30+ NFT and Crypto Slang You Need to Know in 2023
NFT and Crypto Slang: In this short time, cryptocurrency and NFTs have had a significant impact on the financial industry. Like any new technology, cryptocurrencies have given rise to a number of new terms and expressions with nuanced or devious meanings that may not be obvious to the average person. Learning these complex terms and acronyms can enable a crypto newbie to buy dip and dispel a wave of FUD.
Here are 30+ NFT and Crypto Slang You Need to Know in 2023
1. FOMO
FOMO is short for “fear of missing out”. It occurs in all aspects of life. It is a common psychological state for investors where they experience a mixture of panic and envy for not having an active position in a strong market move that others are profiting from.
2. Monkey/Monkey
A monkey is someone who buys an NFT or token right away without first researching it. It is also known as monkeying.
3. AMA
Ask Me Anything, or AMA, is a style of social media post where the poster answers questions from viewers. It started on Reddit and has since spread to Twitter, the cryptocurrency community and elsewhere.
4. BTD
The abbreviation BTD means to “buy dip.” It refers to buying coins, tokens or other assets at a discount because their value has decreased. Naturally, the goal is to make money when the market recovers.
5. Bag holder
A bag holder is someone who keeps the investment instead of selling it, even if it loses value and becomes worthless.
6. 10k project
A 10k project is an NFT collection consisting of around 10,000 avatars. The 2017 CryptoPunks collection may have been the first of its kind, and many more have since appeared. While not all of them have exactly 10,000 avatars, the term is used to describe this type of collection rather than a specific number of avatars.
7. Airdrop
Airdrop refers to the free delivery of NFTs or tokens to users’ wallets. Most of the time, projects send NFTs to reward users for their loyalty, participation in contests, or other actions.
8. Bullish
A bull market, as opposed to a bear market, refers to a market in which prices rise. As a result, someone who is bullish expects market prices to rise.
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9. Cryptojacking
Cryptojacking is a type of cryptocrime that involves stealing a computer and using it to mine cryptocurrency.
10. DAO
DAO is a popular cryptocurrency slang term that refers to decentralized autonomous organizations. It is, as the name suggests, a type of organization that has no central authority and operates independently.
11. DeFi
DeFi is an acronym for “decentralized finance”, which contrasts with traditional finance or CeFi (centralized finance), where a bank or business controls users’ money.
12. The dough
Degen is short for degenerate, and it has several different meanings within the cryptosphere. It is primarily used to describe someone who makes significant financial commitments to dubious and risky cryptocurrency projects.
13. Avatars
Avatars can be two-dimensional images that represent you online, or they can be three-dimensional hyperrealistic beings ready for the metaverse. In the digital world, avatars represent human personification.
14. Bozo
A bozo still means what it always has. But those deeply involved in the NFT scene throw it around everywhere. Is the man fooled? He is an idiot. He chooses the wrong NFT to buy? Yes, he’s also a Bozo.
15. Bitcoin Maximalist
A Bitcoin maximalist is someone who believes that Bitcoin is better than all other cryptocurrencies and is the only one that is valuable.
16. Collectibles
Collectibles are unique fungible tokens with varying rarities. As users compete for tonnage, this makes them “collectible”.
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17. Crypto wallets
Crypto wallets are platforms for storing, transferring and managing crypto-assets such as cryptocurrencies and NFTs. There are two types of crypto wallets: hot and cold.
18. Cold wallet
One type of crypto wallet is the cold wallet. Hardware (or cold) wallets are a more secure option because they store digital currency and non-fungible tokens offline. Ledger and Trezor are the two most used cold wallet manufacturers.
19. dApps
Decentralized applications (dApps) are all applications built and run on decentralized networks such as the Ethereum or Solana blockchains.
20. DYOR
The abbreviation for “do your own research” is DYOR. Since there are many scams and bad actors in the NFT space, the term is very popular. Obviously, users don’t want to invest in something just because an NFT influencer promoted it.
21. ERC-1155 token
The ERC-1155 token is a semi-fungible token standard. These are multiples of NFTs. They do not have separate token IDs, but exist as duplicates of the same digital asset.
22. ERC-20 token
Ethereum blockchain’s token standard for fungible currencies, such as USDT, MANA and MATIC
23. ERC-721 token
It is a non-fungible Ethereum token. The ERC-721 contract standard produces completely unique NFTs. Until the introduction of ERC-721A with the Azuki NFT mint, this was the standard used by almost ALL avatar pfp projects on Ethereum.
24. Cryptosis
The term “cryptose” describes someone who is completely engrossed in the world of cryptocurrency.
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25. Diamond hands
Diamond hands, or the diamond hands emoji, is used in the cryptocurrency community to describe traders who will hold, or not sell, regardless of market fluctuations. It is seen as a daring move with high risk, but it can pay off.
26. Let go
One of the most used phrases in crypto slang to describe a release is this. Take an NFT drop, for example.
27. Flipping
The term “flipping” describes the conceivable point at which Ethereum overtakes Bitcoin and overtakes it as the most valuable cryptocurrency in terms of market capitalization.
28. FML
One of the most useful crypto slang phrases you can use outside of the crypto community is FML, which stands for “f*ck my life.” People associate it with a bad thing that has happened to them.
29. GOAT
The acronym GOAT stands for “the greatest of all time” and it is one of the highest compliments you can pay someone in the crypto and other communities.
30. IYKYK
IYKYK is short for “if you know, you know,” and it usually refers to an inside joke or inside information.
31. Mint
Minting is the process of creating new coins or tokens by forming new blocks. Consider NFT coin.
32. NFA
NFA stands for “non-financial advice”, and those who offer cryptocurrency or non-financial trading advice. They use it as a disclaimer to say that they are not responsible for any consequences resulting from their recommendations.
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33. Mooning
Mooning indicates that the price of a cryptocurrency is increasing rapidly.
34. NGMI
One of the most famous crypto slang terms is NGMI, which stands for “not going to make it.” It is employed by people in various situations.
35. Not your keys, not your coins
Not your coins or your keys is a saying that refers to the idea that to truly own cryptocurrency, one must have their wallet keys.
36. P2E
P2E stands for play-to-earn games, a well-liked class of blockchain games where players can earn money while having fun.
37. PFP
PFP is short for a Twitter profile picture which is an NFT, which is common in the cryptocurrency community.
38. Whale
A person who has a very large amount of a particular coin or token is known as a whale.
39. Gas charges
The cost for users to transact on the blockchain is the NFT gas fee. The money collected from the fees goes to the blockchain miners who verify transactions.
40. Generative art
Some NFT’s art is completely governed by components of the chain, such as a transaction hash. To clarify, the characteristics of each NFT will vary, just like an ID number or barcode.
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