NFT Terms — Part 3
3 min readApr 29, 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 our Part 1 and Part 2 here:
- G — Means a gangster. A word of love used in the NFT community.
- Gas / Gas fees / Gas prices — The fee charged to complete a transaction on the blockchain. These gas prices vary widely between the blockchain, the consensus mechanism used to validate transactions, or the number of transactions in progress at any given time.
- Gas war — When many NFT collectors (or bots) try to create NFTs at once, gas prices skyrocket.
- Generative art — The artwork was algorithmically created with code with unique properties and rarity.
- Genesis Drop — This refers to the first NFT drop that the author creates on the NFT auction platform.
- GG — Interjections for a good game.
- GM — Good morning interjection.
- GMI — An acronym for Going to Make It. Opposite of NGMI (cannot be created).
- GOAT — An acronym for “Greatest of All Times”.
- GTD — An acronym for Going To Dust. If the token or NFT project turns out to be a bad investment.
- HODL — Misspelling of HOLD in an old Reddit post. A synonym for “Hold On for Dear Life” means to hold a coin or NFT to the end regardless of whether it is moon or dust.
- Hot wallet — Wallets connected to the Internet are less secure than cold wallets because they are vulnerable to hacking.
- Hype — A term used to describe the excitement or expectations of future crypto projects or NFTs.
- ICO — An acronym for Initial Coin Offering. This is the equivalent of an initial public offering (IPO), but with much less scrutiny and regulation (leading to many frauds). ICOs are a common way for crypto projects to raise money.
- IDO — An acronym for Initial Dex Offering. Simply put, this means launching an NFT or token through a decentralized liquidity exchange. This is a common funding method used in future crypto or NFT projects. Many consider IDOs to be a much better funding alternative than ICOs.
- IDK — An acronym for “I don’t know.”
- IDEK — An acronym for I Don’t Even Know.
- Imma — Abbreviation for me. Short for I’m going to be.
- IRL — An acronym for In Real Life. Refers to the physical world other than the online / virtual world of cryptography, NFTs, games, or social media.
- IPFS — An acronym for Interplanetary File System. A peer-to-peer file storage system that uses hashes to obtain and maintain file integrity. Usually used to store NFTs from the blockchain.
- IYKYK — If you know, you know this. It’s similar to the phrase “minority” used when someone buys a popular crypto or NFT project, but not just for FOMO, but because they believe in its long-term value.
- JPEG / JPG — The file format commonly used to encode NFT art. Some people, like “All Money in JPEG”, use JPEG to make fun of those who buy NFTs.
- Liquidity — The term means that tokens or NFTs have a lot of activity in the crypto / NFT market. Selling and reselling is easy. However, because NFTs are not substitutable, the NFT market is usually less liquid than the general crypto market (less buyers for all NFTs).
- Looks Rare — An ironic phrase commonly used in the NFT community. Rarity is a factor in the value of NFTs.
- Long Run — Means that someone has a long term commitment to the NFT market or NFT project.
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