Common Terms
In the NFT space, there are a lot of terms you will see over and over again. Understanding these terms will help you navigate the space and help you communicate with others.
- Non-custodial staking: Locking your NFT in a smart contract with a project and maintaining it in your wallet. However, you will not be able to sell it.
- Custodial Staking: Your NFT is locked away for a certain amount of time and it will not appear in your wallet. You cannot sell it/transfer it either.
- Secondary Market: Places where you can buy and sell NFTs. Such as Magic Eden (ME), Hyperspace, Elixir, and OpenSea.
- Bullish: Aggressive on the market/project.
- Bearish: You are skipping new projects or not buying into them.
- Diamond Hand: Members who hold the NFT for a long time and do not plan to sell them.
- FCFS (First come first serve): A type of collaboration between projects, if you participate in this whitelist giveaway, you must follow their rules to earn the role. Be very careful not missing steps! Some projects do not give you the wl role if you miss 1 step!
- Bluechips: Projects that have well-established connections, treasury, and a working product/active community. Such as Taiyo Robotics, Solana Monkey Business, and Famous Fox Federation.
- Spaces: Twitter talk shows with project founders/influencers.
- Shill: Sending a link to a Discord server/projects Twitter.
- ATH (All time high): When a collections price goes up and then does not see that price again for a little.
- OTC (Over the counter): Trading peer to peer without a marketplace. Usually done on websites such as Yawww.io and Famous Fox Federation. Most scams happen this way!
- Moon: Hoping the crypto you purchased skyrockets in price.
- AMM (Automated Market Maker): A marketplace where you can instantly sell your NFTs without waiting for a buyer, trade your NFTs instantly, and provide liquidity to their pools (read more here).
- VC (Voice chat): Hopping onto a Discord channel to talk directly to members
- WL (Whitelist): Getting on a project list to buy their NFT on their release day. You can earn this role by playing Discord games
- Mint: When a project releases its collection, users can ‘mint’ (purchase) a random NFT from the projects collection.
- Raid: Commenting or retweeting someone’s post for exposure
- Hash Rate: The rate a bitcoin miner validates transactions on the blockchain. A better hash rate means a better chance being rewarded with a bitcoin.
- Fear of missing out (FOMO): The feeling of missing out on the moon if you do not immediately buy into the project. This feeling is extremely real, you will feel it when you see nonstop sales (volume).
- Floor it (floor price): The lowest price of an NFT from their collection on the secondary market. When you floor an NFT, you list it below the lowest price to instantly sell it.
- Defi (Decentralized Finance): Every transaction in the crypto space is traceable. Solscan.io is where you can sell your Solana transactions.
- Ping: Getting a notification for games or announcements.
- CM (Community Manager): A staff member of an NFT project that helps answer questions about their services, handles support tickets, hosts games, and has other duties.
- Alpha Hunter (collab manager): Someone who seeks whitelist giveaways (collabs) with new projects launching.
- Alpha: Valuable information that leads to a good trade.
- Hot Wallet: A crypto wallet that is always connected to the internet. Such as Phantom or Slope.
- Cold wallet: A wallet not connected to the internet. Keep all your valuables in here. Purchase one here.
- Whitepaper: A business plan that outlines the project’s goals.
There are common terms such as NFA (not financial advice), and WAGMI/NGMI (we are all going to make it or not going to make it. Or DYOR (do your research) and other text message-type lingo!
