NFT and Crypto Slang: Cryptocurrencies and NFTs have significantly impacted the financial industry in a short amount of time. As with any new technology, cryptocurrencies have given rise to several new words and phrases that may not be clear to the average person. If a crypto beginner learns these complicated terms and acronyms, they might be able to buy the slump and stop a wave of FUD.
Here are the 30 NFT and Crypto Slang You Need to Know in 2023
FOMO stands for “fear of missing out,” which is the whole phrase. It happens in every part of life. Investors often feel panic and jealousy when they don’t have a position in a strong market move that others are profiting from.
A person buying an NFT or token without research is called an “ape.” It is also called “apeing.”
Ask Me Anything, or AMA, is a type of post on social media where the poster answers questions from viewers. It began on Reddit and has since spread to Twitter, cryptocurrency, and other places.
“Buy the dip” is what “BTD” stands for. It means buying coins, tokens, or other assets for less than they are worth because their value has decreased. The goal is, of course, to make money when the market gets better.
A bagholder doesn’t sell their investment even though it’s losing value and becoming worthless.
6. 10k Project
A 10k project is a group of around 10,000 avatars in an NFT. The CryptoPunks collection from 2017 may have been the first of its kind, but many others have come out since then. Even though they don’t all have precisely 10,000 avatars, the phrase doesn’t refer to a specific number of avatars. Instead, it refers to a collection of avatars.
Airdrop is when NFTs or tokens are sent for free to users’ wallets. Most of the time, projects airdrop NFTs to reward users for being loyal, entering contests, or doing other things.
A bull market differs from a bear market in that prices are rising. So, someone who is bullish thinks that market prices will go up.
Cryptojacking is a crypto crime in which a computer is stolen and used to mine cryptocurrency.
DAO is a nft and crypto slang term for organizations that don’t have a central leader. As the name suggests, it is a type of organization that doesn’t have a prominent leader and runs independently.
DeFi stands for “decentralized finance,” which is different from “traditional finance” or “centralized finance,” which means that a bank or business controls the money of users.
Degen is short for “degenerate,” In the crypto world, it can mean a few different things. It mainly talks about someone who puts a lot of money into questionable and risky cryptocurrency projects.
Avatars can be two-dimensional images representing you online or hyper-realistic three-dimensional beings ready for the metaverse. In the digital world, avatars stand in for real people.
It still means the same thing as it always has. But people who are really into the NFT scene are all over the place with it. Is Man taken in? It is stupid. Does he make the wrong choice of NFT to buy? He, too, is a Bozo.
15. Bitcoin Maximalist
A Bitcoin maximalist thinks that Bitcoin is the best cryptocurrency and the only valuable one.
Collectibles are unique, easily replaceable tokens that have different levels of rarity. As users try to get the most tonnes, they become “collectible.”
17. Crypto wallets
Crypto wallets are places where crypto assets like cryptocurrencies and NFTs can be stored, moved, and managed. There are two different kinds of cryptocurrency wallets: hot and cold.
18. Cold Wallet
The cold wallet is one type of crypto wallet. Hardware wallets (also called “cold” wallets) are safer than software wallets because they store digital currency and tokens that can’t be changed. Ledger and Trezor are the companies that make the most used cold wallets.
Decentralized applications, or dApps, are any apps built on decentralized networks like the Ethereum or Solana blockchains.
“Do your research” is often written as “DYOR.” The term is trendy because many scams and bad people exist in the NFT space. Users won’t invest in something just because an NFT influencer said it was good.
21. ERC-1155 token
ERC-1155 token is a semi-fungible token standard. These are more than just one NFT. They are copies of the same digital asset and do not have token IDs.
22. ERC-20 token
The Ethereum blockchain has a standard for tickets that can be used as money, like USDT, MANA, and MATIC.
23. ERC-721 token
It is an Ethereum token that can’t be traded. The ERC-721 contract standard produces unique NFTs. Almost all avatars of projects on Ethereum used this standard until the Azuki NFT mint introduced ERC-721A.
“Cryptosis” is the name for someone who is totally into cryptocurrency.
25. Diamond Hands
The diamond hands emoji is used in the cryptocurrency community to talk about traders who won’t sell no matter what happens to the market. People think it’s risky and brave, but it can pay off.
This is one of the crypto slang terms for a release that is often used. Take, for example, an NFT drop.
The term “flipping” refers to when Ethereum could pass Bitcoin and become the most valuable cryptocurrency based on market capitalization.
FML, which stands for “f*ck my life,” is one of the most helpful crypto slang phrases you can use outside the crypto community. People think of it when something terrible happens to them.
The term “GOAT” stands for “greatest of all time,” In crypto and other communities, it is one of the highest compliments you can give to someone.
“If you know, you know” is shortened to “IYKYK,” and it usually means an inside joke or information that only a few people know.
The minting process is making new coins or tokens by putting together new blocks. Think about the NFT mint.
NFA stands for “not financial advice,” and it refers to people who advise about trading cryptocurrency or other things that aren’t money. They use it to say that they are not responsible for Anything that happens because of what they say.
Mooning indicates that the price of a cryptocurrency is rapidly increasing.
NGMI, “not going to make it,” is one of the most well-known crypto slang phrases. People use it in many different situations.
35. Not your keys, not your coins
Not your coins or keys is a phrase that refers to the idea that the only way to own cryptocurrency is to have the keys to your wallet.
Play-to-earn games, or P2E games, are a popular type of blockchain game where players can earn money while having fun.
PFP stands for a Twitter profile picture that is an NFT, which is common in the cryptocurrency community.
A person holding a large quantity of a particular coins or token is known as a whale.
39. Gas fees
The NFT Gas fee is what users have to pay to do transactions on the blockchain. The prices are given to the people who verify transactions on the blockchain.
40. Generative Art
Things on the blockchain, like a transaction hash, completely control some NFTs’ art. To be clear, the parts of each NFT will be different, just like an ID number or a barcode.