welcome frens
Hello and welcome back to another issue of Crypto Noobs, the series where I show you how to do different stuff with crypto. In the last issue, I showed you how to bridge funds from Binance Smart Chain to Polygon. It has been about a month since the last post, and a lot has been happening. One of those things is... NFTs (Non-Fungible Tokens) have been picking up steam even more so. With more popularity comes more demand and more people getting involved with NFTs. If you've ever touched an NFT, you've more than likely been lead to Twitter where you've seen all kinds of weird lingo that might not make sense to you. Well today, that's going to change, so strap in.
NFT Lingo
So - lingo is, by definition, vocabulary or jargon used by a group of people. The lingo of the NFT community is even more weird than the lingo of the crypto community. You may have seen different words used on Twitter or other places where NFTs are talked about a lot that you don't understand. Well, don't worry - Phill is here to break down some of that lingo and make it easy to understand. Also, keep in mind that this is a less serious post and I'm just having a little fun. I'm no expert nor do I claim to know everything. I'm jsut a dude on the internet that collects NFTs. Let's start with come basic ones.
GM/GN
These are probably the most used terms that you see on a day to day basis. It's pretty simple. GM = good morning. GN = good night. Why this became a thing in the NFT space? I dunno but it is what it is.
Frens
My personal favorite. If you've ever read my posts, I often start by saying something along the lines of "hey frens". Frens = friends.
WAGMI
Very popular, and I've even used it myself. WAGMI is short for "we're all gunna make it". Basically means we're all gunna win in the end.
PFP
There's been a lot of PFP NFTs lately. PFP means profile picture. Probably because if you just said PP, people would think something totally different. Example - this is a Degen Punk NFT that I used as a profile pic at some point.
Mint
Mint is something you might hear a lot. Like free minting or limited mint. To mint means to issue something as an NFT on the blockchain. Example = I minted this art piece as an NFT.
FOMO
FOMO is a very popular term. It's short for "fear of missing out". This is often when people make the mistake of jumping into a project thinking it's going to the moon.
To the moon
Maybe everyone already knows this one, but I can't leave it out. To the moon basically means you think something is going to go way up in value.
LFG
You might see this one a lot when a project is getting hype. LFG = "Let's Fuckin Go". Often used when someone is excited about an NFT.
NFA
This gets thrown around quite a bit on Hive. NFA = "Not financial advice". Usually said ironically when talking crypto or NFTs.
1/1 NFT
You might see people referring to a particular NFT saying that it's 1/1. That means that there is only 1 of them. For example - Hive Punks are all 1/1 NFTs that are part of the Hive Punks collection. All of them are unique.
Probably nothing
You may have seen me use this one a time or 2. It's a sarcastic way of saying something is important. Example - AMC Theatres giving away NFTs, probably nothing though...
Looks rare
Not super popular, at least I haven't seen it a ton. I've definitely used it a time or 2. NFTs are often valued by their "rarity" which is obviously subjective in some sense. It's just a way of saying something looks valuable. Example - That Snook Hive Folks NFT looks rare.
Floor price
Maybe the most important of terms to understand. Floor price refers to the lowest asking price for an NFT collection on the secondary market. For example - Hive Punks has a floor price of 19.99 HIVE right now because that's the lowest price someone is asking for it on the market.
Secondary market
After an NFT collection sells out or is done minting, you have to buy it from another user. This is the secondary market. Owners reselling.
Ok, so did you learn something?
That's all the NFT lingo I can think of at the moment. Maybe I'll do a part 2 if I can think of some more. Now I'm off to hang with the fam.
lemme know if I missed anything.
Thanks for reading! Much love.
Links 'n Shit
| Play to Earn | Get paid to Search | Get free crypto every day | Get a WAX wallet |
|---|---|---|---|
| Gods Unchained | Presearch | PipeFlare | WAX.io |
| Splinterlands | |||
| Rising Star |
