The NFT world is full of new things and that includes new NFT terminology. It sounds logical that new products and ways to do business bring their own concepts and terms. However, crypto fans took them even further by finding a new way to communicate informally among them. Nerds, fans, buyers, and artists are constantly adding new ways to comment and inform about what they see and experience.
And not only with new words or acronyms but with misspellings that sometimes get their own meaning. Social networks, forums, and NFT platforms are a gold mine of new vocabulary. Understanding those terms makes the NFT easier to navigate. Also, you won’t get lost in translation. Here is a guide with the new words you need to know to start with the right foot.
Terms to Get Serious about NFT
The NFT is a serious market with all the terms it requires to execute transactions. It can also be very lucrative. It is a new way to understand the world and these are the basic words you need to understand to start your adventure.
- Gas Fees
Just as vehicles need gas to drive them, cryptocurrencies and NFTs also need it to move between transactions into the blockchain. Here the gas is the amount of money you pay to use the computational resources that help to execute the transactions in the Ethereum blockchain. And you will need those gas fees for adding or minting any NFT to Ethereum. The price of gas fees depends on the activity when you mint the NFT.
After you get the money, then you can pay the fees to add a piece of art, whatever the form it takes, to NFT platforms based on a specific blockchain. That process is known as mint or minting. If the piece has not been added to the blockchain when you buy it, then the first buyer is the one who mints the piece. Once you do it, the piece is available to the public and can be sold or negotiated.
- Floor Price
The floor price is the lowest price for a piece or collection in an NFT platform. It is also a metric that works as a base to talk about how close or far the offers are against the initial price. As the offers or the final price gets away from the floor price, it means that the transaction was better.
- Generative Art
Yes, the NFT market is full of artwork from the real world added to the blockchain. But in the opposite way is Generative Art that is created along with algorithms directly in the platform while it is being minted. If you have not heard of it, probably this concept is blowing your mind and changing your perspective about NFT.
Metamask is a software that works as a cryptocurrency wallet and also allows users to interact with the Ethereum blockchain and other decentralized apps. It does so through a browser extension. Although it is not the only platform doing it, it is one the most popular with more than 20 million users.
Nowadays, OpenSea is the most important NFT trading platform. There anyone can buy and sell NFTs. It got its place due to its friendly and easy-to-use interface.
Read also: How Do I Know Which NFT to Buy in 2022?
Going Social with NFT Terms
The NFT world is very social. Socialization in the way of gossip, juicy rumors and all kinds of conversations feed and fuel the market. And social networks like twitter or messaging platforms like discord are the best example of what is going on. Here is what you can find there.
- Up Only
It refers to the desire of someone seeing NFT prices just going up
This is the artist that everyone should know about. He is the one who sold a piece for more than 69 million! So, you will find a lot from him.
- Probably Nothing
This is a tricky term that says exactly the opposite because it means “probably something”. So, whenever you read it, take a look and find what is there.
- This is The Way
NFT fans also like to celebrate and support good movements and decisions and they use the expression “this is the way” to show they consider it is the right way to do it.
- Looks Rare
Well, in NFT everything has been rare from the beginning. In this case, it doesn’t have a negative connotation. Instead, something that looks rare means that what you see is different and exceptionally good and stands out. It can be sold for a higher price, better quality, or being part of a unique collection. …
Don’t be so surprised to find this term here. It is just the perfect way to say where you will go if your NFT strategy doesn’t go well.
- Money Laundering
By using this expression, people want to say that they find prices extremely high and could be because some buyers are “money laundering”. In other words, using what they get from drugs or other illicit businesses to turn it into legal money.
It means to take a piece out of some NFT platform for whatever reasons. It also works as a warning.
When You Are Lazy and Short of Time…
There is a lot going on in the NFT world and the news is booming. After a while, people want to keep getting information and interacting but they want it easy. So, acronyms and misspellings to abbreviate terms are everywhere. Check here what are some of the most popular.
- Fren: Just friends in an easy manner.
- IRL: In Real Life. This is to say, out of the virtual world or everything you do.
- Szn: This term stands for season which refers to any cycle in the NFT or crypto market.
- OG: It stands for Original Gangster and it refers to someone who started early in the NFT market or joined to NFT project early. But the OG needs to have respect and credibility too. or joined to NFTproject early.
- GM/GN: Simply Good Morning or Good Night. It doesn’t matter how frenzy the NFT market is, the community still remains polite and optimistic.
- Ded: just “Dead” when you make a wrong movement and want to say you are out or will face horrible consequences.
- PFP: The “Profile Picture” is really a big thing in the crypto world because people use many funny or famous images.
- WAGMI: “We are all gonna make it”
- NGMI: “Not gonna make it”
One last thing
Unlike the stock market, NFT allows talking and sharing tons of information. This lack of regulation makes it incredible to keep creating new terms based on what is going on. Probably new terms are being created while you read this, so do not miss your chances to keep learning.