NFT Terminology
Here is an introductory list of the terms, lingo and slang around NFTs.
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Here is an introductory list of the terms, lingo and slang around NFTs.
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gm - Good Morning and the universal salutation of the NFT space. Morning being a reference to being early to an emerging space the "gm" term is used morning noon or night.
LFG - "Let's Fu*king Go" - enough said
WAGMI - "We All Going to Make It" a term reflecting the supportive and non-competitive nature of the NFT marketplace.
NGMI - The opposite of above, someone or something that's "not going to make it".
Seed Phrase - A secret recovery phrase used to access a crypto wallet. Never save your Seed Phrase on a computer, keep physical copies in different locations and follow these instructions.
Blockchain - A decentralized network of computer nodes that stores information across multiple locations creating a trust-less network of information, resources that is verifiable and secure.
Web3 - Shifting from a centralized web (Facebook, Google, etc) and creating a new peer-to-peer decentralized network with rights that ensure the users independence and freedom of access.
Minting - The actual connecting of your digital asset to a particular block chain.
DAO - A decentralized autonomous organization without a "CEO" top down type leadership. The basic idea of the DAO
Rugged - A project that pulls it's funds without realizing any of the projects goals. Also any technical glitches that happen in Twitter Spaces or prevent you from minting. Basically any error.
DYOR - "Do Your Own Research" although not exclusive to crypto this phrase and "Not Financial Advice" are very common reminders of the risk levels of working in crypto and NFTs.
Aping In - The act of NOT doing the above "DYOR" but just emotionally and irrationally jumping into an investment.
NFT - "Non Fungible Token" basically means a token that is one of a kind and is limited to the scarcity you decide to create for that NFT. Like an edition of 100 or 1/1 and your digital asset is attached to this one token.
Alpha - Information that helps someone profit from a project or give someone an advantage in trading or new releases, developments, etc.