NFT Glossary by Powder Heroes
If you’ve been around the web3 community lately, you’ve probably encountered a dialogue similar to this:
-GM ser. Clean pfp!
-Hey fren! Thanks. Just aped hard into this SOL project I heard about in some TS, then grinded to get on the WL. The drop was last night. WAGMI
-Dope! Still bullish? Wen moon?
-Lol, ngl, not sure. Floor price dropped overnight, but there’s cool utility, like airdrops and a DAO. I’ve got diamond hands. Still liquid lol. Delisted from OpenSea and gonna HODL
-Sure it’s not a rug?
-Don’t think so. Doxxed team and seems legit. Used a burner to mint tho — gotta secure the bag lol. Folx on Discord spreading FUD lately. What’s new with you this szn?
-I’ve got my eyes on this blue chip ETH collection. Probably nothing
-You a whale now or what LOL
-We’re so early
What are they on about, exactly?! When we first got into web3 and NFTs, we were pretty confused by all this mysterious lingo. It was a whole new language to learn!
You too? Don’t worry we’ve got you covered. Here’s the ultimate NFT glossary by Powder Heroes!
Disclaimer: This glossary is by no means exhaustive and will keep evolving as fast as NFTs do! And if you have any suggestions, let us know on our Twitter or on Discord — we’re all learning together here.
One last thing: Before diving into it…why is there so much lingo in the space? NFT people are busy bees, with no time to spare! Each acronym and abbreviation helps us save an average 2–3 seconds, which we put to use waiting for WL mints to go live and DYOR so we don’t get rugged.
To “ape” means to become part of a project by buying a coin, or an NFT, but usually by acquiring a large stake.
All the NFTs or crypto a person holds.
Expecting that the price or value might go down in the future. Mental shortcut: bear claws swipe down 📉 The opposite of bullish (see below).
Blue chip 📘
In traditional finance, “blue chip” refers to a stock that is a reliable investment. In the same way there are now stablecoins, which are blue chip cryptocurrencies, there are also some blue chip NFTs, usually found in the ultra-expensive, “premium” projects with high floor prices, high utility, and relatively low price volatility, like Cryptopunks or Bored Ape Yacht Club (BAYC).
To be bullish is to believe that the price (value) of crypto or NFT is bound to rise. Positive price expectation characterized by long strategies (#HODL, see below). Easy way to remember: bull horns strike up 📈
Can devs do something? ⚠️
Ouch! When you hear that, it’s usually because the community is unhappy about some technical issues with the drop (see below) or fluctuations in the floor price — and projects better sort them out fast to avoid carnage!
Digital currency, which allows for transactions to be verified and recorded by a decentralized system using cryptography, rather than by a centralized authority. Ethereum (ETH), Solana (SOL), Tezos (XTZ) are among the different crypto currencies out there.
= Decentralized Autonomous Organization
Disclaimer: They’re not always created to buy the US Constitution! :)
In short, a DAO is a self-governing digital institution existing on a blockchain, formed to pursue a common goal and allow participants — usually token holders (see below) — to participate in governance (like a company board) vote on its decisions in a transparent, decentralized way.
= Decentralized Finance
An umbrella term for financial services on public blockchains, primarily Ethereum.
When someone goes “full degen” that means they spend a lot of time and a significant % of their total net worth to “go all-in” on NFTs. This often entails people who quit their full-time jobs to day-trade NFTs.
To dox is to reveal private information. When you hear “Is the team doxxed?”, what’s being asked is whether the team is public. In the world of crypto, where security can be a real concern and anonymity is common, doxxing can help to increase trust for the project.
Another way of saying “launch” in the context of NFT collections. Not to be confused with “airdrop,” which is when an NFT project lets you mint an NFT or deposits a new NFT in your wallet.
= Do your own research
Given all the FUD out there (see below), it’s very important to make sure every project is actually legit by doing some background research. And we don’t mean just Wikipedia or looking at influencer follower count — always consult multiple sources!
Trading NFTs (quickly) for a profit is called “flipping”.
Floor + sweep the floor 🧹
Floor = the lowest price an NFT can be bought for on a marketplace. Project owners can “sweep the floor” by buying all of the NFTs in the collection at the floor price. Buyers can also “sweep” when the momentum is high.
= Fear of missing out
The drive to buy before the price of NFTs moons (see below) as others are doing it and reaping significant returns. FOMO can potentially interfere with sound investment judgment, so beware!
= Fears, uncertainty, and doubts
There are many concerns regarding scams and rugs in the NFT world. When nerves are high, there is a lot of FUD. There are also ‘known’ FUD and ‘unknown’ FUD in NFTs — so much to watch out for!
Measured in gwei, gas is what is required to process transactions on the blockchain. According to Investopedia, gas fees are payments made by users to compensate for the computing energy required to process and validate transactions on the Ethereum blockchain. When we think about it, it’s the fee incurred with a transaction, and the gas fees can vary a ton depending on the kind of transaction and cryptocurrency you’re working with.
NFT language for “good morning”, but also hi, bye, please, thank you good afternoon, what’s up — often used to assert one’s existence on NFT Twitter (aka Crypto Twitter = CT), and a great way to start the day on a friendly note. Similarly, GN is for good night.
= Hold on for dear life
Originated from a misspelling of “holding” in the context of crypto trading. We HODL to a coin or NFT when we expect it to get more value afterwards, or to derive some utility benefits from it (see Utility below).
= If you know, you know
Implies that a piece of news, say about NFTs, will make sense to some ‘insiders’ and not to other people. Used similarly to “Probably nothing” or “few” (below).
= Let’s f***ing go
Used when you are excited about a project. Best in combination with a rocket emoji.
List (≠ delist) 📰
To list an asset means putting up for sale. To delist an NFT means to take it down from a marketplace.
A project is liquid when there are lots of buyers and sellers who want to buy and sell. Liquid buyers are the ones with cash to spend.
Minting is the act of issuing a piece of art on the blockchain, either by the artist or the collector. In the case of Powder Heroes, it was the future holders that minted the NFTs upon purchasing them on our platform.
= Not financial advice
Disclaimer used when promoting a project via an article or otherwise, means that a person behind the promotion doesn’t vouch for / is not liable for the financial future and outcome of the person who listens to the advice.
Magic Eden and OpenSea 🏪
Biggest marketplaces for SOL and ETH respectively.
= Non-fungible tokens
In simple terms, they are digital goods (images, videos, etc.) assigned with unique codes that allow for their ownership to be verified and traded securely on the blockchain.
Refers to the “outsiders”, i.e. people that are yet to explore the crypto space.
= Original gangster
Used when talking about the ‘veterans’ who entered the space early and earned respect: “He is an OG punk holder”.
One of one (=1/1) 🕊
An NFT with only one existing edition issued by the creator; a unique NFT. 1/1s are seen as more scarce and therefore more valuable, because only one exists.
Paper Hands 🧻 🤲
Refers to someone who has a low-risk tolerance for high volatility in the prices of the NFTs that they have purchased, and so are likely to panic and sell quickly as the floor price drops. The opposite of “diamond hands” 💎🤲 which is for those ready to ride out the ups and downs if needed. Paper hands buy high, get nervous, and sell low.
= Profile pic
Some of the most successful NFTs collections out there — i.e., BAYC, Doodles, CryptoPunks — consist of profile pics that the owners often use in social media to showcase their affiliation. The term “generative” art — where the buyer isn’t sure which combination of attributes the art in their pfp will have, or what level of rarity it will have, until the moment of mint because it’s algorithmically determined by a computer.
P2E is a business model behind crypto games and describes game mechanics that enable players to earn token rewards. Some games require an initial investment in tokens or NFTs, while others allow people to earn crypto by playing. Example: Axie Infinity.
Probably Nothing 😏
An ironic way of saying it’s actually something important, like a promising project. In the words of Chaindebrief, it’s “a polite way to ape into something, with just barely some plausible deniability.” For example, when Adidas announced its collaboration with Bored Ape Yacht Club and PUNKs, the Originals Twitter account tweeted, “Impossible is (probably) nothing.” Few — for “few will understand” — is used in a similar way.
Pump and dump ⛽️
A crypto pump-and-dump scheme is an illegal, manipulative scheme that attempts to boost the price of a stock or security through intentionally fake recommendation.
Refers to doing flash campaigns to respond to a single message en masse on Twitter or other social media. Raids keep the community engaged and/or promote the project.
A document or visual chart outlining the goals and strategies of an NFT project in order to communicate its long-term value.
Rug or Rug Pull 🚨
When somebody runs away with your money or crypto or NFTs; like how the guys behind the Squid Game token disappeared and deactivated the whole project, still holding the bag!
Ser / fren 🎩
= Sir / friend
Friendly terms that come in handy when chatting with fellow NFT holders.
When a person is promoting NFTs they own or have invested in. Can have a negative connotation where the person is suspected of having a hidden motive, i.e. has been paid by an undisclosed third party (= “a shiller”). Can sometimes be used instead of “sell”.
Denotes a market cycle — a rotation from one theme to another theme, lasting from 1 week to 2 months or more.
Originally, “token” was just another word for “cryptocurrency” or “cryptoasset.” According to Coinbase, its meaning has expanded to include all digital assets that run on top of another cryptocurrencies’ blockchain. Tokens are used for a range of functions, from helping make decentralized exchanges possible to selling rare items in video games; and can all be traded or held like any other cryptocurrency. Tokenomics is then the science behind tokens (supply vs. demand).
= Twitter Spaces
Created as a response to Clubhouse, these are Twitter’s voice chat rooms(available on the mobile app only) that have become among the key venues for crypto and NFT folks to network, share knowledge, and learn about cool projects. Similarly, Telegram (= TG) has emerged as another important crypto / NFT venue for communities.
Refers to an NFT project that is growing rapidly. Sometimes used as “to the moon” (TTM) and is associated with the potential for amazing gain.
Refers to the non-monetary perks that come with owning an NFT, such as voting rights, VIP access to special events or merchandise, or airdropped assets. Not all NFTs have utility, but it’s becoming more and more common as a way for projects to differentiate.
WAGMI or GMI 😀
= We all gonna make it or gonna make it
Strong conviction and optimism for a successful outcome! The opposite of NGMI 🥲, used for people and projects that are not expected to last long in the NFT space.
In crypto, a device, physical medium, or program that stores your private wallet identifier, or key. Your wallet, and specifically your wallet key, allows you to send, receive, and spend cryptocurrencies. It’s where your NFTs are deposited or airdropped, too. Examples include Phantom Wallet on Solana or MetaMask for Ethereum.
Believe it or not, it means “when”; a common expression you’ll see is “wen moon,” which refers to the price of your NFT ascending to the moon.
White Paper 📃
A report containing all of the information about a project’s trajectory, strategy, and mechanics: its purpose, tech infrastructure involved, tokenomics structure, etc.
We’re so early 🤯
An acknowledgement, often exchanged among NFT folks of how nascent, yet exciting the market is and how much has yet to be built. It indicates how early they are to be seizing opportunities: a gentle reminder, arm-around-each-other kind of thing.
NFT whales are those in the space spending big ($$$) on NFTs. According to NFT Evening, as of Oct 2021, they held more than 80% of all NFTs on ETH.
WL (= whitelist) 📄
Whitelisting is about granting early access to drops to pre-approved crypto wallet holders, subject to specific criteria (usually how involved they are in the community).
Hope that was useful! Let us know if we’re missing any key terms in here! 🚀
Helpful resources used to make this glossary: