Web 3.0 for Dummies: Your Guide to Speaking Like an NFT/Crypto Native

Ever wondered how a digital image, video, or music file can be sold for millions of dollars? What’s the craze behind non-fungible tokens (NFTs) and why do most people seem to be immersed in the buzzing field of metaverse nowadays?

The launch of Web 3.0 gave birth to different cryptocurrencies, hence, the rise of NFTs. It’s not an easy feat to become a crypto enthusiast– plenty of jargon abounds and can be overwhelming.

No worries, we’re here to help you decipher crypto slang as we delve into the basic terms and abbreviations in the world of NFT.

10k Project

A 10k project is a type of NFT collection consisting of 10,000 unique tokens or avatars that are not reproducible, which means they are limited edition in the entire NFT realm. The number refers to the total amount of tokens, as you can encounter other collections such as NFT 20K, NFT 100K, and the most common, 8888. Airdrop

It is a common practice in crypto space for users to receive a free NFT in their wallets. This is usually given as a reward to those who supported the project's early stages.

Apeing

When you’re apeing, it means you’re “into something” or making a hasty purchase out of FOMO (fear of missing out) without doing proper research. The term is not affiliated with ape-themed projects like Bored Ape Yacht Club, Chilled Kongs, Evolution Apes, and more. Avatar An avatar is a computer-generated digital collectible featuring imagery of anything like cartoons, pixelated figures, abstract beings, humans, and more. It is usually in a profile photo format that displays the “head shot” of each character.

Blue Chip

Blue Chip is a status in NFT when a project reaches high sales volume in an extended period of time due to widespread community engagement, effective utilities, high-profile support, and stability in floor price.

Burn

To burn means to destruct or destroy the remaining NFTs that cannot be sold. For instance, if a project released 10,000 avatars but only 5,000 NFTs were sold, the unsold 5,000 might be subject to burn. Other projects allow owners to burn their NFTs in order to receive a new and rare one.

DAO

DAO stands for Decentralized Autonomous Organization, which is a community-led group that allows its members to vote regarding the changes and decisions on their project.

Ded

An intentional misspelling for “dead,” which is linked to a rugpulled project.

Diamond Hands

This is one of the most popular jargons in the NFT world. It refers to a person who owns or holds an asset despite its price volatility, negative news, and poor market sentiment.

Drop

An event of releasing the token or avatar which includes the exact time and date of the minting (to be discussed in more detail below).

DYOR

Abbreviation for “Do Your Own Research.” The term is used to suggest that potential investors do their own investigation before investing in a project.

Flip

Flip means to buy an NFT or token for a low price and sell it for twice as much, doubling your profit in a short amount of time.

Floor

Floor or floor price refers to the lowest price you can obtain an NFT from the project posted on the secondary markets. It is also used to monitor how well the project is doing over time.

FUD

‘FUD’ is an abbreviation for fear, uncertainty, and doubt. The term is commonly used to describe negative and accurate information through tweets or Discord messages regarding the project. This is also the common reason why some projects experience large amounts of losses.

Gas

Gas are minor fees you pay when you make a transaction on a blockchain like Solana, Ethereum, and Cardano. Prices differ depending on the blockchain and the user’s activity on the network.

GM/GN

Abbreviation for good morning/ good night. These are the standard greetings used by the global NFT community across Twitter and Discord.

GMI

A widely used acronym in NFT to hype the community. It means “going to make it.”

Hodl

Another intentionally misspelled word in NFT, which means “hold” an asset despite FUD, price fluctuations, and volatilities surrounding it. It was originally an acronym for “Hold On for Dear Life.

LFG

LFG means "Let’s fucking go!" It is used to express excitement about the launch of a project, big announcements, etc.

Metadata

It refers to the necessary and unique data on the NFT’s appearance.

Minting

To mint means to buy a new NFT from a project or creator.

MM

MM is the acronym for MetaMask. It is a widely used browser NFT wallet in the Ethereum space. This wallet is also accessible on mobile devices, and it may be used to store and trade cryptocurrencies.

NFT Marketplace

It is a decentralized platform where users can buy and sell digital assets that include art pieces or collectibles for sports and games. Each marketplace differs depending on the items being stored, displayed, or traded.

NGMI

Abbreviation for “not going to make it.”

OS

OS is shorthand for OpenSea, the largest NFT marketplace on Ethereum.

Paper hands

Contrary to diamond hands, paper hands are those who are willing to sell their NFTs at any price, especially if the price is too low as perceived by others.

PFP

PFP means "profile picture." It refers to the image that users upload to their profiles on Twitter and Discord after minting on a certain project.

Rarities

Each NFT is comprised of unique IDs and metadata. Rarities of digital collectibles or in-game NFTs may vary from different levels namely common, uncommon, rare, legendary, and mystic. You can tell how rare your NFT is by looking at its serial number (e.g., #001/100).

Reveal

Reveal is a term used to show what your NFT looks like. The reveal usually happens when the collection has already sold out or sometimes with a delay of 24 or 48 hours.

Rugpull

A rugpull is the NFT term for a scam where seemingly legit developers lure more users to invest in their project. They will take the money and quickly abandon everything after the launch. For instance, you can still expect to get assets from them, but they will most likely be worthless and untradable.

Snipe

Sniping is a strategy commonly practiced in NFT by actively seeking for and buying assets that have been accidentally priced lower than its original value.

Sweep the Floor

Sweeping the floor is slang for buying a large number of NFTs in a single transaction on the secondary market. This is executed to increase a project’s floor price while the purchaser can resell them at a greater price.

Tokens

Another term for digital assets.

To The Moon

It’s a fancy term in the financial market that refers to the increasing value of an asset.

WAGMI

Abbreviation for “We’re all going to make it.”

Whale

A whale refers to a wealthy NFT collector or investor who owns rare and high-valued tokens.

Whitelist

Whitelist in NFT is a privilege that gives members early access to projects and, in some cases, lower mint prices. When compared to public minting, whitelisted members can avoid heavy traffic and costly transaction fees.