Quick Reference: The NFT Glossary

NFT Glossary


1/1 of x

1/1 of x refers to one unique NFT of a collection of X NFTs. For example, CryptoPunks are a collection of 10 000 NFTs, of which each one of them is unique.


1:1 Art

One single unique piece of NFT from an artist, usually the price of 1:1 art, is way higher than that with an extensive collection since it’s way more scarce and unique.




An airdrop refers to sending cryptocurrency coins/ tokens or NFTs for free to different wallet addresses. Some NFT projects may airdrop free companion NFTs to reward the original NFT collection holders.



AMA is an abbreviation for “ask me anything”, it is used by people who are opening themselves up for a session where the community can ask any kind of question.


Ape In

Ape in usually refers to people who rush into buying a new NFT or coin without doing much due diligence or research. It is advised not to ape in any projects without having proper research and understanding on what you’re buying




A blockchain is a distributed database that is shared among the nodes of a computer network. As a database, a blockchain stores information electronically in digital format. Blockchains are best known for their crucial role in cryptocurrency systems, such as Bitcoin, for maintaining a secure and decentralized record of transactions.



Bot refers to the automated software that performs specific actions.



BTD refers to “buy the dips” while BTFD refers to “buy the fxxxxxx dips”. It means to purchase an asset after its price has dropped, which is usually considered as a bargain as the asset is likely to bounce back and increase in value over time after the short-term correction.



Cold Wallet

A cold wallet is a physical device that keeps your crypto assets (e.g., cryptocurrency, NFTs) offline. Many cold wallets look like USB drives. A cold wallet is more secure than a hot wallet since it keeps your crypto assets offline. The disadvantage is the possibility of losing your device and hence the assets that it contains. Cold wallet providers include Trezor




Decentralized Autonomous Organization. DAOs are not governed by one single person or entity. The rules and governance of each DAO are coded in smart contracts on the blockchain and cannot be changed unless voted upon by the members of the DAO.



dApp stands for “decentralized application”, which is a software application that partially runs on a distributed network (i.e. blockchain) instead of a centralized server. With the ability to decentralize information and services, there won’t be a single entity that has total control over all the information and related services on the application.



DeFi stands for “decentralized finance”, unlike traditional finance or CeFi (centralized finance), where a bank or company has control over your money. In DeFi, no one but you has access to it.



Degen is short for “degenerate”, usually refers to people who often make risky and bad bets.



It means to cancel the listing of an NFT for sale from an open market.



Devs is short for “developers”. It refers to the developers of a crypto or NFT project.



DEX stands for decentralized exchange. In a centralized exchange, the ownership of the coins is held by the exchange completely. In contrast, a decentralized exchange is a peer-to-peer marketplace where transactions happen directly between crypto traders without the need for a middleman.


Diamond Hands

Diamond Hands refers to someone who has high-risk tolerance for high volatility assets. Diamond Hands don’t panic sell their assets no matter the value of the assets decrease or increase. There is also a negative definition of “Diamond Hands”, which refers to a stubborn investor who is not willing to let go of an asset despite its falling value.



DYOR is short for “do your own research”. It is always a smart idea to DYOR before investing in any asset! “I got into this new NFT project last night, and I see really high potentials. DYOR, though.”




ETH is Ether, which is the native currency of the Ethereum blockchain.




Flipping refers to buying items at low prices and selling quickly for a profit. Flipping is gaining popularity in the NFT space, where people buy and sell NFTs to make a quick profit, especially during the early stages of the projects when there are higher demands.


Floor Price

Floor price means the lowest price listed of an NFT project. It doesn’t necessarily mean you should always buy NFTs at floor price as most of them are usually in lower ranking in rarity, it however, is a good entry point for new joiners for the project.


Floor Sweeping

It refers to someone or a group of people who keeps buying the NFTs, which are listed at the lowest price. People saying "Sweep the floor!” is to encourage others to buy the NFTs at floor price in order to raise the floor price of the project.



FOMO is short for “fear of missing out”, it’s to describe people (especially newbies in the space) rushing into buying an asset just because they see many other people are doing so/ talking about it, without doing much due diligence. However, as sophisticated investors, we should always avoid FOMO and keep our heads cool before investing in anything.



FUD is short for “fear, uncertainty and doubt”. FUD is commonly seen when the price of a coin/ NFT project dropping, or when there is some sort of negative news or rumors.




Gas is the fee we need to pay to the blockchain network for all sorts of transactions. The fee is paid to the “miners” of a blockchain network to compensate for the computing energy required to process and validate transactions. High gas fees commonly occur when there is a lot of demand on the network, like during the beginning of the minting process of a new NFT project.



Short for Good Morning. A common way of greeting in Twitter/ Discord space.



Short for “gonna make it”. This is to describe the future state when our investments are going to the moon and have amazing returns.



Gwei is also called nanoether, or simply nano, to denote the ninth power of the fractional ETH (i.e. 0.000000001 ETH)— Ether which is the Ethereum native currency. You can download a browser extension for current Ethereum gas price, which is measured in Gwei.




I’m sure you’ve heard of this one. HODL- “hold on for dear life” means to hold an asset for a very long time, regardless of the price.


Hot Wallet (also called Software Wallet)

A hot wallet refers to a virtual currency wallet that is accessible online, and it facilitates cryptocurrency transactions between the owner and end-users.




“Let’s F* Go”. People use it when they’re excited about something. “The floor price of the NFT project I got into last night has already doubled this morning. LFG!”


Looks Rare

Rarity is relatively important in NFT collections. However, when people say “it looks rare”, it’s being used ironically, he/she actually means “it doesn’t look rare”.




Same meaning as IRL(in real life), meatspace refers to the real-life physical world, as opposed to the virtual world or cyberspace.



I’m sure you’ve heard of this buzzword everywhere these days. There are many different definitions of Metaverse out here, and here’s mine: Metaverse is a social construction that leverages the Web 3.0, blockchain and computer interfaces where individuals build customs, habits and values, that allow them to spend time and socialize in the virtual world using their digital identities (avatars).



The meaning of “mint” is “produce for the first time”. In the NFT world, minting refers to the creation of a new NFT.



It refers to the moderators of Twitter or Discord channel. The role of moderators is to ensure a healthy, active and informative community experience in these spaces.



I’m sure you’ve heard of people saying “To the moon!” in crypto/NFT space often. When the price of a coin/NFT goes to the moon, it means it goes up/ skyrocket a lot.



If something is “mooning,” that means the price of a coin/NFT is experiencing a spike.



Multisig is short for “multi-signature wallet”. It is a wallet that requires more than one signature to a transaction before moving funds. It’s frequently used in DAOs. The DAO multisig wallets are controlled by a committee of trusted people, which guarantees the security of the DAO and making sure that the passed proposals will result in an on-chain action.




Short for “not financial advise”. “I see huge potential in this crypto gaming token, and I’m gonna buy some today. NFA, though.”



Opposite of GMI, short for “not gonna make it”. Refers to people making bad trading decisions.



Noob is a slang term for newbie/ newcomer, or someone who is inexperienced in an activity or profession. We should always be kind to noobs and offer help if needed!




Refers to OpenSea- the leading and by far the most popular decentralized marketplace for trading NFTs.



Paper Hands

It’s the opposite of diamond hands, which refers to someone who is nervous and panic sell or flipping their position too soon instead of holding them long term.



Short for “profile picture." It's the same as an avatar, but often refers to a type of NFT project.



Play to earn games. Blockchain-based games that use tokens to reward players.


Probably Nothing

This term is used in an ironic way, it means “probably something important”. “The NFT collection that I created and just launched is now no.1 in trading volume on OpenSea in the last 24 hours. Probably nothing.”




Raids refers to doing a flash campaign on Twitter or other social media platforms. Some NFT projects like to use raids as a way to keep the community engaged in order to promote their NFTs.



A lot of NFT collections nowadays has a “delayed reveal” feature, which means you won’t be able to see how your jpegs look like and check its rarity until the official revealing day.


Right-Click, Save As

This term is used as an argument for someone who does not understand about NFTs and does not believe its value. “I don’t get people paying millions of dollars for these jpegs while I can just right click and save the image?!”


Rug or a Rug Pull

Different to a scam, although certainly in a similar category, a rug pull refers to when a team behind a crypto/NFT project abandon the project and run away with investors’ funds. It may not always be malicious and intentional, but they should be ashamed. Rugging may also refer to something light-hearted that's crashed, like Twitter Spaces.



Secondary Market

After an NFT is minted, it can be sold or purchased on the secondary market, such as OpenSea.



NFT shilling is when someone promotes an NFT project on social media as a marketing strategy.


Smart Contracts

Smart contracts are simply programs stored on a blockchain that run when predetermined conditions are met. They typically are used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary’s involvement or time loss. They can also automate a workflow, triggering the next action when conditions are met.



SOL is the cryptocurrency that runs on the Solana blockchain. Compared to Ethereum blockchain, Solana blockchain is much faster in terms of the number of transactions it can process and much lower gas fees.


Stable Coin

Refers to a cryptocurrency that is pegged to a fiat currency. A stable coin tracks the underlying asset (e.g. USD), making its value stable over time. Some popular stablecoins are USDC, USDT and DAI.




Vaporware refers to something (often refers to software, for example a computer game) that has been widely advertised but has not yet or will never become available. We need to be extra careful to be able to avoid vaporware, always be skeptical when something appears too good to be true.




Short for “we all gonna make it”, similar to GMI, it’s to describe the future state when our investments have amazing returns.



Short for "crypto wallet". A crypto wallet is an interface that lets you interact with your blockchain assets. Crypto wallets are broadly classified as hot wallets and cold wallets. Hot wallets store the keys to your cryptocurrencies on an internet-connected application while cold wallets keep them offline, disconnected from the internet.


Wen Lambo

It’s a phrase referring to when people wonder when their crypto/NFT holdings will take off (which will make them rich enough to afford to buy a Lamborghini).



WETH refers to wrapped Ether/ETH. It’s a ERC20 token that represents ETH 1:1. By conforming to ERC20, it allows for increased functionality across any kind of application that handles ERC20 tokens, which is often very useful for NFT offers and in DeFi. You can always convert your WETH to ETH 1:1 and vice versa.



Someone with a multi-million dollars portfolio or someone who owns a huge amount of NFTs in an NFT collection. There are many people following whales’ wallets to see what the whales purchase and sell next as an indicator of their future investment decisions.



Sources https://medium.datadriveninvestor.com/79-nft-crypto-words-you-need-to-know-the-crypto-nft-slang-dictionary-adcc39ad846b