The world is turning digital, and everyone is embracing the change. But with new markets like NFTs, there are bound to be new words and definitions for them. Well, not really new words, but you gotta humor us for a bit. And today, we’re gonna check out some NFT terms that people adopted! If you’re not familiar with what NFTs are, we gotchu. Here’s a list of some guides that will come in handy:
NFT Terms – Not Your Usual ABCs!
Now that you’re all set, let’s get into the list of words you should really know to pass as an OG! Mind you, some terms cross paths with the sneaker industry so we’re not gonna drop ‘em here. What we’re really discussing today are the heavy-duty terms, so let’s go!
An Airdrop is a token that you receive for free into your wallet without paying. For example, BAYC (check below for definition) owners got a “mutant serum” airdrop. That serum creates the “Mutant Ape”. In other words, they got a new NFT for a tiny cost! And we all know how valuable BAYC NFTs are today. However, you gotta beware because scammers can pull off a stunt like that. And when you try to connect the token, poof, your wallet is empty!
Having insider info before the public hears about it, if ever. So simply put, it’s knowing things others don’t have access to yet. That puts you at an advantage over other people.
Ape In – Aped
Basically, aping in means to go and purchase NFTs or any other type of digital trading without good research. Kinda means that you’re putting all of your eggs in one basket. Of course, that’s not very recommended, especially if you’re making a big investment.
Bored Ape Yacht Club is one of the biggest NFTs in the industry today. The collection includes 10,000 unique Bored Ape NFTs, and so many celebrities already bought into them. From Slim Shady to Shaq, here’s a list of the celebrities with cool Apes! It’s a pretty cool flex, to be a part of the coolest NFT collection, isn’t it?
If you’re familiar with any type of cryptocurrency, you’ll know that blockchain is a pretty core word. The “blockchain” is a digital ledger that stores data on a global network. It’s not controlled by one party and is easily verifiable. In other words, it’s a public record that anyone can check at any time.
Bull Market – Bullish
It means that demand for this NFT is growing and people are pretty optimistic about it. And with demand growing, more investors will come in, and the prices will keep going up. That’s a pretty important concept, especially since the public’s opinion influences the NFT market.
Bear Market – Bearish
The exact opposite of a bull market. Supply is higher than demand, people are pessimistic, and it’s going downhill from there! However, sometimes a bear market is a great opportunity to buy low before the value goes up. So DYOR (check below) before investing!
So you know how we have a crypto wallet for all the currencies and NFTs. However, if you’re worried about the security of your high-value NFTs, a cold wallet is what you need. It’s a crypto wallet that isn’t connected to the internet with higher security. That way you lower the risk of getting hacked.
A decentralized application is a software application that runs on a decentralized network like the blockchain. That way, nobody really has total control over the info/services on the application.
Decentralized Autonomous Organization. It’s an organization that a group of people runs with its own rules. This group could be NFT owners for example. Everything happens on the blockchain in that organization, from rules to transactions!
Do your own research! No no, we’re not bashing you guys. DYOR is an acronym for “do your own research”. You say that when you wanna give advice but don’t really wanna hold the weight of the consequences if you’re wrong. It also kinda is standalone advice for newbies in the NFT world.
Derivatives are a variety of projects that come from original NFT projects. You’d think that this is a rip-off, but it isn’t. The consensus on derivatives is that they’re lowkey approved by the original NFT creators. In some scenarios, they may actually be pushing them forward!
This is the most popular blockchain on which people store and trade NFTs, its currency is ETH. So if you wanna start your NFT journey, you gotta open a crypto wallet that supports Ethereum.
Or just floor. Basically, it’s the lowest price you can find in an NFT project. Usually, the items with the floor price are not as rare as more expensive NFTs. However, it’s a good place to start if you’re an NFT newbie (definition later). Well, it’s a good place if you know that this is a bullish market *wink wink*.
Gas – Gas War
We already discussed the gas fees in a previous post, but a recap can’t hurt! In simple terms, if you wanna do any type of transaction on the Ethereum blockchain you’re gonna pay some fees. This is what we call the “gas fees”. The fees are calculated in GWEI, which is one-billionth of ETH. Now, when demand is pretty high on an asset, people will be virtually fighting over it. So to push your transaction, you gotta increase the amount of gas you’re paying to get it processed faster. Many others will be doing the same, thus the gas war!
Now, this is a funny story right here. HODL actually originated from a typo back in 2013 on a crypto forum. However, the internet is full of witty users, and HODL became an acronym! It now stands for “hold on for dear life”. It means that someone is holding to their cryptocurrency or NFT despite market fluctuation.
This word has been around ever since the dawn of crypto. This is the process through which new blockchain currency goes into circulation. Miners get rewards for ensuring that the process goes smoothly.
You must have read the word on many many sites, blog posts, guides, and so on. Minting an NFT means creating a new NFT on the blockchain. You know, it’s a way to say “brand new” with some extra glitz.
When something goes to the moon, it means that it’s exponentially growing. For example, NFTs mooned pretty fast, wouldn’t you say?
It’s info about the NFT in question. It describes the NFT’s properties like the name, special attributes, and so on!
It’s someone who buys a lot of NFTs, and owns a lot of rare and expensive ones. A whale is generally someone who owns a lot of cryptocurrencies, so you get the idea.
Noob – Newbie – Pleb
Well, it’s kinda self-explanatory, but why not? A noob, or newbie, or pleb, is a person who’s coming fresh into the NFT world. It also applies to many different industries, including the sneaker industry!
Shilling your NFT means advertising it, dropping a link to it for potential buyers. It’s sometimes unsolicited, but well, you gotta do what you gotta do!
A whitelist is a group of people who get special access to an NFT before it drops to the public. It’s like the digital VIP list! If you wanna know how to get whitelisted, check this out.
Now That You Know Your NFT Terms…
You can take on the NFT world without looking like you have no idea what’s going on. But beware, NFT Twitter is pretty brutal and kinda makes sneaker Twitter pale in comparison. Don’t let that discourage you, though! When there’s a will, there’s a way! Godspeed 🔥