THE 23 KEYWORDS YOU NEED TO KNOW IN NFT — IF YOU KEEP GETTING LOST IN THE CONVERSATION
“I still don’t understand tf a NFT is.” These are the words of @Miss Jackson on Twitter. Who, along with you and others, got lost in these whole NFTs thing. It gets a little bit difficult to get along with the conversation most times. The truth is that you are not alone. A look at Twitter feeds these days shows you are not alone. Log on to Twitter and type in “I don’t understand NFT,” and you’ll see scores of people on the same bandwagon. However, let’s talk about how NFTs got the buzz in the first place.
How did NFTs become so dope?
Because of the Beeple artwork, which sold for about $ 69.3 million in 2021, non-fungible tokens (NFTs) became one of the major funds’ generators connected to the blockchain. Beeple and Larva Labs — early investors, are responsible for some of the most expensive NFT artworks.
Their income from each NFT and other sales — I don’t feel like naming directed sunlight to the world of NFT. And now NFTs are buzzing like Bees everywhere, and it won’t be nice if you get lost in the industry’s vocabulary.
If you find yourself constantly in the dark when the NFTs OG are flowing, this article is here to help you. Explaining below are 23 words in NFT to strengthen your conversational and understanding skill in NFT.
1. 1:1 art
1.1 is another way of saying, “It is rare and unique.” Because of these reasons, the price of 1:1 art is much more than the price of a large collection.
2. Airdrop
You’ve seen this on Twitter — If you use Twitter, times without numbers and probably paid no attention to it. Pay attention now. A free giveaway of cryptocurrency coins, tokens, or NFTs to numerous wallet addresses is known as an airdrop.
When NFTs artists are looking to motivate collectors, As a thank you, some NFT projects may provide complimentary companion NFTs to original NFT collectors. Airdrops are also used as marketing tactics to attract attention and new followers for NFT/crypto-related projects — It’s all about the money.
3. Ape in
Ape in is a term used to describe people who run in like The Flash into purchasing a new NFT or currency without conducting a thorough background check or analysis — not a good thing to do, though.
4. BSC
BSC is the abbreviation for Binance Smart Chain. It’s a cryptocurrency that competes with Ethereum. Some DeFi services, such as PancakeSwap, use BSC to save money on transaction fees.
5. BTD or BTFD
BTFD means “buy the fxcxng dips,” — oh shit, why am I censoring my words — buy the fucking dip. BTD is what you hear in the streets and read on social media when the price of an asset has dropped. BTD is commonly regarded as a good deal because the investment is anticipated to recover and improve in value over time following the brief adjustment — but for real, don’t miss the chance to buy a dip.
6. DAO
This one is shorts for . Decentralized autonomous organizations. Keynote about DAOs you should know. DAO isn’t controlled by a single person, nor is it run by an organization. Each DAO’s rules and govern are written in smart contracts on hosted the blockchain. And cannot be modified by a letter until the members of the DAO all agree to implement a change — It’s a we run this sh*t together typa thing.
7.dApp
The word “dApp” means Decentralized Applications . A software program part of a distributed network — like blockchain rather than on a centralized server. dApp has the capacity to decentralize information and services. No single entity will completely control the application’s data and related services.
8. De-FI
Unlike traditional banking or Ce-Fi — centralized finance, in which a bank or firm controls your money. DeFi stands for “decentralized finance.” No one else has access but you. Smart contracts regulate DeFi, and both cryptocurrencies and dApps play essential roles in decentralisation.
9. Diamond hand
Diamond Hands is a term used to describe someone who has a high-risk tolerance and invests in high volatility assets.
10. Discord
A social media platform For NFTs and gamers, Discord is a popular social media network for the NFT community. Most NFT projects have their own Discord channels to keep the community active and updated about new project developments. You know, to get the ball rolling.
11. DYOR
The term DYOR stands for “do your own research.” Before investing in any asset. It’s always a good idea to DYOR before putting your money down for any purchase. Doing your own research will help you make the right investment decisions. From research, you’d know if the coin can buy a Lambo — Sorry, I’m big on Lamborghinis.
12. Flipping
The term “flipping” refers to purchasing assets at a low cost and swiftly selling them for a profit. In the NFT space, flipping is becoming increasingly popular, which is why you should DYOR to know which coin to buy and flip to save up for the Lamborghini.
13. HODL
The legendary term, You’ve probably heard of this one. HODL — “hold on for dear life.” This is the practice of holding an asset for an extended period, regardless of price. Funny thing about HODL. It was derived from a funny error on an early Bitcoin forum in 2013. The term was misinterpreted as an acronym by readers and has since become the standard in the community.
14. KOL
Short for “key opinion leader,” a term often used interchangeably with the word “social media influencer.”
15. McDonald’s
This is a hilarious one. “McDonald’s” refers to a backup career plan if the GMI scenario does not pan out — It reminds me of the skit of a Nigerian dad “You will end up in McDonald’s.”
16. Metaverse
This one is not new. Metaverse has been thrown about a lot lately. The problem with this word is that there are many various definitions of metaverse out there.
But here’s one of mine. “Metaverse is when Individuals build customs, habits, and values that allow them to spend time and socialize in a virtual world using their digital identities.
17. To the Moon!
To the moon! Sorry, I had to do that. Now back to the moon. When a coin’s/price NFT soars to the high. It signifies it has skyrocketed in value, and thus it is going up to the moon.
18. NFA
NFA is an acronym for “not financial advice.” By the way, take any and all NFA information seriously.
19. OG
“OG,” also known as “Original gangster,” is a slang term that refers to someone or something which is a pioneer or innovator in a space. Especially one who is well-liked or regarded in a particular field.
20. Paper hand
Paper hands are the polar opposite of diamond hands. This one refers to someone who is jittery and sells or flips their position too fast rather than holding it for the long haul — someone in for the early gains.
21. Probably nothing
This word is ironically used to suggest “probably something important.” It is casual but very important. When someone in the NFT sphere ends a tip with “Probably nothing, please worry and find the last bit of information on that subject.
22. Soy boy
It’s a slang term for someone who lacks any necessary manly characteristics. The crypto world refers to someone who is weak and doesn’t have the balls to cope with market volatility.
23. Whale
The big goons with a multi-million dollar portfolio or an NFT collection with many NFTs. Many Crypto folks keep their sight on whales’ wallets to see what they are cashing in and out next as a predictor of their future financial decisions.
With the advancement of blockchain technologies, the use of NFTs will only grow. It’s not enough to know what they are; you must also understand how they work, why they exist, and the numerous phrases used by individuals who deal with them daily — by the way, this is only a fraction. Now that you’ve gotten a little juice about NFT. I believe you can hold a conversation or at least not feel lost in the wonderful world of Crypto currencies and NFTs.
