NFT 101 terms for Newbies.

NFTs aren’t just trend-words anymore. Gone are the times, when NFTs were just about arts and not about the value it created to any community. At this point, NFTs have now evolved to become identity tickets, access to trading tools, and even membership cards to both online and “In-Real-Life” (IRL) communities.

However, this does not necessarily mean that NFTs have even gone half its possible potential. And as crypto adoption continues to spread globally, the NFT ecosystem still expects to see more new members. Therefore, if you are a newbie and have found yourself here, here are some common NFT terms and slogans that you need to get acquainted with, to help in your web3 journey.

20 COMMON NFT TERMS AND VOCABULARY.

1. GM: aka Good Morning, “GM” is a common slogan used to say hi or hello or start a conversation in any (discord/twitter) community. It’s always GM in web3.
2. Noob: Newbies or Noobs, this is a term used to describe people who are new into the NFT ecosystem.
3. OG: A person who has been in the ecosystem for a longer period of time.
4. WL: Whitelist spots are coveted spots that guarantee holders an NFT mint.
5. Mint: This is the process of “buying” a collection, but this time, from a contract address, not a person/trader.
6. PH: To paperhand simply means to sell for a very low price, sometimes below the floor price.
7. FP: aka Floor Price, this is the value of each NFT (from a collection) in the market.
8. Alpha: This refers to information necessary to help make decisions. It may also be referred to as new information.
9. Ape: This terms is used to describe buying without any proper research, mostly because someone else “called” it.
10. Bullish: “Bullish” refers to optimism and hopes. A bullish signal can also be a signal to expect an upturn.
11. Bearish: This is the exact opposite of bullish. When bearish, things (floor price, market conditions, etc) tend to plummet and show more signs of regression.
12. Blue chip: A “blue chip” project is any project often quite popular, with stable floor price, as well as a very active and productive community behind it.
13. Degen: Degen could either be a person, or a style of NFT trading. Degen trading includes trading NFTs without any conviction, except the trust in promotion and FOMO from others.
14. FOMO: Fear Of Missing Out drives traders to Degen. The fear of missing out can also affect projects.
15. Fiat: Fiat is used to describe currencies that aren’t crypto (eg: USD, GBP, YEN, NAIRA, etc).
16. FUD: Fear, Uncertainty and Doubt are factors which are used to describe negative sentiment being spread. FUD often is dangerous to the success of any project.
17. Gas: Gas fee refers to the transaction fee paid to Onchain validators for confirming your transaction.
18. Metadata: Metadata refers to the particular attributes each NFT possesses, that makes it unique.
19. PFP: PFP NFTs are simple profile photos (PFPs) that holders can use on their social media platforms.
20. DAOs: Decentralized Autonomous Organizations are organizations, or groups, created to help members grow, interact, learn, and develop together.

Indeed there are over 200 terms in the NFT vocabulary. In fact, a single essay or article cannot help you develop a mature vocabulary in just one read. As an active crypto/web3 user myself, I can assuredly say that only consistent engagement and participation will not only sharpen, but also propel you to excelling in this novel space. So go on, belong to larger community (DAO), and continue your crypto journey with your we 3 family. WAGMI.