NFT Vocabulary You Need to Know: A Comprehensive Guide

Explore the essential NFT vocabulary you need to know to navigate the world of Non-Fungible Tokens (NFTs). From blockchain to minting, discover the key terms and concepts that will help you understand this exciting digital asset space.

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July 19, 2023
learn nft vocabulary

โ˜€๏ธ Positive Vibes:

GVO: Good Vibes Only

Spread positivity and embrace good vibes in all aspects of life.

WAGMI: We Are Going To Make It

Believe in yourself and others, knowing that success is within reach.

LFG: Let's F*ing Go!

Express enthusiasm and excitement to embark on a new adventure or challenge.

GM/GN: Good Morning/Night

Wish someone a good morning or night, spreading positivity and well-wishes.

LG: Let's Go

Encourage action and motivate others to move forward with determination.

GZ: Congratulations

Celebrate achievements and offer congratulations to those who deserve it.

GMI: Gonna Make It

Embrace a positive mindset and believe in your ability to achieve your goals.

๐Ÿ’ฌ Communication:

DM/PM/DC: Direct Message/Private Message/Discord

Different ways to engage in private conversations and communicate with others.

AMA: Ask Me Anything

Encourage others to ask questions and engage in open and transparent discussions.

๐Ÿ™‹ Personal Expressions:

DYOR: Do Your Own Research

Advise others to conduct thorough research and make informed decisions.

IYKYK: If You Know, You Know

A phrase used to acknowledge shared understanding or inside knowledge.

DW: Don't Worry

Offer reassurance and encouragement during challenging times.

TBH: To be Honest

Express the intention to speak candidly and honestly.

IDK: I Don't Know

Admit lack of knowledge or uncertainty about a particular topic.

๐Ÿฅ Social Media/Online:

PFP: Profile Picture

Refers to the image that represents a person or account on social media platforms.

FUD: Fear, Uncertainty, Doubt

Describes the spreading of negative information or emotions to create doubt or fear.

IRL: In Real Life

Refers to activities or interactions that occur outside of the online or virtual world.

FOMO: Fear of Missing Out

The feeling of anxiety or unease that one may miss out on exciting or valuable experiences.

NFA: Not Financial Advice

A disclaimer indicating that the information provided is not intended as financial advice.

OG: Original Gangsters (People who support a project since the beginning)

Recognize and appreciate individuals who have been loyal supporters of a project or initiative from its inception.

๐Ÿ–ผ๏ธ NFT and Crypto Terms:

Airdrop

A distribution of new NFTs or tokens directly into your wallet for free.

Delist

Cancel the listing of an NFT for sale.

Flip

Buy NFTs at low prices and sell them quickly for profit.

Floor Price (FP)

The lowest price at which you can buy an NFT.

Blue Chip

A project that will retain high value well into the future.

Floor Sweeping

The action of buying a large number of the cheapest NFTs listed to raise the floor price.

P2E

Play to Earn games where players can earn cryptocurrency or other rewards.

Mint

Buy a completely new NFT from the creator.

Gas Fee

The fee needed to make a transaction on a blockchain.

WTS/LTS

Want To Sell/Looking To Sell expressions to indicate the intention to sell an NFT or find potential buyers.

WTB/LTB

Want To Buy/Looking To Buy expressions to express the desire to purchase an NFT or find sellers offering the desired NFT.

This guide provides a solid foundation for understanding the vocabulary surrounding NFTs and the crypto space. By familiarizing yourself with these terms, you'll be better equipped to navigate the exciting world of NFTs and engage in meaningful conversations within the community.

Remember, the world of NFTs is constantly evolving, and new terms may emerge. Stay curious, keep learning, and embrace the ever-changing landscape of digital assets.

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FAQs

Do you have questions about Waty DAO, decentralized marketing or the world of cryptography?

Check out our frequently asked questions to find out more ๐Ÿ‘‡๐Ÿป

What is an NFT?

NFT stands for Non-Fungible Token. It represents a unique digital asset that cannot be exchanged on a one-to-one basis like cryptocurrencies. Each NFT possesses distinct properties, including ownership, authenticity, and rarity, making it one-of-a-kind.

How do NFTs work?

NFTs work on blockchain technology, which provides transparency, immutability, and security. Each NFT is represented by a unique token on the blockchain, allowing for verifiable ownership and secure transactions.

What is the difference between fungible and non-fungible assets?

Fungible assets, such as cryptocurrencies like Bitcoin or traditional currencies, are interchangeable and have equal value. Non-fungible assets, like NFTs, are unique and cannot be exchanged on a one-to-one basis due to their distinct properties.

How can I create or mint an NFT?

To create or mint an NFT, you need to upload your digital artwork, music, or any other digital content to an NFT marketplace, like Opensea, that supports minting. Once uploaded, the platform will generate a unique token representing your NFT, including its metadata and properties.

How can I sell or trade my NFTs?

You can sell or trade your NFTs on NFT marketplaces. These platforms allow creators and collectors to list their NFTs for sale or auction. Interested buyers can bid on or purchase the NFTs using cryptocurrency, and ownership is transferred securely on the blockchain.

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