Common NFT Terms

Jay Rusk
Jay Rusk
  • Updated
  • 1/1:  One of One Art. Single unique pieces vs a standard NFT collection of 5,000 or more.
  • Airdrop: A new NFT or tokens dropped into your wallet for free.
  • Alpha: Information that the rest of the market has not found about it yet.
  • AMA: Ask me anything.
  • Ape In: To heavily invest in a new project, usually out of fear of missing out. 
  • Blue chip : A project that will retain high value well into the future.
  • Burn: To burn an NFT is to effectively destroy it. While technically NFTs always remain on the blockchain, you can remove one from circulation by sending it to a wallet address that can't be accessed. 
  • Degen: Degenerate. People who do not research and take high risks.
  • Delist: Cancel the listing of an NFT for sale.
  • Dev: Developers. People behind a project.
  • Diamond hands: People who holds their NFTs long-term.
  • Dox: People who publicly reveal their identity.
  • DYOR: Do your own research.
  • Flip: Buy NFTs at low prices and sell them quickly for profit.
  • Floor price (FP): The lowest price which you can buy an NFT.
  • Floor sweeping: The action of buying a large number of the cheapest NFTs listed to raises the floor price.
  • FOMO: Fear of missing out. People who rush into buying.
  • FUD: Fear. Uncertainty and doubt.
  • Fungibility: Replaceability. Dollars are fungible because a dollar owed can be paid using any dollar in existence. Something that is non-fungible, like a painting or NFT, is one-of-a-kind.
  • Gas fee: The fee needed to make a transaction on a blockchain.
  • Metadata: The collection of data that defines ownership and differentiates one NFT from another. 
  • Mint: Buy a completely new NFT from the creator.
  • OG: People who support a project since the beginning
  • P2E: Play to earn games.
  • Paper hands: People who panic sell.
  • PFP: Profile picture. A PFP NFT is an NFT that people like to show off as their main photo on platforms like Twitter. 
  • Rarity - An important measure of an NFT’s value. The overall rarity of an NFT is usually determined by calculating the scarcity of its individual traits, e.g. by averaging them or multiplying them together.
  • Roadmap - A document that maps out the goals and next steps for an NFT project.

  • Royalties - Money earned by an NFT creator through the token’s resale. Some NFTs automatically pay royalties each time an NFT is sold. An NFT can be hardcoded to pay an artist royalties forever, an interesting use case that has the potential to shake up the music industry.
  • Rug pull - A classic scam in which a cryptocurrency or NFT project is promoted only for its creators and developers to disappear and run away with the money. A soft rug pull is a pernicious variation in which the developers reappear now and again to create the illusion that the project is legitimate.
  • Shilling - Promoting, advertising, marketing. To shill an NFT is to promote it.
  • Smart Contract - A self-executing digital contract. NFTs are composed of code written in smart contract programming language like Solidity.
  • Whitelist - An exclusive list of users who get guaranteed early access to mint a new NFT collection at a specified date and time.

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