Emre's Dictionary: NFT Terminology 101

Emre's Dictionary: NFT Terminology 101

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5 min read

I was not surprised when NFT was selected to be 2021's "Word of the Year" by Collins Dictionary last month. This news inspired me to come up with basic descriptions to the commonly used 45+ expressions.

The NFT world has its own jargon varying from altered words to technical terms. If you have recently made your debut, it would be some of help to read the glossary below. I have tried to keep the definitions as brief as possible. Enjoy it!

Niche Phrases & Technical Terms

  • 1:1 (or 1/1) art: An art piece which has no exact other. Ergo, that piece is 1 of 1. It could technically be used for the items in the generative sets, but it is not a common practice unless the item has a super rare property.
  • 1:1 (or 1/1) of X: While the first part refers to the uniqueness of the NFT, "of X" part denotes its belongingness to an NFT collection.
  • Ape (usually verb): It means "to buy early" or "to buy and have a rise in its value". It originates from the Bored Ape Yacht Club.
  • Buying on secondary: When an individual misses the chance of minting an NFT and then buys it on a marketplace.
  • Delist: The action of not offering an item for sale anymore that was on sale previously.
  • Diamondhands: The NFT owners who hodl for a long time with the expectation of receiving large payoffs.
  • Drop: The release of an NFT project. It refers to the exact date and time of the release.
  • Floor / Floor price: The lowest price available in a collection or of an NFT.
  • Gas: The fee required for an NFT transaction (i.e. minting, transfer, sale) to be completed. It heavily depends on the complexity of the transaction and the number of transactions trying to be completed simultaneously on the Ethereum network.
  • Gas wars: Sudden increase in gas fees due to the heavy traffic on the Ethereum network caused by a large number of minting operations carried simultaneously.
  • Generative art / Generative set: NFTs created by using an autonomous tool (i.e. a set of natural language rules, a computer program, a machine, or other procedural invention as suggested by Philip Galanter).
  • IPFS (Inter-Planetary File System): A decentralized file storage system that metadata is normally stored in for NFT drops.
  • Lazy minting / Gasless minting: NFTs are created and prepared for sale but there is no gas fee for this operation. It will be paid just upon the sale.
  • Looks / Looking rare: Often used ironically to mean the item of interest is not unique.
  • Metadata: Includes the name and the properties of an NFT.
  • Mint: Issuance of a coin -more precisely of the art piece on the blockchain.
  • Non-fungible: Unique, cannot be replaced with something else.
  • Noob: Newbie, the opposite of OG.
  • Paperhands: NFT owners who are not fond of hodling and therefore sell quickly.
  • Presale: A part of the primary sale which allows whitelisted people to become the earliest adopters by purchasing NFTs.
  • Primary Sale: Initial sale often offered on the collections website rather than NFT marketplaces.
  • Probably nothing: Often used ironically to mean "probably something".
  • Roadmap: The plan of an NFT project that consists of a set of activities aimed to inform and attract its prospective owners by offering value -either social, or financial, or both. Not a must especially for art projects.
  • Rug / Rug pull / Rug pulled: It refers to the unfortunate incident in which projects are filled with hype and pumped but then dumped. In NFT context, it may refer to the project developers who abandon their projects without fulfilling commitments.
  • Schelling (Focal) Point: Originates from the game theory concept developed by Thomas Schelling. In this context, it is refers to the phenomenon in which particular NFTs/NFT collections possess higher and higher values caused due to being the common choice of people.
  • Secondary market: Refers to all the trade after the primary sale -mostly on NFT marketplaces.
  • Smart contract: The code on the blockchain that stores the metadata address of the NFT and allows particular functionalities (i.e. minting, sale).
  • Utility token: While most NFTs are multimedia files, some have additional utilities (i.e. granting digital access to exclusive platforms or invitations to real-life events).
  • Verified contract: Allows the community to learn about the code of an NFT / NFT collection so that its trustworthiness and therefore its likeliness of being bought increase.
  • Wen moon?: Derived from the famous "to the moon" phrase. Might be used ironically.
  • Whitelist: A list of wallet addresses which are granted to join the presale.

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Abbreviations

  • DYOR: Do your own research.
  • FOMO: Fear of missing out.
  • GM: Good morning.
  • GMI: Gonna make it.
  • GN: Good night.
  • IYKYK: If you know, you know.
  • LFG: Let's f###ing go!
  • NFA: Not financial advice.
  • NGMI: Not gonna make it.
  • OG: Original gangster (the folks who joined early and earned respect).
  • PFP: Usually "profile picture", sometimes "picture for proof".
  • WAGMI: We all gonna make it.

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Altered Words

  • Fren: Friend.
  • Ser: Sir.
  • Szn: Season (referring to market cycle).

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Let us know about the NFT-related word/phrase that you use the most! Please share it in the comments so that I can add and improve this NFT glossary!