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NFT Glossary — Basic Terms and Slang You Need to Know | by Wagmi Tips | Nov, 2022

Are you new to NFTs and trying to figure out what people are saying? There are many unique NFT terms that are commonly used by the community, which can be overwhelming when you’re new to the scene. Not to worry, our short guide will teach you all the basic NFT terms, slang and jargon you need to know!

Airdrop Meaning — Free or bonus NFTs offered by creators as a reward to investors or to generate interest in their project.

Airdrop Example — “ApeCoin airdrop on Metamask!”

Alpha Meaning — Intel or insider information.

Alpha Example — “I have alpha on this project.”

AMA Meaning — Ask Me Anything. Usually a thread for the community to ask a developer questions about their project.

AMA Example — Hey everyone! AMA tonight at 8pm on Twitter.”

Ape Meaning — Rushing into buying a token or project.

Ape Example — Steve Aoki aped into that new project by BAYC.”

Chad Meaning — A derogatory term that refers to a stereotypical alpha male, usually someone who is popular, confident, and assertive.

Chad Example — Don’t be such a Chad.”

DAO (Decentralised Autonomous Organization) Meaning — An organization, such as one that oversees a cryptocurrency, that is decentralized. Related: governance token

DAO Example — “The community has some say about the token through the DAO.”

DeFi Meaning — Decentralised Finance.

DeFi Example — You should invest in DeFi.” “I’m a DeFi investor.”

Degen/Degenerate Meaning — Buying or trading an NFT/cryptocurrency without doing due research.

Degen/Degenerate Example — “I’m gonna invest in that new project before reading about it!” “Degen”

DEX Meaning — Decentralized Exchange — a peer-to-peer marketplace for cryptotrading.

DEX Example — “You can exchange your tokens on a DEX.”

Diamond hands Meaning — Someone who intends on holding onto an NFT or token for a long time.

Diamond hands Example — The recent price dip doesn’t worry me. I’ve got diamond hands!”

Drop Meaning — Not to be confused with airdrop, a drop refers to the launch of a new project.

Drop Example — “That new project just dropped!”

Dutch Auction Meaning — A type of auction where the price gradually decreases, which differs from a traditional English auction where bids increase over time. The prices drop by a certain percentage or amount over a period of time, such as 0.1 ETH over 10 minutes. This is an auction method that has been used for traditional art to sell goods quickly to smaller investors.

Dutch Auction Example — Dutch Auction for my project starts at 1 ETH, decreasing by 0.2 ETH every 5 minutes.”

DYOR Meaning — Do Your Own Research. Commonly-used abbreviation together with “NFA”.

DYOR Example — This is NFA. DYOR.” “You should DYOR on that project before apeing in.”

ETH Meaning — Ether, a token in the Ethereum blockchain.

ETH Example — “I have 0.01 ETH in my wallet right now.”

Flipping Meaning — Buying an NFT or token at a low price and selling at a higher price to turn a profit.

Flipping Example — I made 0.5 ETH from flipping this NFT!”

FUD Meaning — Fear, Uncertainty, and Doubt. An expression of uncertainty in a project or token.

FUD Example — I’m selling my tokens because of FUD”

FOMO Meaning — Fear of Missing Out — when you buy into a project because you fear missing out on something.

FOMO Example — “I’m buying that coin just in case!” “FOMO”

Gas, Gas fees Meaning — Gas is a fee that you have to pay to mint or trade your digital assets.

(For more information on Gas Fees, check out our Gas Fee Guide here)

Gas, Gas fees Example — “The gas fees on that platform are so high!”

Gm Meaning — Good morning.

Gm Example — Gm everyone, we’ve got some updates for you today.”

Gn Meaning — Good night.

Gn Example — Alright, gn everyone.”

Governance token Meaning — A token or cryptocurrency that grants and represents the users’ voting power in a blockchain project. Related: DAO

Governance token Example — “ApeCoin is the governance token for the Ape ecosystem.”

HODL Meaning — Initially a misspelling of the word “hold”, now it’s embraced by the community to mean “hold on for dear life”.

HODL Example — HODL DO NOT SELL.” “I’m going to HODL forever.”

Metaverse Meaning — A network of virtual worlds focused on social connection via the use of avatars. In other words, it is a virtual world in which you can interact with others as an avatar through the use of virtual reality (VR) headsets. It is a part of the NFT world as it leverages Web3, blockchain technology, and computer interfaces.

Metaverse Example — “That place is a really popular Metaverse location.”

Mint Meaning — Similar to minting a coin, minting refers to turning a digital file into a non-fungible token, which allows it to be traded.

Mint Example — “Minting for this project begins April 16th!”

NFA Meaning — Not Financial Advice. Often used with “DYOR”.

NFA Example — Warning: this is NFA! You should DYOR before buying into this project!”

NGMI Meaning — Not Gonna Make It — refers to an investor making bad decisions.

NGMI Example — “I sold my NFTs right before its value shot up.” “NGMI”

OS Meaning — OpenSea — a popular decentralized platform for trading NFTs.

OS Example — “You can buy my NFTs on OS”

Paper hands Meaning — The opposite of diamond hands — a negative term for someone who does not hold onto an NFT or token for long, usually panic selling when its prices drop.

Paper hands Example — You sold it already? You’ve got paper hands.”

PFP Meaning — Picture for Proof aka Profile Picture — many NFT owners use their NFT as their profile pictures on Twitter.

PFP Example — “So excited about my new PFP!”

Project Meaning — An NFT project refers to a collection of digital assets that are part of the same roadmap. Related: roadmap

Project Example — “This is BAYC’s latest project”

Roadmap Meaning — Every NFT project has a roadmap that shows investors its goals and strategies to demonstrate its value.

Roadmap Example — “Their roadmap shows great potential, it’s worth investing”

Rug Meaning — A common scam in the NFT world where developers lure in investors and suddenly disappear with all the funds. This causes the NFT or token to become worthless.

Rug Example — Be careful of rug pulls!” “That project was a rug pull.”

Secondary market Meaning — A place for the trade of NFTs after it is minted, such as LooksRare and OpenSea.

Secondary market Example — “Did you mint this?” “No, I bought this NFT on the secondary market.”

Shill Meaning — To promote your NFT project.

Shill Example — Your project sounds cool! Shill your NFT here.”

Simp Meaning — A derogatory term referring to men who are overly attentive or submissive to a woman, including celebrities or influencers.

Simp Example — That is a simp DAO. Only simps would buy into it.”

To the moon Meaning — An expression of hope that a token or NFT project’s value will skyrocket, hence “to the moon”.

To the moon Example — Dogecoin to the moon!”

WAGMI Meaning — We All Gonna Make It — a term of encouragement or rally cry within the community

WAGMI Example — Our project just exceeded 3k ETH volume traded! WAGMI”

Web3 Meaning — A concept for a decentralized internet that uses blockchain technology.

Web3 Example — Web3 will be the internet of our future.”

Wen moon Meaning — Related to “to the moon”. A rhetorical question that expresses wonder at when an NFT or token will skyrocket in value.

Wen moon Example — “Check out my latest collab with BAYC!” “Wen moon?”

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