Fitting into the NFT world is difficult. Particularly when you are a newcomer and see everyone saying ‘GM,' ‘DYOR,' or ‘WAGMI.'
These are some popular terms, phrases, or slang used in the community to communicate with other NFT enthusiasts in Discord groups and on Twitter.
Our NFT Urban Dictionary has some technical and crazy terms to help you understand the NFT space and make participation convenient in the NFT group.
So let's get started with knowing the origin of NFT popular key phrases, and then we will hop onto the 25 popularly used phrases.
Where Did NFT Terminology Originate From?
NFT space is greatly dominated by crypto users, marking most of the NFT terms coming from crypto culture while some are specifically derived from NFT scenes and their history.
As the NFT diverged more and more, millennials and GenZ became the main participants in forming the community. Therefore, most of the terminology and slang come from this young generation. Slangs like ‘Bagner' and ‘BOZO' are commonly used slang.
NFT Urban Dictionary: Important Slang And Terms You Need To Know
1. 10k Project
The 10k project refers to the NFT collection of nearly 10,000 avatars, introduced in the first place by the CryptoPunks. After this project was released, many more came following this same 10k project; however, not all have 10,000 avatars in their collection.
2. AirDrop
Airdrop is a term referred to as NFT or tokens usually sent for free to customers' wallets. This has been a general practice by the projects in the crypto space, where they reward the new adopters with “airdrops” (a certain amount of cryptocurrency) to attract participants and foster the collection.
3. Snapshot
Snapshot is a famous term among P2E games and NFT creators. This term is commonly used for the activity where the project creators take a ‘Snapshot' at a certain period to determine who is eligible for the ‘Airdrop.'
4. Avatar
Avatar is a virtual representation of a human or participant; it can be a 3d realistic being or a 2d image. Avatar is like a digital personification of a human being.
5. Apeing
Apeing means buying something irresponsibly, mostly out of ‘FOMO' and without following due diligence measures.
6. Bagner
The term ‘Bagner' in NFT urban dictionary denotes something out of the league, whether it is any achievement, opinion, tweet, or piece of art. In NFT space, the term ‘Bagner' is used to applaud someone about their joke or meme.
7. Blockchain
Blockchain is like a distributed spreadsheet everyone can access in the crypto world. Think of it as a localized server that manages and stores all the activity keeping all the information transparent and available to everyone. Here, blockchain is a database securely storing the information digitally for every participant.
8. Burn
Burn in NFT means ‘to destroy, ‘ which is used to eliminate NFT. You can burn the NFT by simply sending it to the NFT contract address, where it'll be destroyed and no longer transferable.
9. GMI
GMI stands for ‘Going to make it' and is commonly used by NFT investors to show their enthusiasm for NFT holders that they will be rich. You will see many NFT insiders using this abbreviation for each other.
10. NGMI
NGMI is the abbreviation used for ‘not going to make it.’ This term is usually for people and projects that won't last long in the NFT space. This word is commonly used by NFT holders implicating their own bad decisions.
11. DAO
‘Decentralized Autonomous Organization' is an organization in the NFT community that owns the NFT projects. These organizations are generally a group of people who have similar rights to vote and take futuristic actions to become more community-driven and secure ongoing support. DAO runs on blockchain and works autonomously.
12. Diamond Hands
Diamond hands are used for those who hold the NFT and think their assets will be valuable in the long term despite poor market sentiment, price volatility, negative news, and FUD.
13. CC0
CC0 is the short form used for ‘Creative Commons Zero.’ It means the owners relinquish all the IP rights. With that said, CC0 can be reproduced by anyone in the community, and anyone can produce the commodities from CC0 NFTs without lawful influence.
14. Bozo
A bozo in NFT also stands for a similar meaning in general. If someone gets scammed, he is a bozo. If someone is investing in the wrong NFT, he is a bozo too.
15. Minting
Minting is creating the NFT on the blockchain. After this process, NFTs are available for the public to view, buy, or trade. The final creation process is where you buy and publish the new NFT from a creator.
16. Collectibles
Collectible is a term used for Fungible tokens, which are exclusive and rare, like limited edition tokens with unique value.
17. Cold Wallet
These wallets are also known as hardware wallets used to store tokens or crypto offline. Cold wallets are the safest to store assets because they have tight security.
18. Degen
Degen is used as a short form for ‘degenerate’, which usually refers to traders willing to invest in NFT without doing due diligence, which is often very risky. Most people get into ‘degen' because of FOMO (fear of missing out).
19. Dutch Auction
A Dutch auction is a bidding technique that starts at a high price and gradually decreases over the years. This type of auction style is very famous in a few NFTs.
20. DYOR
DYOR is a trendy acronym for ‘Do your research.’ It means don't invest in something just because you heard some NFT influencer hyping about it, and remember to do your research.
21. Floor Price
The floor price is the lowest cost available to buy the NFTs from a collection in the market. This is the popular metric used to track down the performance of a project over time and compare its success with others in the market.
22. Gas/Gas War
Gas is the term used in contrast with the amount required by the network to perform any cryptocurrency transactions on the blockchain. NFT ‘gas war' refers to when every other person wants to grab the opportunity during high-value sales to get the specific NFT.
23. GM/GN
If you want to feel NFT insider on your first day, start using this abbreviation asap, you can simply say GM (good morning) and GN (good night) to interact with each other and have an excellent beginning as you go along.
24. Generative Art
Generative art is created digitally using an autonomous system without any human intervention. There are various generative arts in the form of Cool Cats, Pudgy Penguins, etc. All of them will have something in common: different eye types, clothes, and many other things.
In short, there can be a collection of 10,000 unique NFTs by mixing and matching the common traits. The basic traits are hand-made, but a computer can then create NFT by combining randomly available traits. This whole process is called ‘generative.'
25. Mooning
Mooning' is the term used in NFT space when the value or price of an asset is increasing rapidly because of the boom in sales.
Read more: Why is George Flyof NFT getting popular?
NFT Urban Dictionary: Conclusion
The NFT space is ever-evolving, and there is a lot to learn. But it all becomes easy when you can communicate with people without feeling like a newcomer or outsider.
You should embrace various terminologies to get you going smoothly with trading. Our list of NFT urban dictionaries has all the special terminologies that will help you escalate your journey in the NFT world and give you the feeling of an insider.
