The Ultimate NFT Slang Dictionary

August 28, 2021 - 19 min read

This article is the ultimate NFT slang guide for those wanting to learn and communicate with others in the space.

The Ultimate NFT Slang Dictionary

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I’ve been involved in NFTs for about 10 months now and the most fascinating space is the NFT slang. If you want to get up to speed quickly so you can communicate with other NFT enthusiasts in Discord groups and on Twitter, this guide is for you. 

This is a comprehensive guide to NFT slang to help you stay up on NFT lingo and will be updated frequently as new terms emerge. 

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Updated: 2/3/2022

(1) NFT

Non-fungible token. This describes an asset that is unique and cannot be traded for a like asset. The best example to understand this is traditional currency: 

I can trade five $1 bills for one $5 bill. They are of equal value. I can trade a $1 for another $1 bill and they are of equal value. 

A non-fungible token cannot be traded for another like asset because it is unique in design and has a singular identifying token on the Ethereium blockchain. 

(2) SFT 

Semi-fungible token. 

There are some NFT projects that have multiples of the same assets. For example, famed hip-hop photographer Chi Modu minted multiple copies of his work as an NFT. 

Each photo has its own unique token (identifier) on the Ethereum blockchain, but there’s nothing inherently different between copies of the photographs. 

The spirit of NFTs is to put assets on a blockchain for decentralized ownership and transfer. Don’t get too caught up between SFT and NFT. Unless you are being picky, they are effectively the same. 

(3) ETH

ETH is short for Ether, the currency used to buy and sell NFT assets on the Ethereum blockchain.

Example: “I spent 4 ETH on NFTs today!”

(4) Discord 

This isn’t slang but it’s an important term to become familiar with. Discord groups are where the owners of an NFT project gather in one space, chat with each other, earn roles connected to the NFT tokens they hold, track sales bots that post messages every time a sale happens, and much more. 

Example: “I tracked the sales bot in our Discord group for 24 straight hours yesterday.” 

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(5) Alpha 

Alpha is best described as “intel”. Those who possess alpha have information that the rest of the market hasn’t found out about yet. There are people who spend hours and hours finding undiscovered projects, and sometimes, they share this on Twitter. 

Example: “I got some Alpha on a 2016 project that no one knows about and it’s dirt cheap.” 

(6) NFT Archeologist 

Yes, this is a real term. The people who dig up Alpha also call themselves NFT archeologists. 

They search every nook and cranny of the internet to find NFT projects created but not yet discovered. Adam McBride is an NFT archeologist who has discovered some very cool projects as of late, I suggest you give him a follow to learn more. 

(7) GMI

Gonna make it. 

This term is used to describe projects or collectors who are going to make it and succeed in the NFT space. 

Example: “I was in the right Discord at 2:21 am and learned about a rare NFT that no one’s discovered yet, I’m GMI!” 

(8) NGMI 

NGMI stands for not gonna make it. 

This term is used for people and projects that won’t last long in the NFT space. 

Example: “If you aren’t in NFT Discord groups every night until at least 3 a.m. you’re NGMI.” 

(9) FOMO

FOMO stands for Fear of Missing Out. You’ll see it (and probably feel it) when an NFT project you don’t own goes up in price. Fear not, FOMO is temporary. There will always be another opportunity.

Example: "I have FOMO because it seems like every NFT is going up except for mine!" 

(10) FUD

FUD stands for Fear, Uncertainty, Doubt. You’ll see it used when someone questions the legitimacy of an NFT project. Some FUD isn’t bad. It’s good to have questions and do your research of potential points of failure. FUD that is based on false information is frowned upon.

Example: "Someone came into a Discord I’m in and started spreading FUD."

(11) Scam

‘Scam’ is thrown around a lot in the NFT world. There are legitimate scams, like people trying to get your 12 word Secret Phrase by having you type it into a link they sent (NEVER EVER type your 12 word Secret Phrase unless you are purposely transferring your wallet to a brand new computer).

People call NFT projects a scam all the time, even though they may not be trying to scam you out of your Ethereum. In this case a better use of words would be ‘didn’t pan out’.

Example: "I just got another Discord DM with a link. I’m 100% sure it’s a scam. I’m turning off my DMs unless I’ve added them as a friend already."

(12) Mint

Minting an NFT asset is buying it at a pre-sale price. Many people mint assets directly from the creators in hopes that they get a rare asset from the project. The pre-sale is considered the primary market, and a user typically receives a randomly generated asset. It’s akin to gambling or opening a pack of sports cards. 

The term mint is derived from the minting of new money. Minting is the creation and production of money in the traditional sense, but in NFTs it is the creation of a new NFT token.

Once items go for sale on the secondary market, prices may go above or below mint prices. 

Example: “I minted 10 Koala bears and got the rarest one — I’m GMI!” 

(13) Pumping

This term describes when an NFT asset is rising in price quickly. 

Example: “Prices have gone up 10x in 6 minutes, this project is really pumping!” 

(14) Bags

Bags is another term for assets a person holds. Lots of times, it is used when someone finds a project, purchases a few assets and have “secured their bags” before the price goes up. 

Example: “I’ve already got my bags so I’m glad this project is pumping!” 

(15) Shill

This term describes when a person is promoting an asset they own or a project they’ve invested in. It is also a term sometimes used in lieu of “sell”. 

Example: “Shill me your best NFT under 1 ETH.” 

(16) Whale 

A Whale is someone who has a lot of ETH and can change the market dynamic for a project by buying a lot of assets or purchasing assets at a significant price. Many projects rely on whales to get attention and social proof that it’s a good project to own. 

Example: “Wait until the whales find out about this project, once they do, it’s game over!” 

(17) Floor

Floor represents the lowest price available for an asset in a set. It is the minimum amount you need to buy an asset in a project. This is an important metric to look at when evaluating an NFT project. 

Example: “The floor price on Curio Cards went from 0.5 ETH to 2 ETH in 3 days!”

(18) Sweeping the Floor 

Sweeping the floor indicates a whale or group of buyers who are buying every asset in an NFT project that is listed at the floor price. This action raises the floor price for an NFT project in the immediate term. 

Examples: “Whales are sweeping the floor! It’s gone up from .05 ETH to 1 ETH!” 

(19) Paperhands 

Paperhands is a term used to describe people who panic and quickly sell their NFT assets. 

Example: “The price dropped 1 ETH and all the paperhands immediately sold their NFTs below floor price.” 

(20) Diamond Hands 

Diamond hands is a term used to describe people who have the guts to ride out a project over the long-term through the ups and the downs of its pricing. 

Example: “The price on my NFT dropped 90% but I still believe in it. I’m not selling. I’ve got diamond hands!” 

(21) Apeing In 

Apeing in simply means buying an NFT project. Sometimes it means you bought into a project heavily with a lot of ETH. 

Example: “I just aped in hard into this project from 2016 that I just found. Am I gmi? 

(22) Gas (gwei) 

For every transaction that occurs on Ethereum, users are charged a fee known as Gas. You can track gas prices here

Gas is charged in Gwei, which stands for gigawei, the smallest base unit of Ether because gas isn’t meant to be overly expensive. 

However, with the significant rise in NFT transactions, gas is becoming a problem for Ethereum, but there are proposed solutions that will go into effect in the future. 

In the simplest of terms, gas pays for the cost of the computing power to execute a transaction on Ethereum. 

(23) PFP 

PFP stands for Profile Pic. With many new NFTs launching avatar projects, many use them as their profile picture on Twitter to flex their ownership. 

PFPs are important in the culture of NFTs — it’s a way to show off ownership of an asset, making it desirable. 

Example: “I just changed my PFP to the CryptoPunk I just purchased. I’m not part of an elite club!” 

(24) Flex

Flex simply means to show off. People buy expensive items to “flex” to friends, family, strangers, and other collectors. 

PFPs are the hot flex of today’s market, but as the infrastructure evolves, people will be able to flex their NFT collections beyond Twitter. 

Example: “Budweiser just changed its PFP on Twitter to an NFT. That is a massive flex.” 

(25) Mooning

Mooning refers to an NFT project that is growing in price rapidly. It’s a sales boom. This is usually an exciting time for NFT projects. Mooning and pumping are often used interchangeably. 

Example: “0n1 force is mooning! The floor has doubled overnight!” 

(26) Wen 

Wen means “when” but is usually used when someone is excited about a project and its potential. 

Examples: “Wen 5 ETH floor?” “Wen moon?” 

(27) DAO 

DAO stands for decentralized autonomous organization. There are many ways to use a DAO, but in simple terms, it’s like a company with pooled resources from users that are governed by the collective members. 

A DAO can be formed to combine buying power and focus it on objectives for a project — marketing, purchasing more expensive assets, etc.

Example: “We formed a DAO to help provide marketing direction and funding for an old NFT project we discovered.” 

(28) Ser

Ser has become the new noun to replace “Sir” when addressing someone. In NFTs, we welcome all genders, but this has become popular. 

Ser is actually middle english for “Sir” and for whatever reason it’s caught on in the NFT community. 

Example: “Are we gmi, ser?” 

(29) Wallet 

You will see many people talking about their wallets but this is not the one that sits in your back right pocket. It is a digital wallet with private keys that the user, and the user alone, knows. This allows users to buy, sell and store NFTs securely. The most popular wallet on Ethereum is Metamask

(30) Probably Nothing

You'll see many people Tweeting "probably nothing" after big news in the crypto world, or the influential purchase of an NFT whether it's from a celebrity, whale, or well-respected collector.

Example: "Logan Paul spent over $500,000 on a 0N1 Force NFT. Probably nothing."

(31) Fren

Fren is short for friend, often referring to someone who is active in the NFT community.

Example: "Hey fren, I see you’re in the NFT space! WGMI."

(32) NFT Twitter

NFT Twitter is a community on Twitter. Most often, people will make a new Twitter account and follow others specifically to learn and engage in the crypto and NFT space. 

Example: "I spent 2 hours engaging on NFT Twitter and learned a lot!"

(33) GM

GM stands for Good Morning. GM was first added to Urban Dictionary in 2003, defining it as “used online for good morning”. NFT Twitter has revived its use as you’ll see many people Tweeting ‘GM’ as a signal they’re online and in the NFT space.

Example: "GM, have a good day!"

(34) Staking

While staking isn’t NFT slang, it’s a good term to know. Staking is when you ‘lock up’ an NFT or coins for a certain amount of time in order to earn interest on your asset. The amount of interest paid is project-dependent. The currency in which you’re paid is usually tokens created by the NFT project. Staking is used by projects to reward holders who lock their assets up, removing sell pressure because the asset is being held for the Staking period. The time an asset is required to be locked up in Staking varies depending on the project.

Example: "I bought an NFT so I can stake it and earn tokens!"

(35) Smart Contract

A Smart Contract is the code that deploys an NFT. Most Smart Contracts are Open Source, meaning they can be audited to determine if it’s secure.

Example: "I checked the NFT Smart Contract to ensure it does what the developers say it will.”

(36) Project

CryptoPunks is a project. Bored Ape Yacht Club is a project. VeeFriends is a project. You’ll hear a Collection of NFTs made by a creator referred to as a project.

Example: "I found a new NFT project I want to invest in."

(37) Liquid

A project is liquid when there are lots of buyers and sellers who want to buy and sell. A liquid NFT project is good because it means your NFT can be converted to Ethereum when you’re ready to sell, and vice versa when you’re ready to buy.

Example: "The market for this NFT project is liquid."

(38) Illiquid

A project is illiquid if there is not a lot of buy & sell activity. Some projects die out by not having enough buyers and sellers who are interested in the project.

Example: "The NFT project was popular a few months ago, but it’s illiquid now. I think I might be holding the bag on this one"

(39) Hodl

Hodl is a misspelling of ‘hold’ first coined on Bitcointalk.org in 2013 after a large crash in price. The term caught on and earned the acronym hold on for dear life. Crypto community members use the term to signal they’re not selling. You’ll see it as a verb too, ‘hodling’

Example: "I bought a new NFT and I’m hodling!"

(40) Secondary Market

Secondary Market is when you buy or sell an NFT on a marketplace like OpenSea. It’s called the secondary market because the buyer is not the first owner who bought at mint.

Example: "I just bought this new project on the secondary market, I think I’m gonna hodl for a while.

(41) Flipper

A flipper is someone who buys NFTs with the intention of selling them for a profit. Most often, flippers buy and sell very often, sometimes multiple times a day.

Example: "I missed buying the project at mint. I’ll have to buy it on OpenSea from a flipper."

(42) Airdrop

An airdrop is when you receive an NFT or token for being the owner of an NFT. In late 2021 there was a popular token airdrop $SOS for users who bought and sold NFTs on OpenSea. The amount of $SOS they received was proportional to the amount of ETH they spent & the number of NFTs they own. Owners of the VeeFriends NFT Gift Goat are airdropped NFTs in their digital wallet 6x a year for 3 years.

Example: "Did you get the $SOS airdrop? Check your MetaMask!"

(43) NFT Twitter

NFT Twitter is a community on Twitter. Most often, people will make a new Twitter account and follow others specifically to learn and engage in the crypto and NFT space. Also referred to as Crypto Twitter, or CT for short.

Example: "I spent 2 hours engaging on NFT Twitter and learned a lot!"

(44) 1/1

1/1 is shorthand for One-of-One. Many digital artists release unique NFTs with a supply of one. These projects may or may not be part of a Collection. They often do not mimic the structure of 10,000 supply Profile Picture projects where the visual aspect of the NFTs shares the same template with unique traits per NFT.

Example: "My favorite artist just dropped a 1/1 piece of art! I’m buying!"

(45) Reveal

Sometimes when you mint an NFT project, buyers have a general idea of what the NFT may look like, but you don’t get to see what your NFT looks like right away. This is because the creators like to make it a surprise if you have a rare NFT.

Example: "I just minted 10 NFTs from a collection. I can’t wait until the reveal!"

(46) Trait

Many NFT projects offer a Collection of NFTs with a number of traits, making each NFT in the Collection unique. Some traits are rarer than others. NFTs with rare traits usually sell for more. Most projects don’t show the traits you'll get until the reveal date, making it a surprise if you got a rare one.

Example: "I just minted a few NFTs and one of them has rare traits!"

(47) Web3

Web3 refers to the evolution of the internet to include digital ownership. Before Web3, the internet’s main function was being a web of information. Web3 changes the main function to be a web of ownership through cryptocurrencies, NFTs, and Decentralized Finance.

Click here to learn where the future of web3 is heading and how you fit into the future of the internet.

Example: "I’m starting to think Web3 will change the internet forever."

(48) All-In

All-In refers to someone spending all their money on an NFT project. This isn’t necessarily recommended, as the space is so young and you never really know if a project will be worth money in the future.

Example: "I found a life-changing project. I’m All-In"

(49) Conviction

Conviction is when someone in the crypto world feels strongly about a project they’ve invested in. They have conviction around a project’s ability to deliver on their promise.

Example: "I have high conviction that this project will give a good return."

(50) Grail

A grail is someone’s favorite NFT or NFT project. They believe it is a highly sought-after NFT and they’re not afraid to share it!

Example: "This is my grail NFT. My absolute favorite."

(51) Trait

Many NFT projects offer a Collection of NFTs with a number of traits, making each NFT in the Collection unique. Some traits are rarer than others. NFTs with rare traits usually sell for more. Most projects don’t show the traits you'll get until the reveal date, making it a surprise if you got a rare one.

Example: "I just minted a few NFTs and one of them has rare traits!"

(52) Rekt

Getting Rekt means you took heavy losses on an NFT project or coin. Generally, it means experiencing an uncomfortable outcome. You could get rekt if a project drops significantly in value. You could get rekt on Twitter if you are publicly caught scamming, etc.

Example: "I invested all my money into an NFT project at peak prices and the founder just got outed as a criminal so it went to zero and I got absolutely rekt."

(53) Cash Grab

A project that is launched with one singular goal in mind: to make its creator as much money as possible without consideration for those who bought into the project. Cash grabs are typically low-effort projects that sell out on hype, but offer no real value to those who purchased the assets.

Example: "I got absolutely rekt on that cash grab project. The creator vanished and shut down the Discord group after the mint sold out!"

(54) Rug-pull

Rug-pulls differ from cash grabs in that they are more drawn out. A project founder either lies about their identity or attention for a period of time to lull collectors and buyers into thinking their money is safe in their investment. Then, bam! The rug gets pulled out. The creator is outed for lying about his or her identity or the project shuts down, takes the money and runs.

"I hodled the project for 5 months but it just got rug-pulled when people found out the creator lied about paying out royalties!"

(55) Honey Pot

A honey pot is a more proactive and advanced scam from hackers that lure savvy NFT and crypto enthusiasts into a smart contract that appears to have a flaw that would allow a user to put in a certain amount of Ether and receive more in return. However, it is a trap. The user is unable to withdraw the earned return Ether, effectively allowing the scammers to keep their Ether from the contract, and keep the user's Ether who tried to game the system.

Example: "I fell for another honeypot even though the contract looked legit. I have to stop being greedy!"

(56) Delist

When you put an NFT for sale, you pay gas. If you want to raise the price of that NFT, you need to pay gas to delist the item in order to remove it from listings. You can't raise the price without delisting an NFT and many times people forget to delist while a project is increasing in value.

Example: The project mooned but I forgot to delist and someone bought my NFT for half the price of the floor!

(57) Degen

Degen, short for degenerate is often a term used to describe people who buy NFTs. We know that NFTs are risky, we know minting projects is like gambling, but we embrace it and call ourselves degens.

Example: Disney shouldn't hire an NFT expert, they should hire an NFT degen!

Jon Torrey

written by

Jon Torrey

NFT Enthusiast

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