We’re back with another part of our crypto glossary series. This time with the focus on NFTs as KALA prepares to launch our PEN NFT Collection. We’ve already covered many crypto terms that are also used a lot in NFT communities so make sure to also check out part 1 and part 2 if you haven’t.
Just to get this out of the way. NFT stands for Non-fungible tokens. In simple terms, they are digital goods (images, videos, etc.) assigned with unique codes that allow for their ownership to be verified and traded securely on the blockchain.
📘 KALA Crypto Glossary: NFT Edition 📘
Bag: All the NFTs or crypto a person holds.
Burn: To burn an NFT is to effectively destroy it. While technically NFTs always remain on the blockchain, you can remove one from circulation by sending it to a wallet address that can’t be accessed.
Degen: When someone goes “full degen” that means they spend a lot of time and net worth to “go all-in” on NFTs. This often entails people who quit their full-time jobs to day-trade NFTs.
Drop: Another way of saying “launch” in the context of NFT collections. Not to be confused with “airdrop,” which is when an NFT project lets you mint an NFT or deposits a new NFT in your wallet.
DYOR: Do your own research. it’s very important to make sure every project is actually legit by doing some background research.
Flipping: Trading NFTs (quickly) for a profit is called “flipping”.
Floor: or floor price is the lowest price an NFT can be bought for on a marketplace.
FOMO: Fear of missing out. The drive to buy before the price of NFTs rise as others is doing it and reaping significant returns. FOMO can potentially interfere with sound investment judgment, so beware!
FUD: Fears, uncertainty, and doubts. There are many concerns regarding scams and rugs in the NFT world. When nerves are high, there is a lot of FUD.
GM: NFT language for “good morning”, but also hi, bye, please, thank you good afternoon, what’s up, and a great way to start the day on a friendly note. Similarly, GN is for good night.
IYKYK: If you know, you know. Implies that a piece of news, say about NFTs, will make sense to some ‘insiders’ and not to other people.
LFG: Let’s f***ing go. Used when you are excited about a project. Best in combination with a rocket emoji.
List: To list an asset means putting up for sale. On contrary, delist an NFT means to take it down from a marketplace.
Mint: The process by which an NFT becomes part of the blockchain. Once an asset is put on the blockchain, it is “minted” as a token and cannot be altered.
One of one: An NFT with only one existing edition issued by the creator; a unique NFT. 1/1s are seen as more scarce and therefore more valuable, because only one exists.
PFP: Stand for Profile picture. This is what most crypto NFT is used for. Artwork NFTs like Bored Ape Club, Cool Cats and Crypto Punks are popular PFP NFT projects.
P2E: Play-to-earn. P2E is a business model behind crypto games and describes game mechanics that enable players to earn token rewards. Some games require an initial investment in tokens or NFTs, while others allow people to earn crypto by playing. Example: Axie Infinity.
Ser / fren: Sir / friend. Friendly terms that come in handy when chatting with fellow NFT holders.
Shill: When a person is promoting NFTs they own or have invested in. Can have a negative connotation where the person is suspected of having a hidden motive.
TS: Twitter Spaces. Created as a response to Clubhouse, these are Twitter’s voice chat rooms(available on the mobile app only) that have become among the key venues for crypto and NFT folks to network, share knowledge, and learn about cool projects.
Mooning: Refers to an NFT project that is growing rapidly. Sometimes used as “to the moon” (TTM) and is associated with the potential for amazing gain.
Utility: Refers to the non-monetary perks that come with owning an NFT, such as voting rights, VIP access to special events or merchandise, or airdropped assets. Not all NFTs have utility, but it’s becoming more and more common as a way for projects to differentiate. Example is KALA Network PEN NFTs.
WAGMI or GMI: We all gonna make it or gonna make it. Strong conviction and optimism for a successful outcome! The opposite of NGMI, used for people and projects that are not expected to last long in the NFT space.
Wen: Believe it or not, it means “when”; a common expression you’ll see is “wen moon,” which refers to the price of your NFT ascending to the moon.
Whales: NFT whales are those in the space spending big on NFTs.
WL: Short for whitelist. Whitelisting is about granting early access to drops to pre-approved crypto wallet holders, subject to specific criteria.