Once you are familiar with the terminology, you will be prepared to spread FUD and possibly even go to the moon. You are not alone if you don’t fully comprehend the world of cryptocurrencies and NFT.
However, there are a few key terminologies related to cryptocurrencies and NFT that are important for beginners to understand. Entering this mysterious region of cyberspace can be challenging for a beginner due to the strange language and foreign words.
Although ignorance might be delightful, it has become difficult to remain ignorant in the bitcoin and NFT industries. Let’s talk about some requirements for surviving in this brave new world.
1 ====> Airdrop: A free digital asset is sent to a wallet via an airdrop in the context of cryptocurrencies and NFT, frequently as part of a promotion or event.
This is unrelated to Apple’s airdrop function. Occasionally, airdropping rewards NFT owners with something unique. But airdropping is typically used for giveaways or as a dubious marketing strategy.
2 ====> Alpha: Another word for insider information is this. If someone has alpha, they are in possession of knowledge that the rest of the market is not yet aware of.
3 ====> Ape In: Buying a new cryptocurrency or NFT without conducting adequate research is referred to as In the Ape or Ape in.
You can have a few surprises if you don’t fully comprehend the project you are investing in. It originates from the meme Apes together powerful.
4 ====> Asset: Asset refers to a digital asset, such as cryptocurrency or an NFT
5 ====> Bearish: The belief that a project is going to lose value over time
6 ====> Blockchain: Blockchains are decentralized systems that facilitate cryptocurrency transactions using peer-to-peer networking, ensuring integrity and unalterable records.
Information is kept in unchangeable groups (blocks) that are generated in advance. The data is public and secure since the full collection of groups (chain of blocks, or blockchain) is replicated across numerous computers.
7 ====> Blue Chip: As close to a reliable investment as you can get in the NFT space. These NFT projects are well-known and generally perceived as having a high value. Bored Ape Yacht Club, CryptoPunks, and World of Women are considered Blue Chips.
8 ====> Bridge: NFT transfers across blockchains are facilitated through bridges.
9 ====> Bullish: The feeling that a project will become more valuable with time.
10 ====> Burning: Burning is the process of removing an asset off the blockchain by sending an NFT to an anonymous crypto address. A digital asset is virtually deleted when it is burned.
11 ====> Coinbase: A popular platform to buy and sell crypto
12 ====> Copycat: Copies of NFTs are created on the blockchain by imitating someone else’s work in order to profit and deceive consumers.
13 ====> Cryptocurrency: Cryptocurrency, such as Bitcoin and Ethereum, is a digital currency that uses blockchain technology to ensure secure and accurate transactions.
14 ====> Crypto wallet: Crypto Wallet is storage for your cryptocurrency assets, either digitally (NFTs, Ethereum, BTC among others.)
15 ====> Using cryptocurrency to purchase items (NFTs) requires a wallet. Coinbase Wallet, Trust Wallet, Binance Wallet and MetaMask are the common wallets.
16 ====> Crypto Wallet Address: It is a public address you may share with others so they can send you cryptocurrency or NFTs. It is often a lengthy alphanumeric string, but if you like, you can get a shorter domain name.
17 ====> Decentralized: Power is spread across many people instead of through a single person
18 ====> DAO: Short for Decentralized Autonomous Organization. The votes of this group’s participants are automatically counted and utilized to make decisions.
Sometimes decisions are made without thinking. Everyone can verify that everything is running properly because the source code for all automatic activities is open to the public.
19 ====> DAPP: Short for Decentralized Application. It is a blockchain-based application. The blockchain stores all data publicly, preventing Big Brother (*cough, cough, Meta*) from collecting, manipulating, or selling it.
20 ====> DEFI: Short for Decentralized Finance. In essence, it is banking, but without the charges or loan approvals. With the use of public code that automatically archives and validates transactions, you can lend, trade, and borrow cryptocurrency.
21 ====> Delist: To delist is to cancel an NFT that’s listed for sale. This can occur for multiple reasons, including copyright infringement.
22 ====> Diamond Hand: This is maintaining a high-risk NFT amid selling pressure. This is sometimes used as an excuse by persons whose NFTs begin to lose value. It comes from the statement that “diamonds are formed under pressure.
23 ====> DOA: DOA stands for Decentralized Autonomous Organization. All significant decisions are put to a vote by the membership, thus no one party ever has complete control. To guarantee the integrity of the system, the code is also made available to the general public.
24 ====> Doxxed: When an NFT project’s team’s real identities are made public. Usually employed to enhance a project’s reputation.
25 ====> Drop: The initial launch of a new collection or project.
26 ====> DYOR: DYOR stand for Do Your Own Research. This is a disclaimer that is frequently included at the end of an opinion on an NFT project and is actually pretty sound advise. It sounds like the brand Dior.
27 ====> DOT ETH (.eth): It is a unique crypto wallet address that one can buy. For instance, aprilynne.eth is the address of my Ethereum wallet.
28 ====> Ethereum: A well-known blockchain used for NFTs that is frequently criticized for its pricey and lengthy transactions. Ether (ETH), is the second-most well-known cryptocurrency.
29 ====> Flipping: Flipping involves buying an NFT at a low price and later selling it to make a quick profit.
30 ====> Floor: The NFTs at the floor price of a collection
31 ====> Floor Price: The cheapest NFTs on the market that is part of a collection. is frequently used as a general indicator of the worth of an NFT project.
32 ====> Floor Sweep: When a collection’s NFTs are all purchased at the floor price. Because they have faith in the project, buyers are able to accomplish this. Sellers are able to do this to erroneously raise the NFT collection’s floor price.
32 ====> FOMO: FOMO stand for fear of missing out. It’s an emotional factor that drives someone to irrationally buy into a project.
33 ====> FUD: FUD stands for Fear, Uncertainty, Doubt. It is employed to voice reservations on the reliability or worth of an NFT project. For instance, someone may enter an NFT Discord server and propagate misinformation.
34 ====> Gas fee: Gas fees are payments made to blockchain miners to compensate for the energy used in facilitating transactions.
35 ====> GM: GM stands for Good Morning. It is a well-liked salutation on NFT Twitter. It indicates that a user is online.
36 ====> Marketplace: Platforms for purchasing cryptocurrencies and NFTs are called marketplaces. One of the most well-known NFT markets is OpenSea. On the other side, Coinbase (seen in the image above) is well known for more mainstream cryptocurrencies.
37 ====> Metadata: Metadata is all technical information about NFTs or other digital assets.
38 ====> MetaMask: It is a popular crypto wallet. MetaMask has a logo that looks like a fox.
39 ====> Metaverse: It is a virtual environment where you may play games, make purchases, start businesses, and have an avatar.
The goal of numerous businesses (*cough, cough, Meta*) is to create a metaverse that “wins” and gains widespread acceptance.
40 ====> Minting: Taking a digital asset and putting it onto the blockchain to create an NFT.
41 ====> Mooning: Mooning explains the upward trend in numbers. It denotes a sharp increase in price.
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42 ====> OpenSea: It is a well-known NFT market. Currently, only the Etherium and Polygon blockchains are capable of supporting NFTs.
43 ====> Paper hands: NFTs are being sold under pressure. Typically employed by “diamond hands” to ridicule those who genuinely sell
44 ====> PFP Project: This stands for Profile Picture Project. These are collections that were started with the idea of serving as Twitter profile pictures for avatars that users may use to show ownership.
45 ====> Polygon: It is a popular blockchain for NFTs that doesn’t charge gas fees. Technically constructed using Ethereum.
46 ====> Pump and Dump: It is a cunning plan to intentionally “pump” (boost) the cost of an NFT project before selling everything at once, essentially “dumping” the price while reaping the benefits.
47 ====> P2E: P2E stands for play to earn and describes games in which players receive NFTs or cryptocurrency for playing. Axie Infinity is an example of a P2E game
48 ====> Road Map: a public master plan for an NFT undertaking. Usually provides information on the project’s timetable and usefulness.
49 ====> Rug Pull: A failed NFT project. People make up information about an NFT initiative to convince others to invest. Once they have the funds, they quit the project and depart with them, leaving everyone dejected and destitute.
50 ====> Secondary Market: Secondary markets, such as OpenSea and Magic Eden, are where NFTs are resold after the initial sale by the artist.
51 ====> Sharding: Slicing up a single NFT into smaller parts or shards to enable a group of people to purchase and possess a single NFT that would otherwise be too expensive to purchase all at once.
52 ====> Solana: It is a popular blockchain for NFTs known for its cheap, fast transactions.
53 ====> Smart Contract: It is a Public code affixed to an NFT that functions independently. How an NFT’s usefulness is often enforced. Useful because you only need to trust the code that you can see and check for yourself; you don’t need to trust the person behind the project.
54 ====> Staking: Staking is the temporary locking up of an NFT in order to generate passive bitcoin income. Owners are frequently encouraged to lock up their assets for longer periods of time by increased benefits.
55 ====> To the Moon: To the moon is a phrase used when a digital asset’s price is rising. Something is mooning when its value is rapidly increasing.
56 ====> Utility: It is an NFT’s underlying value. Utility refers to the extras, goods, services, advantages, or privileges that come with owning an NFT.
For instance, some NFTS include copyright rights to a brand, membership in a private fund, access to an online course, access to private events, or a discount of 30% off of upcoming purchases.