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A Guide To NFT Vocabulary

Introduction

jaketilk

jaketilk

The YouTuber Jake Tilk teaches people how to make money through hustles and entrepreneurship. Jake is a Digital Marketing Manager for multiple companies as well as social media influencer.


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NFTS & Cryptocurrency

A Guide To NFT Vocabulary

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NFT Vocabulary

Looking to get fluent with the lingo common in the NFT scene? No worries lads, you’re headed right to the moon with this handy cheat sheet. You see, as a newcomer to the NFT scene, you might see all sorts of NFT vocab, vocabulary, and/or language that you’re unfamiliar with. And with everyone out there saying all sorts of different things that seem to change by the minute, it can be a lot to keep up with. As a result, it’s easy to feel like you’re behind or that you should just give up on NFT meanings for TikTok or Twitter.

But as a whole, the NFT community is rather wholesome as long as you aren’t joining a meme project designed for thirteen year olds. So let’s start with the slang you’ll commonly see on Twitter and inside of various discord servers:

GM

GM or in other words, ‘good morning’ is something you’ll often see in the NFT scene because it’s good manners to tell the people you’re trying to build something great with good morning. Just makes people feel included and relevant.

GN

GN or in other words, ‘goodnight’ is essentially the same thing as good morning, just wishing our friends around the world a good evening while we essentially retire from the community until the next day.

GMI

GMI or in other words, ‘gonna make it’ is what people say when they believe in an NFT project. With this nft vocabulary word, it helps others to feel better rooted in their decision to stay involved in a particular NFT community! Gonna make it!

NGMI

NGMI or in other words, ‘not gonna make it’ is what people often say when they believe an NFT project isn’t going to meet its intended goal or purpose. Many people group this saying with the term FUD which we will cover later.

WAGMI/WGMI

WAGMI and WGMI are used as the plural of GMI or ‘We’re all gonna make it’/’We’re gonna make it’. This is often said in support of the entire community!

PFP

PFP stands for ‘Profile Picture’ . This term used to be brought up in casual conversation more in the past when NFTs were essentially trending as profile pictures. In today’s current age, an NFT being a profile picture just isn’t quite enough for a project to have and retain value in the majority of cases.

FOMO

FOMO is means ‘fear of missing out’. People often express FOMO when buying into a project late and for a very high price above mint, because they see the price rising and the hype holding strong. No one wants to miss out on something good.

FUD

FUD stands for ‘fear, uncertainty, and doubt’, as mentioned above, people will start saying negative things about a project. Oftentimes, these are expressed as, this project is a failure, rugpull, etc.

LFG

LFG stands for ‘Let’s F*cking Go’. We see this being said very commonly in Discord in incredibly hyped projects. Which is basically a cheer for the projects success.

Meatspace/IRL

Meatspace/IRL stands for the real life non-digital world.

DYOR

DYOR or ‘do your own research’ can sound really passive aggressive in certain contexts. But it’s typically used when a new nft collector decides to ask way too many questions. Never buy into an NFT project without doing your own research though, seriously.

Aped In

This is honestly one of the best ones and probably the dumbest ones. Aped In is when people buy into a project without doing any research. These people are called apes because it’s just not the smartest thing to do. But if you are an ape, take pride in it. We all have our ape moments. It makes things more exciting if you ask me.

COPE

The meaning of COPE is the opposite of FOMO. Essentially, the COPE meaning for NFTs is failing to buy an NFT because you didn’t FOMO into it earlier and now you’re mad you didn’t buy in.

SER

SER or in other words ‘sir’. Is just a funny way to call someone sir, since about 93% of the NFT community is male, you can’t really go wrong here.

Fren

Fren or in other words ‘friend’, is a nice term that can target anyone. Just a cute way to say friend.

NFA

NFA or in other words ‘not financial advice’ is something people say so they don’t need to be held responsible for someone else’s investing decisions. DYOR and don’t follow what other people say blindly.

NFT

NFT or in other words, ‘non-fungible token’ is the technical name for NFT. You can find this on reddit, twitter, discord, or urban dictionary.

Mint

Mint or minting is the process of creating the NFT during its release. When you mint and NFT, it is sent to you and you’re now the proud owner of it!

Floor

Floor is the cheapest price of an NFT in the collection. You will often see people asking about what the floor price is or commenting on the floor price. The higher the floor price on your NFT, the more yours is worth.

OpenSea

OpenSea is the biggest NFT marketplace out right now. The site is used to trade NFTs on the ETH/WETH blockchain which we are about to cover.

ETH

ETH stands for ‘ethereum’ or in other words, a cryptocurrency that is most widely used to trade NFTs. This is not the only option, Solana puts up a pretty good fight. But ETH is the pioneer cryptocurrency for trading NFTs.

WETH

WETH is actually ‘wrapped ethereum’. Which represents normal ethereum on a 1:1 basis and conforms to the ERC20 token standard. Allowing easier access to trading with actual ETH. It’s a tokenized version of the cryptocurrency.

SOL

SOL stands for Solana. The Solana blockchain is another popular alternative that is slowly gaining market share in the NFT community. If you are FOMO on ETH NFTs, be sure to hop on SOL.

Alpha

Often people will be assigned an ‘alpha’ role in discord servers. These are people who joined a project early and have good information or early information about an NFT project. True supporters from the start.

Gas

Gas is the transaction fee that is associated with the ETH blockchain. This can be really high, approximately $40 to $300 per single transaction. This is why many are migrating to SOL, where there is practically no gas fee for trading NFTs at all!

Rug Pull

A rug pull is something that every NFT collector should look out for and fear. It’s when the creators of an NFT project decide to abandon a project and run away with your money. Absolutely despicable behavior if you ask me.

NFT Language and Vocabulary Cheat Sheet

I know many of you out there can’t be bothered to read all the definitions; so here’s the Cliffnotes version of everything I just wrote. Enjoy your TLDR;

Gm – Good morning!

Gn – Goodnight!

GMI – Gonna make it

NGMI – Not gonna make it

WAGMI/WGMI – We’re all gonna make it

PFP – Profile Picture

FOMO – Fear of missing out

FUD – Fear, Uncertainty, Doubt

LFG – Let’s f*cking gooooo!

Meatspace/IRL – Real life, who needs it?

DYOR – Do your own research

Aped In – Bought into a project without thinking

COPE – When you don’t buy in and you salty

SER – Sir

Fren – Friend

NFA – Not Financial Advice

Now, let’s get into some of the more technical stuff, aka, the juice:

NFT – Non-fungible token

Mint – Creation of an NFT

Floor – The cheapest price listed for an NFT collection

OpenSea – The site used for trading NFTs on ETH/WETH

ETH – Ethereum Blockchain

WETH – Wrapped Ethereum

SOL – Solana Blockchain

Alpha – Good information/early information about a good project

Gas – The transaction fee associated with the Ethereum blockchain

Rug Pull – When the creators of an NFT run away with your money

Learning About NFTs

So after reading this, you may want to start learning an insane amount about NFTs! Check out this Beginner’s Guide To NFTs to get started!

jaketilk

jaketilk

https://onlyhustles.com

The YouTuber Jake Tilk teaches people how to make money through hustles and entrepreneurship. Jake is a Digital Marketing Manager for multiple companies as well as social media influencer.

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