Are you trying to find a way to simplify NFTs and the world of crypto?
Do you need an NFT for dummies cheat sheet?
If so, you're lucky!
We created the ultimate beginner's guide to everything NFTs—including a full glossary of 98 NFT and crypto keywords you need to know.
You'll learn everything from the most used Twitter slang to the most popular NFT and crypto slang and abbreviations like HODL, iykyk, DYOR, wgmi, and FUD, plus the largest NFT marketplaces and top NFT collections in the industry.
Do you want to learn more about what NFTs are and how NFTs work, check out our top blogs on non-fungible tokens (NFTs):
Bookmark and save this A to Z NFT glossary as a resource to revisit anytime throughout your NFT journey.
NFT Glossary: An A to Z glossary of 98 NFT and Crypto Keywords, Abbreviations, and Acronyms You Must Know
First, lets' look at this list of some of the most used NFT abbreviations and acronyms in the blockchain and nft industry.
afaik . . . "As far as I know"
ama . . . "Ask me anything"
btc . . . Bitcoin
dao . . . "Decentralized autonomous organization"
dyor . . . "DO YOUR OWN RESEARCH"
eth, ether . . . Ethereum
fomo . . . "Fear of missing out"
fud . . . "Fear, uncertainty, doubt"
gm . . . "Good morning"
gmi . . . "Gonna make it"
hodl . . . "HOLD ON FOR DEAR LIFE" (it's in capitals for a reason)
icymi . . . "In case you missed it"
irl . . . "In real life"
iykyk . . . "If you know, you know"
kyc . . . "Know your customer"
lfg . . . "Let’s fucking go"
nfa . . . "Not financial advice"
nft . . . "Non-fungible token"
ngmi . . . "Not going to make it"
og . . . "Original"
p2e . . . "Play to earn"
pfp . . . "Profile Picture"
pleb . . . An ordinary person, one from a lower class that doesn't appreciate culture
rekt . . . "Wrecked"
sol . . . Solana $SOL
sup . . . "What's up?"
szn . . ."Season"
wgmi . . . "We are going to make it"
Bookmark and save this A to Z NFT glossary as a resource to revisit anytime throughout your NFT journey.
NFT Dictionary: A Glossary Of 98 NFT and Crypto Terms You Must Know
Your A-Z NFT Glossary: An easy guide to NFT and crypto terms for beginners
A list of common NFT keywords to help beginners and newbies navigate the new and fast-changing world of NFTs.
1. 10k project
A 10k project is an NFT collection that consists of 10,000 unique pieces.
These collections of 10,000 individual non-fungible tokens are often referred to as pfp projects.
Take a look at these four popular 10k pfp project examples.
1:1 art refers to an NFT being one singular piece of art, not an entire NFT series or generative collection.
One of the most expensive NFTs and the first pieces of digital artwork ever offered by a major auction house is the Beeple NFT, "Everydays - The First 5000 Days."
The 1:1 Beeple NFT sold for a shocking $69 million through Christie's auction house.
Christie's is proud to offer "Everydays - The First 5000 Days" by @beeple as the first purely digital work of art ever offered by a major auction house. Bidding will be open from Feb 25-Mar 11.— Christie's (@ChristiesInc) February 16, 2021
Learn more here https://t.co/srx95HCE0o | NFT issued in partnership w/ @makersplaceco pic.twitter.com/zymq2DSjy7
3. (AFAIK) As Far As I Know
The abbreviation AFAIK stands for "as far as I know."
An aggregator is a website or program that collects related content items and displays them or links to them.
Gem.xyz and Blur.io (defined later) are two great examples of NFT website aggregators for NFT flippers, NFT sweepers, and NFT collectors.
An airdrop is when you receive tokens in your wallet without purchasing them.
Airdrops can fall into three categories: standard airdrops, exclusive airdrops, and holder airdrops.
There are many reasons why NFTs can be airdropped, such as to promote a new collection, to reward someone for participating in a Clubhouse room, for liking one of your Tweets, or as a token of appreciation for being a part of your community.
For example, we automatically reward our community members and airdrop $GARY COIN (+ other social tokens) into creators' wallets for engaging in our tweets, attending weekly community meetups, and listening to Twitter Spaces.
Warning, misuse of airdrops: While most airdrops are great, sometimes scammers are known to use airdrops to drop fake tokens in your wallet to lure you in and empty your wallet after connecting to their website. So ensure you know how to avoid crypto scams and stay safe in Web3 before interacting with ant airdrops.
Alpha is having access to important insider information.
An altcoin is any cryptocurrency that is not Bitcoin.
It's also not uncommon for users in the crypto and NFT industry to consider any coin that is not Bitcoin to be a shitcoin.
8. (AMA) Ask Me Anything
AMA means "ask me anything."
AMA's are often provided to NFT holders as a utility for buying or holding the NFT project.
Many NFT creators or influencers will host ask me anything sessions to allow community members to get their questions answered.
Sometimes we host AMAs at different times throughout the year in our Discord community.
9. Apeing In, Aped
Apeing in is when you go all-in and heavily invest in a new cryptocurrency or NFT project, usually out of fear of missing out (FOMO).
For example, "I just aped into the Giraffe Tower NFT project so hard--I think it's going to the moon."
10. (ATH) All-Time High
The abbreviation ATH stands for "all-time high."
An all-time high is considered the highest paid price for an asset since it was launched or listed.
For example, "$GARY is trading at an ATH right now! LFG!"
11. Bag Holder
A bag holder is a crypto slang term for an investor or trader who holds onto a cryptocurrency, social token, or NFT for too long, missing the opportunity to sell for a profit or holding until it is worthless in value.
In many cases, someone holding "bags" bought at a high missed the opportunity to sell and now suffers significant losses.
12. (BAYC) Bored Ape Yacht Club
The Bored Ape Yacht Club or otherwise known as BAYC, is a popular NFT collection of 10,000 unique ape PFP NFTs living on the Ethereum blockchain.
As of writing this blog post, the BAYC has traded a total volume of 701,943 ETH (Ethereum).
Crypto enthusiasts, celebrities, and social media influencers like Jimmy Fallon, Justin Beiber, Reese Witherspoon, Eminem, and Snoop Dogg are loud voices in the NFT industry who have repped NFT collections like BAYC.
Bearish is when you believe that a market or asset is heading toward a downward trajectory.
14. Bear Market
What is a bear market?
A bear market is when markets experience a substantial price decline for a period of time--typically by 20% percent or more.
In simple terms, a bear market occurs when supply is greater than demand.
During a bear market NFT flippers, crypto investors, and traders are pessimistic, have extremely low confidence in the market, and believe prices will continue to fall.
To give the most simple explanation, a blockchain is a list of transactions anyone can view and verify.
Blockchain technology, allows participants to confirm transactions without needing a third party.
Major cryptocurrencies like (BTC) Bitcoin and (ETH) Ethereum are powered by blockchain technology. For example, Ether runs on a blockchain database called Ethereum.
Blur is considered the fastest NFT marketplace and tool to make money with non-fungible tokens.
Blur.io is the only place on the web where you can sweep across multiple marketplaces with up to 17% less gas, snipe reveals faster than anywhere else, manage your portfolios with advanced analytics, and make more money,
17. (BTC) Bitcoin
What's Bitcoin? (BTC) Bitcoin is digital money that allows for secure peer-to-peer transactions on the Internet.
Bitcoin was the first-ever cryptocurrency.
Bitcoin is stored and exchanged securely on the internet through a digital ledger known as a blockchain.
The popular term bullish is when someone is overly confident and optimistic about something or expects a price rise.
For example, "People are mostly bullish about Bitcoin on Twitter. There were 56.43% of tweets with bullish sentiment compared to 4.05% of tweets with a bearish sentiment about Bitcoin."
19. Bull Market, Bull Run
A bull market, or bull run, is when market prices are rising or are expected to trend upward for a period of time.
Investors who believe market prices will increase over time are known as “bulls.”
Anytime you notice market prices are quickly trending upward, it could be a sign investors are becoming optimistic or "bullish" that prices will continue to rise, signaling the beginning of a bull market.
To burn NFTs or burn a non-fungible token or NFT means to completely destroy it and remove it from the blockchain.
The NFT is eliminated from circulation by sending it to an inactive wallet address that is essentially owned by no one. There are many reasons someone may want to burn an NFT or non-fungible token.
For example, an NFT creator may offer a benefit in exchange for you burning an NFT or want to reduce the total amount of NFTs in supply, which increases scarcity and demand.
While burning an NFT may sound like a fun idea, once burned, there is no way of recovering your NFTs.
21. Circulating Supply
Circulating supply shows the number of coins or tokens issued so far.
For example, assets with a low circulating supply but a high max supply may see significant inflation and vice versa.
A coin or social token is any cryptocurrency like SOL, ETH, or $GARY.
Coinbase is a secure online platform for buying, selling, transferring, and storing cryptocurrency like Bitcoin (BTC) and Ethereum (ETH).
What is CoinMarketCap?
CoinMarketCap is a great tool to find top trending NFT collections, trending cryptocurrencies, current cryptocurrency prices, and the latest crypto analysis, news, and updates.
For example, the CoinMarketCap website lists the top NFT collections by sales volume.
According to CoinMarketCap, the top 10 NFT collections are:
Bored Ape Yacht Club (BAYC)
Otherdeed for Otherside
Bored Ape Kennel Club
Mutant Ape Yacht Club
An NFT collector buys non-fungible tokens (NFTs) to collect as artwork or digital assets.
Since crypto-collectibles and NFT artwork have become more popular, there are many reasons why someone may want to collect non-fungible tokens (NFTs).
An NFT collector could collect non-fungible tokens because they have a love for art, want to make a profit, want to support their favorite artist or creator, want to join a community, or because they want to keep it forever and pass it down to the next generations of the metaverse.
For example, Gary Vaynerchuck is an avid collector of the popular NFT collection, CryptoPunks. He is a proud holder of approximately 61 CryptoPunks.
A creator is a person who monetizes their knowledge, time, digital goods, or services for a profit.
A creator will typically create their own sustainable creator economy. Many creators do so by launching an NFT collection or creating their own social token or cryptocurrency.
27. Creator Coin
A creator coin (frequently referred to as a social token) is a fungible token minted on a sidechain through a platform like Rally or Solana.
For example, $GARY, $LVG, $ELEVATE, and $DRIVE coins are great examples of creator coins or social tokens.
If you want to learn more about how to grow a community around a creator coin and NFTs, watch this podcast interview where I talk with Matt Wolfe and Joe Fier about the many use cases of creator coins and NFTs for creators.
Or, you can apply to launch your very own social token here.
28. Crypto Twitter
Related: How to get more followers on Twitter
What is crypto Twitter?
Crypto Twitter is a part of the Twitter world where you can listen to and engage with some of the biggest experts, influencers, and most influential people in the crypto, NFT, and technological space.
In Twitter Spaces, you can listen to live conversations and interviews with influential people like Elon Musk, former US representative Mick Mulvaney, Binance CEO Changpeng Zhao, and former FTX CEO Sam Bankman-Fried (SBF).
Recently, in a Twitter Spaces hosted by Mario Nawfal where over 525,000 people tuned in to listen to the first-ever interview with former CEO Sam Bankman-Friend (SBF) since the collapse of FTX.
This is one controversial conversation that will forever go down in crypto history.
Crypto Twitter and Twitter Spaces have become so popular amongst online communities that major businesses and corporations are recruiting and paying top influencers hundreds of thousands of dollars to co-host Twitter spaces.
29. Creator Economy
Related: What is the creator economy?
The creator economy consists of people (or creators) who monetize their talents or skills by building an online community or audience of people of superfans who will buy their products and services.
To many, the creator economy is considered a "dog-eat-dog" marketplace.
Content creators all over the world are building sustainable creator economies and making millions of dollars by getting active and using monetization tools on top social media platforms like TikTok, OnlyFans, Discord, Twitch, Patreon, and YouTube.
These content creators and social media influencers use their personal brand and social influence to earn money through tipping platforms, ad revenue, paid partnerships, and influencer deals, or by selling NFTs, online courses, merch, social tokens, products, and services.
More than 50 million people around the world consider themselves creators and the creator economy is estimated to be worth more than $100 billion dollars.
30. Creator Fee
Creator royalties are fees associated with the sale of NFTs paid by the seller to the creator of an NFT project.
These creator fees or royalties are typically between 5% and 10% of the sale price.
Creator royalties allow NFT founders and creators to be rewarded for their work.
For NFT projects with higher amounts of trading volume, these creator fees give founders a huge opportunity to generate a big bag of cash.
31. Crypto, Cryptocurrency
Cryptocurrency (or crypto meaning) is a form of digital money like USD coin, Dogecoin, (BTC) Bitcoin, Ether, Litecoin, and Tether.
Units of cryptocurrency are called coins or tokens.
Cryptoslam is an NFT aggregator backed by Mark Cuban that publishes sales data for top non-fungible token (NFT) collections across multiple blockchains.
CryptoSlam.io is the go-to destination for tracking all things non-fungible tokens. The NFT site shows you the top 5 NFT collectibles by sales in the last 24 hours, top NFT sales by rankings, upcoming drops, plus more.
33. Custodial Wallet
A custodial wallet is a type of crypto wallet where the private keys are managed and stored by a third party, such as an exchange or online wallet providers like Coinbase, Kraken, or Binance.
Custodial wallets are also easier for NFT beginners and are often more convenient, as they can be accessed from any device with an internet connection.
34. (DAO) Decentralized Autonomous Organization
In the NFT industry, DAO means "decentralized autonomous organization."
DAOs are not governed by one single entity and are smart contracts on the blockchain that cannot be changed unless voted on by members of the DAO.
Decentraland is the first fully decentralized virtual world owned by its creators.
Users can buy virtual plots of land in the platform as NFTs via the MANA cryptocurrency, which uses the Ethereum blockchain.
Through Decentralands DAO, users are in control of how the world behaves.
De-Fi means decentralized finance.
De-Fi is an umbrella term for peer-to-peer (meaning directly between two people, not routed through a centralized system) financial services on public blockchains, primarily Ethereum.
Users will typically engage with Defi through software called dapps (“decentralized apps”), which mostly run on the Ethereum blockchain.
The term "delisting" refers to canceling or removing the listing of a social token, digital item, or non-fungible token (NFT) from an exchange or marketplace.
Top NFT marketplaces like OpenSea will also delist an NFT due to violating their terms of service.
The term dev is a slang term used in gaming and NFTs for "developer" or "development."
For example, an NFT developer will use their knowledge of what a non-fungible token is and how different projects use NFTs to build NFT-based platforms, products, and services for enterprises and businesses.
39. Derivative, Derivative NFT Project
When talking about non-fungible tokens (NFTs), a derivative is an NFT project that looks extremely similar and has many of the same traits that are the same as other popular NFT projects.
Derivatives are also referred to as copycat or copy-and-paste projects.
Most derivative PFPS or copy-and-paste nft projects have only one goal in mind: to make money.
Discord is a place where you can talk, chat, hang out, stay close to your friends and build strong online communities.
It's very common for NFT projects to have a Discord community to help rally and build a strong community around their nft collection.
Come join us in our Gary.club Discord community, where we focus on helping creators make money in the creator economy.
41. (DYOR) DO YOUR OWN RESEARCH
The acronym DYOR means "DO YOUR OWN RESEARCH."
This is probably one of the most important abbreviations in the NFT language. DYOR (do your own research) could be the most important term in all crypto and nonfungible token space.
Please, regardless of what anyone says, DYOR (do your own research).
Spending money and buying an NFT project, coin, or token just because someone else bought it is 100% a bad idea.
42. (ETH) Ethereum
Ethereum is a decentralized computing platform that uses ETH (also called Ether) to pay transaction fees or “gas.”
Those tokens are like cryptocurrency coins and tokens, except that each NFT has a unique identity, like a serial number so individual tokens can have different values.
43. Exchange, Crytpo Exchange
A marketplace for cryptocurrencies where users can buy and sell coins.
Money that a government has declared to be a legal tender.
45. Flip, NFT Flipper
To flip a non-fungible token or NFT means to buy an asset and sell it at a higher price.
An NFT flipper buys or mints non-fungible tokens (NFTs) hoping to sell them on a secondary marketplace for a higher profit.
If you're interested in making money flipping NFTs check out our blog post, the best tools to make money flipping NFTs.
46. Floor Price
The floor price is the current price a non-fungible token (NFT) is listed for.
For example, you can see the floor price of the Doodles non-fungible token (NFT) collection on OpenSea.
Forking is a term used to describe when a blockchain is split into two.
This process creates two blockchains identical to each other: One blockchain fork will be the upgraded version, and the other will be the original version.
What is frens meaning?
Fren is a popular slang term for friends.
gm frens, saying it back is like a reward 🕺— JIMBO 🍌 BAYC9797.eth ⛏️ (@bayc9797) December 29, 2022
49. (FUD) Fear, Uncertainty, Doubt
The abbreviation FUD stands for "fear, uncertainty, and doubt."
Spreading FUD is often a marketing strategy used in the NFT and crypto industries where fear, insecurity, and doubt are spread among crypto users, NFT collectors, NFT traders, and investors.
The fungible meaning is to be freely exchangeable or replaceable.
This means fungible tokens are tokens that can be exchanged or replaced.
51. Gas Fees
Gas fees are the pricing mechanism employed on the Ethereum (ETH) blockchain to calculate the costs of smart contracts operations and transaction fees.
The price of gas fees varies at different times of the day depending on the volume on the blockchain at one time, which can lead to gas wars.
52. Gas Limit
When talking about the blockchain, the gas limit refers to the maximum price a cryptocurrency user is willing to pay as a fee when sending a transaction or performing a smart contract function on the blockchain.
53. Gas War
A gas war happens during an NFT project launch or when blockchain users compete over whose transaction gets priority in the next block of the blockchain.
It's common to see a gas war during a new NFT mint or NFT drop. When a bunch of people attempt to mint NFT(s) on the blockchain at once, the gas fees will shoot up.
54. Generative Art
Generative art is the process of using an algorithm to automatically generate characteristics, shapes, traits, colors, forms, and patterns. art made by an algorithm to generate
When creating generative art, the more traits you create, the more unique art pieces you can generate.
55. (HODL) Hold On For Dear Life
The phrase (HODL) stands for "hold on for dear life."
HODL is a type of 'hold' originating from Bitcoin talk and refers to keeping your head down and focusing on your product.
56. Hold Time, Holder
Hold time is the median time NFT or crypto buyers hold an NFT, social token, or crypto before selling it or sending it to another account or address.
A long hold time signals an accumulation trend. While a short hold time indicates an increased movement of tokens.
When looking at non-fungible tokens, make sure to take a look at the number of holders the collection has and what the distribution of owners looks like.
57. (IYKYK) If You Know, You Know
What is iykyk meaning? IYKYK stands for "if you know, you know."
If you were there, you'd know, but if you weren't, you wouldn't.
58. (IRL) In Real Life
The IRL meaning is "in real life."
59. JPEG, Jpegs
A JPEG is a format for compressing digital image files.
For example, "I saved that image as a JPEG."
60. (KYC) Know Your Customer
KYC stands for "know-your-customer."
Know-your-customer (KYC) procedures identify and confirm that customers are who they say they are.
These KYC checks are a multi-step process to prevent fraudulent account creation and use.
They help cryptocurrency businesses comply with anti-money laundering (AML) regulations and prevent crypto from being used for human trafficking, money laundering, and terrorist financing.
Liquidity is the ability to sell or buy any asset without causing significant fluctuations in the market price for that asset.
For example, liquidity is the available ETH you have in your wallet to buy NFTs.
To create a listing or to list an NFT means to upload a non-fungible token or NFT for sale on the largest NFT marketplaces.
For example, when you view an NFT collection on a marketplace like OpenSea, you can see a full list of the listings (or individual NFTs for sale) that an NFT collection has.
63. Market Cap
Market cap is calculated by multiplying the asset's circulating supply with its current price.
But what is market cap meaning in simple terms?
A high market cap implies that the asset is popular and highly valued by the market. Currently, the highest market cap asset is (BTC) Bitcoin.
MetaMask is a software cryptocurrency wallet used to interact with the Ethereum blockchain.
It allows users to access their Ethereum wallet through a browser extension or mobile app, which can then be used to interact with decentralized applications.
If you'd like to learn more about MetaMask and how MetaMask works, check out this short YouTube video on how MetaMask empowers people to use blockchain technology.
The metaverse is a network of 3D virtual worlds focused on social connection.
Mining is the process by which networks of specialized computers generate and release new Bitcoin and verify new transactions.
67. Mint, Minting
To mint an NFT or minting an NFT is when you publish a non-fungible token (NFT) on the blockchain, making it available for purchase.
68. Moon, To The Moon 🚀 🌙
"To the moon" is a popular saying amongst NFT Twitter users and crypto enthusiasts.
When someone uses the phrase, 'to the moon..." it simply means the price or value of a cryptocurrency, NFT, or social token is expected to skyrocket or see a huge spike in value.
69. (NFA) Not Financial Advice
NFA stands for "not financial advice."
Regardless of what anyone says, it is your job to DYOR (do your own research) and decide which NFT projects and NFT collections you want to buy into for yourself.
70. (NFT) Non-Fungible Token
What does NFT mean? NFT stands for "non-fungible token."
Before buying into an NFT project, it's important to consider an NFT's community size, utility, rarity, and trading volume.
71. NFT Influencer
An NFT influencer, or non-fungible token influencer, is a person who talks about NFTs and shares NFT projects and/or NFT communities with their social media following in exchange for something,
There are a ton of NFT influencers who are actively introducing new people to crypto and the NFT world.
Some of the biggest and top NFT influencers to follow in 2023 are Snoop Dogg, Pharrell Williams (who joined Doodles NFT as a chief brand officer and board member), DeezeFi, Farokh, Reese Witherspoon, Yam Karkai, Gary Vaynerchuk, RealMissNFT, Eminem, Josie Bellini, and Jimmy Fallon.
Appeypie created this cool infographic showing the top NFT influencers who create awesome Twitter space discussions with prominent influencers on topics like NFTs, the blockchain, and the metaverse sphere.
Even if your favorite social media influencer represents an NFT collection, make sure to still dyor and make informed decisions.
72. NFT Inspect
NFTInspect is a cool NFT tool that gives you instant access to NFT data right from your Twitter feed.
NFTInspect helps you connect with your NFT community, analyze community growth, and see where influential people in the NFT industry are moving.
73. NFT Marketplace
An NFT marketplace is a marketplace on the web where you can discover, buy, create, mint, sell, and trade non-fungible tokens (NFTs).
There are dozens of NFT marketplaces to choose from, each carrying different types of non-fungible tokens (NFTs).
When deciding which NFT marketplace to use, think about what type of NFT you're interested in buying, creating, or selling, and then find the best NFT marketplace that supports what you're looking to create.
Some examples of the top NFT marketplaces for creators to sell NFTs non-fungible tokens are:
OpenSea (the most popular NFT marketplace for beginners)
- Async Art
- Magic Eden
NBA Top Shot
Rarible NFT marketplace
74. (NGMI) Not Gonna Make It 👀
What is the ngmi meaning?
The NGMI meaning is "not going to make it."
What does OG mean?
OG means original.
OpenSea is the world's first and largest digital marketplace to buy, sell, create, and discover crypto collectibles and non-fungible tokens (NFTs).
77. (PFP) Profile Photo
What is pfp meaning? PFP stands for a profile photo.
There are many noteworthy pfp projects, like CrytpoPunks, Giraffe Tower, BAYC, CryptoKitties, Moonbirds, Azuki, CloneX, DeGods, and Doodles.
You can find the top NFT pfp collections at nftinspect.xyz.
78: Phantom Wallet
A Phantom Wallet is a friendly Solana (SOL) wallet built for Defi and (NFTs) non-fungible tokens.
79: (POW) Proof Of Work
The abbreviation POW stands for "proof of work."
80. Private Key
A private key is like a password. A private key is a string of letters and numbers that allows you to access and manage your crypto funds.
81. Project Founder
A project founder or an NFT founder is the owner or creator of an NFT project.
When they sell, funds go directly to them.
In many cases, how active the NFT project founder is and how well they can engage with their community will determine the success of an NFT project.
82: Pump and Dump
A pump-and-dump, or pump-and-dump scheme, is a common scam in the crypto and NFT industry.
A pump is when the price of an NFT is artificially inflated and the price of an NFT by d
83: Rarity, Rarities
Rarity is the overall uniqueness of a non-fungible token. The overall rarity of an NFT is usually determined by the scarcity of its individual traits.
The uniqueness and scarcity of an NFT will often increase the desirability of a token and attract more buyers.
Third-party platforms like rarity.tools can help users access the blockchain explorer and other sources to see how rare an NFT is.
84: Royalty, Royalties
Creator royalties are fees associated with the sale of NFTs paid by the seller to the creator of an NFT project.
Creator fees and/or royalties allow NFT founders and creators to be rewarded for their work.
For the average NFT collection, royalties are typically between 5% and 10% of the sale price.
85: Rug, Rug Pull
A rug pull in the NFT and crypto industry is when an NFT creator or development team suddenly abandons a project and sells or removes all of its liquidity.
A rug pull is typically related to when someone gets scammed.
The best way to avoid becoming a victim of a rug-pull scam is to do your own research (DYOR).
86: Seed Phrase
What is a seed phrase? A seed phrase, or recovery phrase, is a series of words that grants access to your cryptocurrency wallet.
Your seed phrase unlocks your wallet, along with the private keys associated with all the crypto in the wallet.
If you delete or lose your wallet without carefully saving your recovery phrase, you lose access to all your crypto in that wallet, and there is no way to recover it.
87. Slow Burn
A slow burn refers to an NFT project that can take days, weeks, months, or even years to sell out.
Some NFT artists and nft creators will slowly release and sell a portion of their NFT collection to a private segment of people or the public over time.
88. Smart Contract
Smart contracts, like regular contracts, establish the terms of an arrangement between parties.
Smart contracts can be created and deployed to a blockchain by anyone. These smart contracts allow developers to build various decentralized apps and tokens.
To execute a smart contract on the Ethereum network, you will generally have to pay a fee called “gas."
Once a smart-contract app has been added to the blockchain, it generally can’t be reversed or changed, even by the creator.
89. Solana (SOL)
Solana is a public blockchain and cryptocurrency platform with smart contract functionality.
Its native cryptocurrency is SOL.
90. Social Token
A social token is a form of digital ownership secured by the blockchain that allows creators, influencers, and/or brands to monetize their expertise, products, or services.
Social tokens are just like any other cryptocurrency.
Here's an example of top social tokens or "creator coins" we have dropped for our community members on the Gary exchange.
91. Stable Coin
A stablecoin is a token that has a non-volatile price.
Stablecoins may be pegged to a currency like the U.S. dollar or to the price of a commodity such as gold. Because of the relative stability, stablecoins also have an easier time complying with regulators.
There are approximately 200 stablecoins.
Here are some of the most well-known and best stablecoins right now:
Tether (USDT) (is the most well-known stablecoin in the crypto world)
USD Coin (USDC)
Binance USD (BUSD)
True USD (TUSD)
Origin Dollar (OUSD)
Paxos Standard (PAX)
Gemini Dollar (GUSD)
92. Sweep, Sweep The Floor
Sweeping the floor means buying a bunch of tokens in bulk.
93. Tokenized Economy
A tokenized economy refers to markets whose assets are represented by digital tokens.
These digital tokens can be coins like (BTC) Bitcoin, $GARY coin, Dogecoin, Ether, SOL, or non-fungible tokens representing real-world assets.
Utility NFTs are NFTs that offer additional use cases besides collecting a unique pfp or digital asset.
It's common for NFT creators to provide additional utility when launching an NFT project. Adding utility to an NFT project provides an additional incentive for someone to buy the nft collection and gives NFT holders special rewards and benefits for holding the NFT.
Common utilities for NFT projects are profit sharing with holders, exclusive (IRL) real-life experiences, gated or locked content, limited edition airdrops, and exclusive merch.
95. (WGMI) We're Gonna Make It
What is the wgmi meaning? The abbreviation wgmi stands for "we're gonna make it."
96. Web 3.0, Web3
Web3 is the next step in the evolution of the internet.
The term “Web 3.0” was coined by Gavin Wood, co-founder of Ethereum (ETH), when the token first launched in 2014.
A crypto whale or NFT is an individual or entity that owns a substantial amount of the same cryptocurrency, social token, or NFT.
In many cases, crypto and NFT whales hold enough NFTs or digital currency to significantly influence market prices by selling or trading significant amounts of NFTs, coins, and tokens.
98. (WL) Whitelist
A whitelist (WL) is a list of people or wallet addresses with priority access to an upcoming NFT mint or NFT drop before it's publically available.
When you buy an NFT before the public mint, you can usually avoid gas wars and buy NFTs at a lower price.
Many NFT founders and NFT projects use whitelists to reward their most active community members.
To get whitelisted for an NFT project, look Twitter and Discord giveaways, join an NFT communities Discord server to interact with other community members, and make sure to follow all instructions to ensure you get whitelisted.
Final Thoughts + Resources
The crypto and NFT space are extremely risky and volatile.
Your knowledge of the NFT industry as a whole, along with research, experience, and understanding of the NFT key terms and acronyms listed in this blog post, is essential to your success in the creator economy.
You should never risk more than you can afford to lose when investing in non-fungible tokens (NFTs) and social tokens.
Make sure you save this NFT glossary of the top NFT and crypto terminology you should know to look at whenever you need!
You May Also Like
- The future of monetization for creators
- ChatGPT: Transforming content creation through A.I.