NFT Term — Part 5
4 min readMay 10, 2022
New to NFT? Don’t worry; you are not alone. But you will definitely start reading and listening to terms that you may not have encountered before. Some are particular to the NFT world, while others are imported from other related industries. Check a few things to get the latest information.
Read the part 1–4 here:
https://medium.com/@genbunseries
- Rarity — Rarity in NFT terms refers to how rare an NFT is. The rarity can be defined by the number of traits, scarcity or properties of an NFT.
- Reaching — Slang for an exaggeration over something to make it sound worse than what it actually is or to take a point/scenario too far.
- Rekt — Slang for wrecked. When a crypto or NFT project goes wrong or down in value sharply. Or, in a broader sense, if something goes wrong, such as a gas surge leading to a person being priced or a lower NFT minimum charge.
- Roadmap — The strategy outlined by the NFT project. How to explain the different phases, values, and long-term visions of an NFT project to the NFT community or potential NFT investors.
- Royalties — NFT creators can configure NFTs so that each time the NFT is resold, the creator gets a percentage of the selling price.
- RN — An acronym for now.
- Rug Pull / Rugged — A slang term for fraud if the founder, team, or developer suddenly leaves the crypto project, runs away with the funds of all investors and leaves them nothing.
- Satoshi Nakamoto — Anonymous creator of Bitcoin white papers that have never been identified.
- Scammer — Those who are actively trying to steal other people’s codes and NFTs.
- Secondary — A secondary is a secondary NFT marketplace where NFT collectors or investors can resell NFTs after being minted. The price of an NFT or NFT collection is determined by the person who lists it.
- Seems Legit — If someone in the NFT project or NFT community looks promising and a real deal, the meaning seems justified. It can also be used ironically in some situations.
- Seems Rare — Joke-like expressions or derogatory comments used in the NFT community. For example, it can be used ironically if you are looking for feedback on an NFT owned or created by someone.
- Ser — Slang for Sir and a polite way to talk to others in the NFT community.
- Shilling — A term used when you want to promote or promote an NFT owned or created by someone.
- Shill Thread — It is common to gain traction by encouraging NFT developers to share a link to an NFT project in the hope that the NFT community and potential buyers will buy or be noticed. Twitter strategy.
- Simp / Simping — NFT owners or creators who are trying to make a big impression on NFT whales or investors.
- Smart Contract — Self-execution contract. The terms and conditions of the contract between the buyer and the seller are written directly in code without the need for third party or human intervention. Ethereum is a blockchain that can execute smart contracts, unlike Bitcoin, which does not have this function.
- Sock Puppet — Scam account was used to lure noob investors into fake investment services.
- Snag — This means buying NFTs quickly and at a very low price. Also called a sniper.
- Stake — A crypto term for locking crypto tokens for a period of time to earn interest. Many projects and services are emerging in the NFT space, and NFT holders can be interested in owning a specific NFT.
- Szn — It represents the season and is related to the crypto or NFT market cycle.
- TINA — There is no alternative acronym. Example: When someone asks “Why are you investing in BTC?”, The answer is “TINA”.
- TINA RIF- The acronym for There is no alternative resistance is futie.
- This is the way — Award for positive behavior by someone in the NFT community.
- Vibe — A term used to describe a positive emotional state.
- Volatile / Volatility — A term used to describe rapid market fluctuations and the prices of cryptocurrencies or NFTs that rise and fall rapidly in a short period of time.
- WAGMI — An acronym for We Are Going to Make It. Collect Screams to generate momentum for crypto or NFT projects and get more people to buy, shout, or support a particular project.
- Wallet — There may be hot or cold wallets, both of which are places where someone stores cryptocurrencies and tokens. Like MetaMask, Trust Wallet and Phantom, hot wallets are always connected to the internet. Cold wallets, in contrast, are hardware wallets for storing cryptocurrencies or NFTs offline, like the Nano Ledger.
- Wen — like when.
- Wen Moon — An expression of crypto Twitter that is not very popular in NFT spaces. It refers to the distant future when the token becomes Mondo.
- Whitepaper — A document published by an encryption or NFT project that outlines the technical information behind the concept, vision, and roadmap, and describes plans to build a particular project.
- Whale — A person who owns a large position in a particular or many ciphers or NFTs. YODO — Acronym for You only die once. Opposite of YOLO.
- YOLO — Acronym for You only live once. I just bought a cheap coin or a cheap NFT and can use it when I’m upright.
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