NFT enthusiasts have come up with hundreds of terms, many of which may end up in the national lexicon. This list will help you get ahead of the curve.
What you will learn
DYOR is short-hand for "do your own research," of conduct thorough research on a project rather than trusting someone else's opinion.
NFT degens are people who often make risky investments in NFT projects.
To “sweep the floor” means to buy all or most of the NFTs listed at a collection's floor price.
WAGMI is short-hand for "we're all going to make it," a phrase used to express optimism in a project.
NFTs have taken the world by storm. Global NFT revenue is expected to reach a staggering $1.6 billion in 2023. In a relatively short time, NFT enthusiasts have come up with hundreds of terms, many of which may end up in the national lexicon. Those interested in non-fungible tokens can benefit from understanding NFT terms and slang, since they'll inevitably see them used in articles, Discord servers, and Twitter posts. This page is meant to serve as a glossary for those interested in the NFT space.
1:1 (or "1 of 1"). An NFT, usually a piece of digital art, that is the only one of its kind. These are typically a single edition and are not part of a collection.
Airdrop. NFTs (typically those from a new project) are sent to people's digital wallets for free. This is usually a way to reward early adopters.
Ape (or "ape-ing into a project"). Buying NFTs from a new NFT project, typically before doing any research.
ATH and ATL. Short-hand for "all-time high" and "all-time low," the highest or lowest historical value of an NFT or cryptocurrency.
BAYC. Short for "Bored Ape Yacht Club," one of the most popular NFT collections.
Bear market. A period when NFT and cryptocurrency prices are in decline.
Blockchain network. A distributed ledger technology used to facilitate digital assets and transactions.
Blue chip. A term used to describe top-tier NFT projects that are unlikely to fail.
Bull market. A period when NFT and cryptocurrency prices are steadily rising.
Burn. Many blockchains allow NFT collectors or creators to destroy an NFT by sending it to the NFT contract address. This practice is known as "burning" the token.
Contract address. The address for the smart contract that manages the non-fungible token or NFT collection.
Crypto art. Digital art pieces minted on the blockchain and traded for cryptocurrency.
Crypto assets. Digital assets secured by cryptography that are traded on publicly-viewable distributed ledgers.
Cryptographic key. A data string that can lock or unlock cryptographic messages and functions. For example, a cryptographic key can be used to access a crypto wallet and its digital assets.
Crypto wallets. A physical device, web-based program, or software used to store private keys and facilitate the trading of digital assets.
Decentralized network. A network where countless computers, or nodes, share information-processing workloads in place of a single centralized hub.
DeFi. Short-hand for "decentralized finance," a collection of technologies that facilitate the trading of financial instruments without the need for intermediaries.
DYOR. Short-hand for "do your own research," a commonly-used phrase in the crypto world. It means to conduct thorough research on a project rather than trusting someone else's opinion.
ERC-721. An Ethereum token standard that facilitates tracking and transferring non-fungible tokens.
ERC-1155. An Ethereum token standard that facilitates batch transfers for fungible, non-fungible, and semi-fungible tokens.
Ethereum blockchain. Ethereum was the first blockchain technology to introduce an NFT token standard and is currently the most popular blockchain for NFTs.
FUD. Short-hand for "fear, uncertainty, doubt." This phrase is often used to indicate negative sentiment about a project.
Floor price. The lowest price for an NFT in a given collection.
FOMO. Short-hand for "fear of missing out," a feeling that you may miss out on the next big thing.
Fungible token. Tradable tokens that aren't unique and are replaceable by another identical token. For example, an HBAR token is fungible, whereas Beeple's famous “Everydays: The First 5000 Days” NFT is not.
Generative art. Art created by an autonomous process or tool, such as an AI image generator.
HODL. A purposeful misspelling of the word "hold." This optimistic term indicates a willingness to hold a token through good times and bad.
ICO. Short-hand for initial coin offering, a process where a company or project sells a new cryptocurrency to raise funds.
IPFS (Interplanetary file system). A peer-to-peer file system used to store the files represented by NFTs.
Minting. The process of creating an NFT.
Moon. NFT projects "moon" when they reach valuations that may have previously seemed unattainable.
NFT avatars. NFTs representing unique avatars that can be used in digital worlds, such as the metaverse.
NFT creator (or NFT creators). The individual or team responsible for creating an NFT or NFT project.
NFT degens. People who often make risky investments in NFT projects.
NFT marketplaces. Websites used to facilitate the trading (and often creation) of NFTs.
Non-fungible token. A digital asset with a unique identifier. Unlike fungible tokens, these aren't replaceable by an identical token.
OpenSea. The leading NFT marketplace for Ethereum-based NFTs.
P2E. Short-hand for "play-to-earn." This term usually refers to NFT or cryptocurrency-based games that let people earn digital assets as they play.
PFP. Short-hand for "profile picture." These are often digital art NFTs primarily used as profile pictures on social media sites.
Rugpull. A common scam where an NFT creator takes the money raised by selling their tokens and doesn't deliver on the promises they made while promoting their project.
Shilling. Heavily promoting an NFT project to attract investors.
Smart contract. An on-chain computer program that automatically executes when pre-determined conditions are met.
Sweep the floor. When an entity buys all or most of the NFTs listed at a collection's floor price.
Traits. Features within an NFT collection that can be used to determine a given token's rarity.
Utility. Any real-world value offered by an NFT aside from being able to sell it. For example, some NFTs may grant you access to exclusive events or merchandise.
WAGMI. Short-hand for "we're all going to make it," a phrase used by an NFT community to express optimism in a project.
Whale. Any entity with enough capital to move markets up or down by buying or selling.
Now that you know the most commonly-used NFT slang and terms, you can explore the NFT marketplace. As this ecosystem evolves, new terms will likely emerge. Hedera offers numerous educational resources for those interested in learning more about NFTs, such as the Hedera Blog, podcast, and media library.
Hedera also has a wide range of tools that make it easier to mint your first NFT or buy NFTs minted by others. It is one of the only carbon-negative distributed ledgers, meaning you don't have to worry about negatively impacting the environment as you buy, sell, and mint.
NFTs
NFTs: What, Where, and Why?
Dive in and learn more about NFTs: what they are, where they're being used, and why they improve on already thriving industries.
What Is an NFT Smart Contract?
An NFT smart contract is blockchain computer programming that manages and enhances digital assets, or non-fungible tokens.
NFTs on Hedera Projects
A growing community of NFT projects, applications, and ecosystem tools.