The meanings of NFT and NFT jargon is something you will need to understand to navigate this exciting new digital phenomenon. In this guide, I’ll explain what the most commonly used NFT jargon means, as well as look at important NFT terms and NFT meanings that you’ll need to get used to. It’s not hard, and honestly, it’s fun to dive deep into what is a lively and interesting movement.
Once you’ve familiarized yourself with the main ling of NFT, read some of our other guides on how to make the most of your newfound knowledge. We have detailed features on the best NFT markets, as well as guides for NFT games and an overview article on “What are NFTs?” article. If you want to jump in and create your own, read my article on how to make and sell an NFT. NFTs can be a lifestyle too, take a look at this wild real life Crypto House.
If you’re looking to display an NFT, please read my article, ‘Why Tokenframe is One of the Best NFT Frames for Digital Art’, which explains everything you need to know about one of the best NFT displays.
Now, there is a subtle difference between NFT jargon and NFT terms, one deals with the causal language used online and the other covers the actual terminology of technology and processes. Read on to find out if you’re a diamond hand collector or a proud degenerate.
NFT Meanings and Jargon: What You Need to Know
- 1:1 Art: This refers to an NFT being a single piece of art, not a generative series or collection. Because of this, 1:1 art has a higher value since it’s more rare, like Beeple’s Everydays: the First 5000 Days, but it’s also harder to sell and get for newcomers. Traditional artists entering NFTs will likely find 1:1 art projects a good place to start. You can find a good list of the best NFT artists on ByBit.com (opens in a new tab).
- AB: This is actually an NFT platform called Art Blocks(opens in new tab) that hosts, sells, and stores generative NFT art. It uses the Ethereum blockchain and celebrates coding as much as digital art.
- Airdrop – We have a detailed explanation in our NFT Drops guide, but basically these are scheduled NFT drops for free right into your crypto wallet. It is often used as a marketing method to get NFTs into the hands of influencers or celebrities, but it is also a way for NFT creators to reward early supporters who join whitelists.
- AFAIK: This one stands for ‘As far as I know’, it’s that simple.
- AMA: This simply stands for ‘Ask me any’ and is often used by NFT artists to pitch their projects. If an NFT has regular AMA events, often on Discord, then you know they’re open and generally good. Community involvement in this way is vital to the success of NFTs.
- Ape In: This is used to explain how ‘apes’ (investors/collectors) are involved in a project and can lead to FOMO (see below). Apes are jargon for cryptocurrency and NFT investors.
- ATH/ATL: Another acronym (there’s a lot), this one stands for ‘All Time High’ and ‘All Time Low’ and is used to celebrate success and failure (or the opportunity to buy cheap).
- Bot: This refers to algorithms and automated software that can artificially boost projects, but can also be used to answer questions and help NFT holders.
- BTD: This is ‘Buy the Dips’ and is used to suggest that the value of an NFT is low but rising; it can also be used to reassure a community.
- Copy Cat: Simple, one project that imitates another.
- DAO: This stands for Decentralized Autonomous Organization. These are projects, studios, and companies that are not run by a single person or institution, but rather the rules that govern a DAO are encoded in smart contracts on the blockchain. Many NFTs that aim to raise money and house a fund for good causes or future developments such as games will usually set up a DAO to manage the fund, as their rules cannot be changed without a vote.
- dApp: This stands for ‘decentralized application’ and is a piece of software that will run, though not only partially, on a blockchain instead of a traditional centralized server.
- Ded – Short for ‘Dead’, as in ‘this NFT is dead and finished, avoid it’.
- DeFi – is short for “decentralized finance” and means that no centralized bank or account has control over your money. This creates autonomy and a sense of financial freedom from the normal rules.
- Delayed Reveal – Some NFT sets won’t show what you’ve purchased until a certain date, sort of like opening a Magic: The Gathering card pack for the first time. These will often be divided into tiers, so those who followed a project from its inception are invited to the first tier and thus have a better chance of getting a rare NFT.
- DEX – This is shorthand for decentralized exchange (see a pattern?) and means that transactions on a market are peer-to-peer, with no financial intermediaries taking a part, and these include Uniswap and PancakeSwap where you can trade a cryptocurrency for other.
- DISCORD – This is the preferred social media platform for most NFT projects.
- Dutch Auction – This is a bidding system that sets a price for an NFT and then the value drops at intervals until buyers decide on a price to settle.
- DYOR: It stands for ‘Do Your Own Research’, which means don’t invest in an NFT unless you’re sure it’s a good one. Some collectors may use it in frustration, but take it also as a piece of advice to make sure you’ve checked an NFT creator’s track record, profile, and overall trustworthiness.
- Flipping: This is when someone buys an NFT for the sole purpose of waiting for it to increase in value and then selling it. I discuss the pros and cons of this in my feature, NFT Tips: Tips for Beginners.
- Floor: This is the lowest fixed price of an NFT, the floor price, and is often used when a project is first released at a fixed price so everyone gets on the same ‘floor’. It is a handy way to judge whether an NFT is gaining or losing value.
- Floor Sweep – This is a tactic used to encourage people to buy NFTs at rock bottom, by doing so the value of all NFTs can increase.
- Free Mining – This process of creating an NFT puts the gas fees (see below) on the buyer and not the seller. It’s a good way to start making NFTs, but they tend to have less visibility since the NFT isn’t recorded on the blockchain until it’s sold. Check out my free guide on how to create an NFT for a step by step tutorial.
- Fren: This means ‘Friend’.
- FUD: Slang referring to “fear, uncertainty, and doubt,” when a bad actor may spread false or exaggerated information to reduce the value of an NFT. Remember DYOR, now it matters.
- FOMO: This stands for ‘Fear of Missing Out’ and is a common term when investing in general; is a reference to the psychology of investing in which you fear missing out on a good project and invest even if the details don’t add up. Take a breather and consider if NFT is really as good as you’ve been told.
- Gas – The gas fee paid to register an NFT on a blockchain, which is paid to crypto “miners” for their energy costs. Ethereum gas fees have been high for some time as it is the most popular blockchain. Newer tokens like Solana and Avalanche have lower fees. (See Free Minting above for a different way to create an NFT with no gas fees.)
- GWEI – This is the measure of gas fees and stands for nanoether (0.000000001 ETH).
- GM: You’ll see NFT collectors and creators greet others on social media with these terms, which simply mean ‘Good morning’, how nice.
- HODL: This one stands for ‘Wait’ and honestly, it could have started with a typo. Fans of an NFT use it to say that they will hold onto the token through ups and downs in value.
- IDK: It just means ‘I don’t know’.
- IRL – An acronym for “In Real Life” and is being used more and more as NFTs now intersect with real life uses as well as online digital features.
- Looks Weird: Now you’d think if someone says your new NFT ‘Looks Weird’ they mean it’s awesome, it’s not. When used in chat, “It looks weird” is a tongue-in-cheek term that basically means “no, that’s rubbish.” (Not to be confused with the NFT market, Looks Rare.)
- Secondary Market: NFTs are sold and resold here on marketplaces like OpenSea. The secondary market is important for NFT art because it means that artists and creatives earn from future sales. Read my article on the art of NFTs and the future of NFTs to find out how non-fungible tokens can change lives.
- Simp – A fan of an NFT who gives the impression of trying too hard.
- Moonboy: This is a bit like a Simp, and means someone who is too into an NFT and comes from the idea that a good project will ‘Go to the moon’.
- Metaverse: This is the new vision of the Internet, or Web 3.0, which suggests that we have moved from a 2D Internet to an immersive 3D Internet, where everything is interconnected and accessible, often in virtual spaces. The metaverse is about connectivity and decentralization. Read our feature, ‘What is the metaverse?’ for more.
- Minting: The act of registering an NFT on a blockchain.
- NGMI: This stands for ‘I won’t make it’, but you might think it’s self-explanatory and refers to an NFT that won’t make it, but it’s actually used more personally, for example if you make a bad decision and choose an NFT that fails, then ‘You’re not going to make it’.
- Noob: Someone who is new to NFTs, like video games. This can be used in a friendly way, but also as put down.
- OG – Refers to someone who has been in NFT since the beginning, eg “Sarah is an OG collector”. Kids of the ’90s will remember this from the ‘Original Gangster’ slang.
- P2E – This stands for Play To Earn and is a style of gaming unique to NFT gaming, where players can earn crypto and therefore in-game money. For example, a player could raise a character and then sell that hero to other players. Read my article on the best NFT games to see what people are playing right now.
- Paper Hands – The opposite of diamond hands, these NFT collectors sell out early.
- PFP – This stands for Profile Picture and is considered to be the first type of NFT that got big, like Bored Apes Yacht Club and Crypto Punks. They are used as online personalities and have become popular on social media. NFTs are now moving away from this simple art form.
- Pumping: This describes how the value of an NFT is rising dramatically; but be careful as ‘pumps’ can often lead to ‘dumps’, when everyone sells after a raise. ‘Bombs’ can often artificially increase an NFT value, so again, DYOR.
- Raids – These are flash campaigns, drops, and promotions, usually on social media, to promote an NFT.
- Rekt: Another video game adoptee, and references to being ‘ruined’ when you lose all your money.
- Right-Click Save As – This is used by people who don’t like or understand NFTs, and refers to the act of right-clicking and downloading a JPEG file. (Obviously, that’s not how NFTs work.)
- Rug Pull: This is when the NFT founders leave the project and walk away with all the money, which means their roadmap of content that people bought will never appear. The result is that an NFT will lose all its value. Take a look at my article on NFT scams for more information.
- To The Moon: When a project is skyrocketing and ‘going to the moon’.
- Wen: Used a lot, this jokingly means ‘When?’. As in ‘When will this be released?’ or ‘When will the value go up?’.
- YOLO: You may know this one as Carpe diem, which means ‘Seize the day’.