someone who is mentally weak and can’t handle the volatility of the market.

Refers to a cryptocurrency that is pegged to a fiat currency. A stable coin tracks the underlying asset (e.g. USD), making its value stable over time. Some popular stablecoins are USDC, USDT and DAI. Some investors choose to lend out their stablecoins as the interest rates will often be significantly more than what is earned in a traditional savings account.

Vaporware refers to something (often refers to software, for example a computer game) that has been widely advertised but has not yet or will never become available. We need to be extra careful to be able to avoid vaporware, always be skeptical when something appears too good to be true.

Short for “we all gonna make it”, similar to GMI, it’s to describe the future state when our investments have amazing returns.

It’s a phrase referring to when people wonder when their crypto/NFT holdings will take off (which will make them rich enough to afford to buy a Lamborghini). Fun fact: interest NFT projects This phrase is being used since the early days of Bitcoin, it however shot to greater fame after the Consensus Investment Conference which was held in New York in November 2018 (months after a monster rally in the price of Bitcoin) when BitMEX (Bitcoin Mercantile Exchange) has rented 3 Lamborghinis and were parked outside the event venue to signal the presence of cryptocurrency investors.

Same meaning as “Wen lambo”.

WETH refers to wrapped Ether/ETH. It’s a ERC20 token that represents ETH 1:1. By conforming to ERC20, it allows for increased functionality across any kind of application that handles ERC20 tokens, which is often very useful for NFT offers and in DeFi. You can always convert your WETH to ETH 1:1 and vice versa.

Someone with a multi-million dollars portfolio or someone who owns a huge amount of NFTs in an NFT collection. There are many people following whales’ wallets to see what the whales purchase and sell next as an indicator of their future investment decisions. See a list of celebrity whales here.

It’s an acronym for “you only live once”, expressing the view that one should enjoy the present moment without worrying about the future. It’s also the investor mentality of some people who are willing to take very risky investment decisions without thinking too much about it. Not a very wise decision to have a YOLO investor mentality, if you ask me. “I just YOLOed in my entire savings on one NFT last night.”

Thanks, Bee Lee for the crucial research made to create this article!

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