NFT Slang Words Everybody Should Know

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NFT, or non-fungible token, is a type of digital asset that represents ownership of a unique item or asset. This can include art, collectibles, in-game items, and more. With the rise of NFTs, a new slang has emerged within the community of NFT collectors and creators. If you’re new to the world of NFTs, it can be helpful to familiarize yourself with some of the slang terms that are commonly used. Here are some NFT slang words that everybody should know:
  1. NFT” – This is the abbreviation for non-fungible token. A non-fungible token is a type of digital asset that represents ownership of a unique item or asset. Non-fungible tokens are often used to represent things like art, collectibles, and in-game items.
  2. Gas” – Gas is a term used to describe the fees associated with conducting a transaction on the Ethereum blockchain. When you buy or sell an NFT, you’ll need to pay gas fees in order to complete the transaction. The amount of gas you’ll need to pay will depend on the complexity of the transaction and the current demand for gas on the Ethereum network.
  3. Cryptoart” – Cryptoart is a term used to describe digital art that is represented by an NFT. These NFTs can be bought and sold like traditional art, and they often come with unique features such as special editions, limited runs, and artist-signed versions.
  4. Crypto Collectibles” – Crypto collectibles are non-fungible tokens that represent unique digital collectibles. These can include things like in-game items, virtual pets, and more. Crypto collectibles are often used in online games and other virtual worlds, and they can be bought and sold like traditional collectibles.
  5. Smart Contract” – A smart contract is a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein exist on the blockchain network. Smart contracts allow for the automation of certain processes and can be used for a wide range of applications, including the buying and selling of NFTs.
  6. ERC-721” – ERC-721 is a type of smart contract standard that is used for non-fungible tokens. ERC stands for Ethereum Request for Comment, and 721 refers to the specific request number. ERC-721 smart contracts are used to create and manage non-fungible tokens on the Ethereum blockchain.
  7. ERC-20” – ERC-20 is another type of smart contract standard that is used for tokens on the Ethereum blockchain. Unlike ERC-721, ERC-20 tokens are fungible, which means that they are interchangeable and have the same value as other tokens of the same type. ERC-20 tokens are commonly used for things like cryptocurrency, utility tokens, and other types of digital assets.
  8. Mint” – To mint an NFT means to create a new non-fungible token and add it to the blockchain. This can be done using a smart contract and requires the payment of gas fees. Once an NFT is minted, it can be bought and sold like any other digital asset.
  9. CryptoKitties” – CryptoKitties is a popular game that allows players to buy, sell, and breed virtual cats that are represented by non-fungible tokens. The game was one of the first to popularize the concept of crypto collectibles and helped to bring NFT technology into mainstream awareness.
  1. Metaverse” – The metaverse is a term used to describe a virtual world or universe that is created and maintained by computer technology. The term was coined by science fiction author Neal Stephenson and has become popular in the NFT community as a way to describe virtual worlds that use NFTs to represent items and assets within the world.
  2. Multiverse” – The multiverse is a term used to describe the concept of multiple parallel universes or dimensions. In the context of NFTs, the term is often used to describe a collection of virtual worlds or universes that are connected through the use of NFTs. For example, a game may have multiple virtual worlds or dimensions, and NFTs could be used to represent items and assets that can be used across all of these worlds.
  3. OG” – OG stands for “original gangster” and is often used to describe an NFT that is particularly rare or valuable. For example, an OG CryptoKitty might be a particularly rare or unique virtual cat that is highly sought after by collectors.
  4. Shill” – To shill an NFT means to promote or advertise it in an effort to increase its value or desirability. This can involve posting about the NFT on social media, writing articles about it, or otherwise trying to drum up interest in the asset.
  5. HODL” – HODL is a term that originated in the cryptocurrency community and has been adopted by the NFT community as well. It refers to the act of holding onto an asset, even when its value is fluctuating or declining. The term is often used as a way to encourage people to be patient and not sell their assets too quickly.
  6. Whale” – A whale is a term used to describe someone who has a large amount of a particular asset, such as an NFT. Whales are often seen as having significant influence in the market and can potentially drive the price of an asset up or down based on their actions.

Overall, these are just a few of the slang terms that you might come across when exploring the world of NFTs. As with any community, there is often a unique language and terminology that is used, and it can be helpful to familiarize yourself with these terms if you’re new to the space. By understanding these slang words, you’ll be better equipped to navigate the exciting world of NFTs and participate in this rapidly evolving market.

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