Have you ever get invited to a friend’s party you haven’t spoken to for awhile and only to remember his occupation as a doctor; the rest of the evening is a blur because of the terms like Benign or STAT being thrown around. Well, you’re not alone because we are not exactly doctors either! But that’s probably how it would feels like to enter a group chat these days with abbreviations like GM greeting you.
However, we made a list of terms that are commonly used across the community to get you through one discord group chat at a time. Let’s start off with NFT — short for Non-fungible token — a record on the blockchain which are uniquely identifiable assets that is commonly a digital art/collectible.
We know this might look like a spelling test for your primary school days but fret not it’s definitely much simpler than you think and your teacher would be less than thrilled with how people are spelling their words these days!
CRYPTO/NFT TERMS 101
1. DAO – decentralized autonomous organization, the structure for a company or organization in web3.
2. Gas – the fee required to conduct a transaction or execute a contract on the Ethereum blockchain
3. Mint – the creation of a new NFT token. Minting is the process of turning a digital file into a crypto collectible or digital asset on the Ethereum blockchain.
4. Airdrop – An airdrop refers to sending cryptocurrency coins/ tokens or NFTs for free to different wallet addresses
5. Flip – Flipping is the action referring to buying items at low prices and selling quickly for a profit.
6. Floor price – Lowest price listed for an NFT project
7. P2E – Play to earn, games like Axie Infinity.
8. Drop – The initial launch of a new collection or project
9. Address – a string of characters that represents a wallet that can send and receive cryptocurrency
10. Whitelist/Allowlist – To be whitelisted means that you have gone through the process/steps, as defined by the NFT project team, of getting your ETH address pre-approved to mint an NFT at some predefined date and time
11. Floor is lava – .“Floor” is short for “floor price” in the NFT world, “floor is lava” refers to “avoiding the low price”, which means the floor price is rising.
12. DYOR – Do your own research
13. GM – good morning
14. GN – good night
15. GMI – gonna make it
16. NGMI – not going to make it
17. WAGMI – we’re all gonna make it
18. SER – sir
19. LFG – let’s fxxxxxx go
20. BTD / BTFD – BTD refers to “buy the dips” while BTFD refers to “buy the fxxxxxx dips”, referring to an asset where the price has dropped tremendously and to grab it at a bargain.
21. IRL – in real life
That’s the end of this list for now, but bookmark this and keep checking in this space as we will keep updating this list from time to time!