A Helpful List of Key Words and NFT Phrases!

(WARNING: These are not official definitions and I am not an expert. This is just what I have gathered being involved in the NFT space thus far. If you see a mistake or have a suggestion, please feel free to let me know via the Contact page!)

Airdrop: When you are gifted something to your wallet, typically an NFT or crypto, from a project or other benefactor.

alpha.art: Secondary market for Solana NFTs.

Alpha: “Intel”

Alpha Caller: Someone who drops “intel” on their followers hypothetically giving them access to info no one else has yet.

ATH: “All Time High”

Bearish: In line with stock market jargon, a “Bearish Market” is one that is on a downward trajectory. It can also be used more casually about a particular crypto or NFT collection. As in, “The [blank] NFT project is bearish right now.”

Binance: A popular crypto exchange, based out of China.

Bitcoin: (BTC) The most prominent and popular Blockchain/cryptocurrency to date (but, it’s important to note, it does NOT support NFTs).

Blockchain: A system of recorded transactions maintained by a peer to peer network (nodes). Most commonly used for DeFi cryptocurrency exchanges and NFTs, but the possible utilities are seemingly endless.

Bullish: In line with stock market jargon, a “Bullish Market” is one that is on an upward trajectory. It can also be used more casually about a particular crypto or NFT collection. As in, “I’m super bullish on this [crypto] right now!”

Burner Wallet: A separate wallet used to protect your assets from scams. When minting a project its always best practice to use a burner wallet that holds only enough crypto to cover the cost of minting the desired NFTs and possible fees.

Cardano: (ADA) is both a Blockchain and a Cryptocurrency. It is one of the most popular NFT ecosystems, behind both Ethereum and Solana, respectively.

cnft.io: Secondary market for NFTs on the Cardano blockchain.

cnft.tools: Rarity website for NFTs on the Cardano blockchain.

Coin: A unit of cryptocurrency.

Crypto: “Cryptocurrency”

DAO: “Decentralized Autonomous Organization”

DeFi: “Decentralized Finance”

Dev: “Developer”

Diamondhand: A person who holds (or plans to hold) a crypto or NFT for an extended amount of time.

Discord: An app/website platform for community discussions. Similar to Reddit, but more specific to individual projects overseen by it’s administrators and developers. Popularized by gamer communities, Discord has found a home for NFT projects to post their links, discuss their roadmap, interact with the project’s community, oftentimes providing incentives for minting or owning their project’s NFTs.

DYOR: “Do Your Own Research.” A term tragically popularized by conspiracy theorists it has found a healthy home in the NFT community. The phrase encourages you to take ownership of the investments that you involve yourself with. Once you’ve found out about a project, say by word of mouth, or from Discord, or from a Marketplace or Rarity Website, or even this website, it’s on you to investigate the project’s validity.

Ethereum: (ETH) is the second most popular Cryptocurrency and blockchain by volume, behind only Bitcoin. The Ethereum blockchain is the largest NFT ecosystem, where the majority of projects can be found (on opensea.io & looksrare.org) and purchased with your MetaMask wallet using it’s coin (ETH).

Exchange: Apps or websites that allow you to buy, trade, send, receive cryptocurrency. In order to purchase an NFT you must first fund an exchange (by purchasing Crypto) and then sending it to your wallet. Two examples of the most popular exchanges are Coinbase and Crypto.com and if you sign up through these links we’ll both get bonuses!

FCFS: “First Come, First Served”

Floor: The cheapest price for a project’s NFT on the secondary market.

FOMO: “Fear Of Missing Out”

FP: “Floor Price”

FTX: A crypto exchange and a currency (FTT).

FUD: “Fear, Uncertainty, Doubt”

Gas: The cost for transactions on the Ethereum (ETH) blockchain. (*See also What is NFT Gas? Gwei? post!)

GM: “Good Morning!”

GN: “Good Night!”

Gwei: The unit in which Gas is calculated in Ethereum.

Hodl or Hodlers: Someone who keeps their crypto or NFT for the long term. “Hold or Holders”

howrare.is: One of two rarity sites for NFT projects on the Solana blockchain.

IDO: “Initial Dex Offering”

KYC: “Know Your Customer” 

Launch: When an NFT or NFT project is released.

looksrare.org: NFT secondary market.

magiceden.io: The most popular secondary market for Solana NFT projects.

Metaverse: An Interactive digital space.

Mint: To purchase an NFT at it’s initial release (or launch). (*See also What is Minting an NFT? page!)

moonrank.app: One of two rarity sites for NFT projects on the Solana blockchain.

Nami: Wallet for storing Cardano (ADA) in order to purchase NFTs.

NFA: “Not Financial Advice”

NFT: A “Non-Fungible Token” is a non-replicable item who’s singularity is contracted on a Blockchain verifying it’s uniqueness and ownership.

Noob: Someone new or inexperienced. Like, the creator of this website.

Noob2NFTs: A simple to navigate, easy to understand website meant to help educate and introduce NFTs to those of us Noobs out there.

opensea.io: Largest Ethereum (ETH) NFT secondary market. Also supports Polygon (MATIC), Klaytn (KLAY), and Solana (SOL) NFTs.

Paperhand: A person selling their NFTs for a quick profit and has no intention to keep it.

Project: A collection of NFTs released by a group of developers, artists, administratives, web designers, etc. Typically a project has a set number of NFTs in the collection. Examples of projects are Bored Ape Yacht Club, Roaring Leaders, CryptoPunks, Meerkat Millionaires Country Club, Solluminati, Yummi Universe Naru, Billionaire Bears Club, ADA Ninjas, etc.

Raid: Often refers to when projects ask their hundreds or thousands of holders to simultaneously accomplish the same task, for instance, tag a famous NFT influencer or to re-tweet their tweet for marketing purposes.

Rarity: Every NFT in a project is assigned certain attributes. These attributes (characteristics, properties) make the NFT more or less rare. A very rare NFT in a project is typically more desirable, and valued higher, than a more basic NFT.

rarity.tools: Most popular rarity website for Ethereum projects.

Rarity Website: Site where you can check the rarity ranking of your NFT. Examples are cnft.tools, howrare.io, moonrank.app, and rarity.tools.

Recovery Phrases: A list of specific words given to new account holders for security. Differing from a password, recover phrases are used when you are locked out of your account. Important to keep in order, store in a safe place, and never share with anyone. 

Roadmap: A project’s plan of action. A good roadmap tells prospective NFT owners what utilities their NFT will provide and (after minting) continue to inform owners of what the project is moving towards next.

Rug Pull: When a project’s (or a coin’s) devs abandon it and take all the money that has already been invested into it. (This is why it’s so important to research an NFT’s project before purchasing any).

Secondary Market: Website where you can buy NFTs from owners directly after they have finished minting (read: sold out). Examples: OpenSea, LooksRare, Solanart, Magic Eden, Alpha Art, SolSea, CNFT, etc.

Shill: To encourage, post, or sell others on a project.

Solana: (SOL) is both a blockchain and it’s own cryptocurrency, it is the second most popular in use behind Ethereum when it comes to NFTs.

solanart.io: One of the more popular secondary markets for Solana NFT projects.

solsea.io: Secondary marketplace for NFTs on the Solana blockchain.

Staking: When a coin or NFT is set aside to earn interest, similar to a savings account.

Sweep: When someone buys (“sweeps up”) several of the NFTs on the floor of a project.

TL,DR: “Too Long, Didn’t Read”

Token: A project’s coin.

Wagmi: “We’re All Gonna Make It”

Wallet: Where you store your crypto and/or NFTs (E.g. MetaMask, Phantom, Nami).

Wen: “When”

Whitelist: Often to be “Whitelisted” means that you have been pre-approved by an NFT project’s Devs to be given early access to said project’s mint. Usually you obtain this by going through a process like signing up early or promoting the project or being active in their Discord.

WIP: “Work In Progress”

*(This page is updated periodically)