NFT and Crypto Slang: In this brief time, cryptocurrency and NFTs have had a significant impact on the financial industry. Like any new technology, cryptocurrencies have given rise to a slew of new terms and expressions with nuanced or cunning meanings that may not be obvious to the average person. Learning these complex expressions and acronyms may enable a crypto novice to buy the dip and dispel a wave of FUD.
FOMO is an abbreviation for “fear of missing out.” It occurs in all aspects of life. It’s a common psychological state for investors where they experience a mix of panic and envy for not having an active position in a strong market move that others are profiting from.
An ape is someone who buys an NFT or a token right away without first researching it. It’s also known as apeing.
Ask Me Anything, or AMA, is a style of social media post in which the poster responds to queries from viewers. It started on Reddit and has since spread to Twitter, the cryptocurrency community, and other places.
The abbreviation BTD means to “buy the dip.” It alludes to purchasing coins, tokens, or other assets at a discount because their value has decreased. Naturally, the objective is to profit when the market recovers.
A bagholder is someone who keeps their investment rather than selling it, even if it is losing value and becoming worthless.
A 10k project is an NFT collection made up of around 10,000 avatars. The CryptoPunks collection in 2017 may have been the first of its kind, and many more have since emerged. Even though they don’t all have exactly 10,000 avatars, the phrase is used to describe this kind of collection rather than a specific number of avatars.
Airdrop refers to the free delivery of NFTs or tokens to users’ wallets. The majority of the time, projects airdrops NFTs to reward users for their loyalty, participation in contests, or other actions.
A bull market, as opposed to a bear market, refers to a market in which prices are rising. As a result, someone who is bullish expects market prices to rise.
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Cryptojacking is a type of crypto crime that involves stealing a computer and using it to mine cryptocurrency.
DAO is a popular cryptocurrency slang term that refers to decentralized autonomous organizations. It is, as the name implies, a type of organization that has no central authority and operates independently.
DeFi is an acronym for “decentralized finance,” which contrasts with traditional finance or CeFi (centralized finance), in which a bank or business controls users’ money.
Degen is short for degenerate, and it has several different meanings within the crypto sphere. It is primarily used to describe someone who makes significant financial commitments to dubious and risky cryptocurrency projects.
Avatars can be two-dimensional images that represent you online, or they can be three-dimensional hyper-realistic beings ready for the metaverse. In the digital world, avatars represent human personification.
A bozo still means what it always did. But those who are deeply involved in the NFT scene are throwing it around everywhere. Man is conned? He is a moron. He picks the incorrect NFT to purchase? Yes, he is also a Bozo.
A Bitcoin maximalist is someone who thinks Bitcoin is better than all other cryptocurrencies and is the only one that is valuable.
Collectibles are one-of-a-kind fungible tokens with varying rarities. As users compete for tonnage, this makes them “collectible.”
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Crypto wallets are platforms for storing, transferring, and managing crypto assets such as cryptocurrencies and NFTs. There are two types of crypto-wallets: hot and cold.
One kind of crypto wallet is the cold wallet. Hardware (or cold) wallets are a more secure option because they store digital currency and non-fungible tokens offline. Ledger and Trezor are the two most widely used cold wallet manufacturers.
Decentralized Applications (dApps) are any applications built and run on decentralized networks such as the Ethereum or Solana blockchains.
The abbreviation for “do your own research” is DYOR. As there are many scams and bad actors in the NFT space, the term is very popular. Obviously, users don’t want to invest in something just because an NFT influencer promoted it.
ERC-1155 token is a semi-fungible token standard. These are multiples of NFTs. They do not have separate token IDs but exist as duplicates of the same digital asset.
The Ethereum blockchain‘s token standard for fungible currencies, such as USDT, MANA, and MATIC
It is a non-fungible Ethereum token. The ERC-721 contract standard produces completely unique NFTs. Until the introduction of ERC-721A with the Azuki NFT mint, this was the standard used by almost ALL avatar pfp projects on Ethereum.
The term “cryptosis” describes someone who is completely engrossed in the world of cryptocurrency.
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Diamond hands, or the diamond hands emoji, are used in the cryptocurrency community to describe traders who will hold, or not sell, regardless of market fluctuations. It’s seen as a daring, high-risk move, but it can pay off.
One of the most widely used phrases in crypto slang to describe a release is this one. Take an NFT drop, for instance.
The term “flippening” describes the conceivable point at which Ethereum overtakes Bitcoin and overtakes it as the most valuable cryptocurrency in terms of market capitalization.
One of the most helpful crypto slang phrases you can use outside the crypto community is FML, which stands for “f*ck my life.” People associate it with a bad thing that has happened to them.
The acronym GOAT stands for “greatest of all time,” and it is one of the highest compliments you can bestow on someone in the crypto and other communities.
IYKYK is an abbreviation for “if you know, you know,” and it usually refers to an inside joke or insider information.
Minting is the process of creating new coins or tokens by forming new blocks. Consider the NFT mint.
NFA stands for “not financial advice,” and those who offer cryptocurrency or non-financial trading advice. They use it as a disclaimer to say they are not liable for any consequences resulting from their recommendations.
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Mooning indicates that the price of a cryptocurrency is rapidly increasing.
One of the most well-known crypto slang expressions is NGMI, which stands for “not going to make it.” It is employed by people in various situations.
Not your coins or your keys is a saying that refers to the idea that in order to truly own cryptocurrency, one must possess their wallet keys.
P2E stands for play-to-earn games, a well-liked class of blockchain games where players can make money while having fun.
PFP is the acronym for a Twitter profile picture that is an NFT, which is common in the cryptocurrency community.
A person who holds a very large quantity of a particular coin or token is known as a whale.
The cost for users to conduct transactions on the blockchain is the NFT Gas fee. The money collected from the fees goes to the blockchain miners who verify transactions.
Some NFTs’ art is entirely governed by on-chain components, like a transaction hash. To clarify, the characteristics of each NFT will vary, just as they would for an ID number or a barcode.
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