Glossary/Terms/Lingo/Slang

 1:1 Art

An art piece that is one of a kind (1 of 1). Unlike a 10K projects, PFP or Generative Art collections that can range from a few hundreds to 10K.

10K Project

A type of NFT collection that consists of approximately 10,000 NFTs but can vary. Usually the collection is of a huge number.

Airdrop 

Distribution of an NFT token directly into a crypto wallet for free. Can be used as a marketing campaign, rewards or as a scam.

Alpha

The first or very primitive release of a project, or Investment term to track how a certain investment outdoes the market. It can also be used to describe early information about a project or topic shared with others.

Altcoin 

Any other crypto currency that is not Bitcoin. Bitcoin Maximalists also often refer to them as shit coins.

AMA 

Ask Me Anything. NFT creators or artists do sessions where anyone can ask questions about the project, team, vision, etc. Usually conducted on Discord, Reddit, Twitter or even Youtube.

Ape

Someone can be aping, ape in or aped on an NFT project. It means someone is buying in to the project, and their position is a big portion of their portfolio. The unreasonable buying of the NFTs without doing proper research about the future of the NFT. Not related directly to the Bored Ape Yatch Club.

ATH

All Time High. When a NFT project or crypto currency token reaches its highest price to date.

Avatar project 

An NFT collection that consists of avatars that people can use as their profile picture in social media to show they are part of an NFT community like Crypto Punks, Bored Ape Yacht Club, etc

Bag Holder

Someone who holds their position in a crypto currency or an NFT until it's worthless.

Bearish

A finance slang meaning someone is doubtful about the current market and believe that its price will crash soon.

Bear Market 

When the crypto currency or NFT market goes down in value.

Beeple

Pseudonym for Mike Winkelmann, perhaps the most well known digital artist. Beeple’s “Everydays: the First 5000 Days” sold for $69,400,000, on March 11th, 2021. It is considered the starting of the NFT craze in 2021.

Bitcoin (BTC)

First and original crypto currency as outlined in a whitepaper by the anonymous creator(s) Satoshi Nakamoto. January 3, 2009 was the day when the Bitcoin blockchain network had its very first block mined.

Bitcoin Maximalist

Someone who believes that Bitcoin is the only cryptocurrency needed. All other cryptocurrencies are alt coins or shit coins.

Blockchain

Distributed, decentralised, immutable database that is the basis of Web 3.0 technology. It is the technology on which crypto currencies and NFTs are built on.

Blue Chip

A financial slang that refers to a company that’s considered a reliable investment. An NFT project that has a long track record of success and its value is sustained over time, therefore considered a solid investment, is called so too.

Bullish

A finance slang meaning someone is optimistic that a market will increase in value, also known as “going to the moon” or moon.

Bull market

When the crypto currency or NFT market goes up in value.

Burning

To burn an NFT means to destroy it. A common crypto strategy to destroy or delete tokens or NFTs from the circulation supply intentionally and permanently in order to limit supply and increase the value.

Buying on secondary

Whenever you don’t mint an NFT directly from the project, you can always buy it in secondary NFT marketplaces like OpenSea, Rarible, etc. Most NFT sales are secondary market sales.

Cold wallet

It’s a physical device to store your cryptocurrencies and/or NFTs offline. They are not connected to the Internet so are at less risk of being compromised. 

Collection

A set of NFTs under a common theme as part of a NFT auction or sale in marketplaces like OpenSea, Rarible or Foundation.

Collector

Someone who buys NFTs to build an NFT collection, be part of a NFT community or for speculative purposes to make a profit.

Consensus mechanism

A consensus mechanism is a protocol or algorithm that ensures that all nodes or devices on the blockchain maintain the blockchain, process transactions, synchronize, and agree on the transactions that are legitimate and added to the register. Examples of consensus mechanisms are Proof of Work (PoW) or Proof of Stake (PoS).