NFT Glossary

Time to understand the crypto worldz.

0-9

1:1 Art
Art where each piece is unique (1 of 1).
This can be thought in contract to PFP and Generative Art collections that range from 200 to 10,000 pieces typically. “1:1 szn is coming soon”

A

AB
ArtBlocks, the most important platform for generative art in the world, that has three collections: “Curated” (ABC), “Playground” and “Factory”.
Airdrop
Refers to a free NFT which is usually given as a reward to holders of a different NFT/ members of a particular community. The gift is transferred directly to the user’s cryptocurrency wallet, without them having to pay for it or incur gas fees for claiming it.
Algorithm
A sequence of unambiguous instructions used for the purpose of solving a problem.
All-Time High (ATH)
The highest price of a cryptocurrency in a quote currency, such as a dollar, BTC, ETH, or BNB
Alpha
The first look at a product released by a team, consisting of the very first version of a primitive, basic software or product.
Altcoin
A cryptocurrency that is alternative to Bitcoin. Used to describe cryptocurrencies that are not Bitcoin.
Angel Investor
Wealthy investors that seek out opportunities to provide funding for entrepreneurs or start-up companies.
Ape In
In crypto parlance, buying into a new currency or NFT with abandon, often risking a significant amount of money.
Aped
This one has come straight from Crypto Twitter. It means “take on a large position relative to one’s own portfolio size” Apes have a strong NFT history – first, the famous 24 ape punks and then with Bored Ape Yacht Club. “I aped Golden Snail, but DYOR”
Autoglyphs

Autoglyphs are the first “on-chain” generative art on the Ethereum blockchain. This means that all of the information required to generate the artworks are stored on the Ethereum network.

This is in contrast to most NFTs, which store the image data on a server, with a link to the image stored on chain.

B

BUIDL
Originally derived from HODL, a term referring to keeping your heads down and focusing on building your product.
Bag(s)

A bag refers to a collection of tokens (either of a cryptocurrency or NFT).

Common examples of usage include:
– My bags are full of X.
– That project rugged and many people were left holding bags.

Bitcoin
A cryptocurrency created by the pseudonymous developer(s) Satoshi Nakamoto. The first cryptocurrency, initially described as a ‘Peer-to-Peer e-cash’.
Bitcoin Core
Leading implementation of the software that enables users to interact with the Bitcoin network. Initially released by Satoshi.
Bitcoin Dominance
The ratio of Bitcoin’s market capitalization versus the sum of the market capitalizations of all cryptocurrencies.
Bitcoin Pizza
The first known transaction where Bitcoin was exchanged for a physical good. Laszlo Hanyecz paid 10,000 BTC for two pizzas.
Black Swan Event
An event that is often entirely unexpected and deviates from the expected result causing widespread ramifications.
Block
A computer file that stores transaction data. These can then be arranged in a linear sequence, which will form a blockchain.
Block Explorer
An online Blockchain webpage which allows users to browse information about blocks, transactions, balances, and transaction histories.
Block Height
The number of blocks in the chain between itself and the first block on that blockchain (genesis block or block 0).
Block Reward
The sum of coins awarded by the blockchain protocol to cryptocurrency miners for each successfully mined and validated block.
Block header
A section in a block containing metadata and a summary of the block’s transactions. This is the information hashed when mining.
Blockchain
Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. A blockchain is essentially a digital ledger of transactions, a copy of which is stored on every computer (“node”) that secures the network.
Bored Apes Yacht Club
The Bored Ape Yacht Club is one of the largest and most well known communities in the NFT space, second only to Cryptopunks with regards to notoriety and value.
Bounty
A reward posted by a group or individual to incentivize certain work, behavior (such as referrals), or development.
Break-Even Point (BEP)
The point where the total costs of an operation is equivalent to its current value or revenue.
Bull Market
A positive trend in prices of a market. It is widely used not only in the cryptocurrency space but also in the traditional markets.
Buying on secondary
When you fail to mint a project and have to buy on OpenSea.
Comes from finance world – primary stock sales are directly from company; secondary is what you trade day to day. Almost all action is secondary. “Missed the mint, gotta buy on secondary”

C

COPE
The opposite of FOMO.
Failing to buy an NFT because one is coping with one’s earlier error of not FOMOing at 1/10th the price. “I know Golden Snails are up 50x and heading to Christie’s, but I didn’t like the launch so staying out” “OK, LOL, cope”
Candidate Block
A temporary block created by a mining node (miner) to add to the blockchain to receive the block rewards.
Candlestick
A graph representation of price action that displays the open, close, high, and low points within a certain period.
Capitulation
A period of strong selling activity, where investors give up their positions and sell their holdings as quickly as possible.
Cash Grab

A “Cash Grab” generally refers to the project which generally appears to be of low effort, without a sustainable roadmap or significantly high pricing.

The latter usually has no justification except for the fact that a celebrity is supporting the project (Celebrity Cash Grab), which increases the likelihood of a sellout but does not actually add any tangible value to the project or its investors.

Censorship – resistance
The property of a cryptocurrency network that prevents any entity from altering transactions on it.
Central Bank
A financial institution that acts as a monetary authority and manages a states currency, interest rates, and money supply.
Centralized
When the planning and decision-making mechanisms are concentrated in a particular point within a system.
Cipher
A method for encrypting and decrypting messages. These can be divided into symmetric or asymmetric, according to their key model.
Circulating Supply
The best approximate number of cryptocurrency coins or tokens that are publicly available and circulating in the market.
Cloud
In computer science, a shared pool of resources, which are made available to multiple users through the Internet.
Coin
A cryptocurrency or digital cash that is independent of any other platform, which is used as an exchange of value.
Cold storage

Cold storage refers to is a way of holding cryptocurrency or NFTs offline. By using cold storage, investors aim to prevent hackers from being able to access their holdings via traditional means.

Popular cold storage wallets:
Ledger
Trezor

Collab.land (bot)
Collab.land is a Discord utility meant to verify an individuals identity and the contents of their wallet.  Sometimes, in order to join specific channels in a Discord Server, individuals must verify ownership of an NFT – the Collab.land bot facilitates this.
Cryptocurrency
A digital currency that is secured by cryptography to work as a medium of exchange within a peer-to-peer (P2P) economic system.
Cryptocurrency Wallet

A cryptocurrency wallet is a device, program or a service which stores the public and/ or private keys for cryptocurrency transactions.

In addition to this basic function of storing the keys, a cryptocurrency wallet more often also offers the functionality of encrypting and/ or signing transactions.

Cryptography
The science of using mathematical theories and computation in order to encrypt and decrypt information.
Cryptopunks
The CryptoPunks are a collection of 24×24, 8-bit-style pixel art collectible characters. There are exactly 10,000 of them, each with their own unique combination of distinctive, randomly generated features. As the first collection of this sort on the Ethereum blockchain, they are of significant historic value.

D

DYOR
DYOR means Do Your Own Research.
The person telling you this is (correctly) disclaiming responsibility re the question of if an NFT is right or wrong for you “I aped Golden Snail, but DYOR”
Daemon
A process operating in the background waiting for a specific event or condition in order to be activated.
Decentraland
Decentraland is an online metaverse in which users can explore, organise events and engage with one another.  It is a virtual world in which many NFT projects and brands establish real estate for their communities.
Decentralization

Decentralization refers to the process of distributing and dispersing power away from a central point. Most financial and governmental systems in the traditional mainstream world are centralized, meaning they are controlled and managed by a single authority.

Decentralization spreads power and information across multiple points, with its advantages including greater security and diversified control.

Decentralized Application (DApp)
Applications that run on a P2P network of computers rather than one central computer. This allows the software to run on the internet without being controlled by a single entity.
Decentralized Autonomous Cooperative (DAC)
An organization that is controlled by shareholders rather than a central authority.
Decentralized Autonomous Organization (DAO)
A system of hard-coded rules that define which actions a decentralized organization will take.
Decentralized Exchange (DEX)
An exchange which does not require users to deposit funds to start trading and does not hold the funds for the user. Instead, users trade directly from their own wallets.
Decentralized Finance (DeFi)
The ecosystem comprised of decentralized financial applications developed on top of blockchain networks.
Decryption
The act of reverting an encryption process so that unreadable data (ciphertext) can be converted into readable data (plaintext).
Ded
Ded is short for dead. Also, see “deceased” “I sold my Punk for 5ETH. I am deceased.”
Deep Web
The part of the web that is somehow hidden, i.e., not indexed by Google and other traditional web search engines.
Delist
Delist your NFTs from Opensea (no longer offer them for sale) because prices are rising rapidly and they might get sold and market expectations of their value has changed. “Golden Snail 5ETH floor. Delist!” Also related to: “Hide your JPGs”.
Derivative
Projects derived from the original project, first popularized with a wide variety of “alternative” punks. The intelligent view on derivatives is that they are fine, enhance the brand of the original and everyone should stay cool about them.
Design Flaw Attack
An attack in which a malicious user purposely creates a smart-contract, decentralized market, or other software with knowledge of certain flaws in order to trick individuals interacting within the permissionless environment.
Diamond hands
Refers to someone who has a high-risk tolerance for price volatility of the assets that they own, and is able to hold their assets despite significant external pressure to sell them.
Difficulty
In cryptocurrency, difficulty indicates the difficulty required to mine a block.
Difficulty Bomb
The term ‘difficulty bomb’ denotes the increase in mining difficulty in Ethereum, as part of its migration to Proof of Stake.
Discord
A messaging platform heavily used by NFT Twitter for NFT project communities.
Divergence
When the market price of an asset and a technical indicator (e.g. RSI, Volume, MACD) are heading in opposite directions.
Diversification
The allocation of funds across different types of assets and jurisdictions in order to reduce the overall risks.
Do Your Own Research (DYOR)
A valuable piece of advice. It’s always wise to research a coin or token yourself instead of following what others say.
Dollar Cost Averaging (DCA)
Investing fixed dollar amounts over regular periods of time regardless of the price of the asset.
Double Spending
When a given amount of coins are spent more than once. Usually as a result of a race attack or a 51% attack.
Drop
The term “NFT drop” refers to the date that a particular NFT (collection) becomes available for sale.
Dune analytics
A powerful tool for blockchain research. Dune gives you all the tools to query, extract, and visualize vast amounts of data from the blockchain, making it accessible to everyone.

E

ERC-20
A technical standard used to issue and implement tokens on the Ethereum blockchain proposed in November 2015 by Fabian Vogelsteller.
ETHERscan

A powerful Block Explorer and Analytics Platform for Ethereum, a decentralized smart contracts platform.

Website Link: https://etherscan.io/

Eclipse Attack
When the majority of peers on the network are malicious and monopolize the network in order to prevent specific nodes from receiving information from honest nodes.
Encryption
Conversion of information or data into a secure code in order to prevent unauthorised access to the information or data.
Enterprise Ethereum Alliance (EEA)
The industry’s first global standards organization to deliver an open, standards-based architecture and specification to accelerate the adoption of Enterprise Ethereum.
Erc-721

ERC-721 is a token standard that describes how to build non-fungible or unique tokens on the Ethereum blockchain. While most tokens are fungible (every token is the same as every other token), ERC-721 tokens
are all unique.

Think of them like rare, one-of-a-kind collectibles.

Ether
Ether is the transactional token that facilitates operations on the Ethereum network. It may be helpful to think of this as the currency used to function within the Ethereum ecosystem (e.g. sending funds/ paying for purchases etc).
Exchange
A marketplace for cryptocurrencies where users can buy and sell coins.

F

Failed transaction

If a transaction fails, it means that it was not successfully added to the blockchain. This may happen for several reasons, but most often occurs because the gas fee paid at the time of submission was too low in relation to the network activity (i.e. other users were paying higher gas at this time to ensure miner’s prioritised their transactions, and as a result, your transaction failed).

Unfortunately, when a transaction fails, you generally lose the gas fee that you had sent with your transaction. This is because sending a transaction requires paying for the computation, regardless of whether your transaction succeeds or fails. Even if it fails, the miners must validate and execute your transaction, which takes computational power. You must pay for that computation, just like you would pay for a successful transaction.

Fakeout
A situation where a trader enters a position betting on a price movement that quickly reverses or ultimately doesn’t happen.
Falling Knife
Refers to the action of purchasing an asset while it is rapidly declining in price under the expectation that it will bounce.
Fear Of Missing Out (FOMO)
The feeling of fear and anxiety that you might be missing out on a potentially profitable opportunity.
Fear, Uncertainty and Doubt (FUD)
A marketing strategy used to spread fear and insecurity among customers, traders, or investors.
Few
Few is short for “few understand”. Like “probably nothing” it is polite FOMO. “MOMA bought a punk. Few”
Fiat
Money that a government has declared to be legal tender.
First-Mover Advantage (FMA)
The competitive advantage of the first project to bring a service or product into a new and unexplored market or industry.
Flappening
The name to describe the moment when Litecoin (LTC) surpassed Bitcoin Cash (BCH) in terms of market capitalization
Flip
The act of buying an NFT and then (often quickly) selling it for a profit.
Flippening
The name to describe the moment when/if Ethereum (ETH) surpasses Bitcoin (BTC) in terms of market capitalization
Flipper
Individuals who buy NFTs (generally at project launch) and try to quickly sell them for a profit before moving on to the next project.
Floor price
The lowest price for which a token in a particular collection can be purchased. Often used by investors as a surrogate for the health of an overall collection, although this measure is limited when used in isolation.
Fren
Fren means “friend” Because we are all friends here on a happy mission quest together.
Fungibility
The property of an asset whose individual units are indistinguishable from each other in terms of value and functionality.
Futures Contract
A standardized version of forward contracts that are used as a legal agreement to buy or sell an asset in the future at an agreed upon price and date.

G

GM
GM means “good morning”.  We say good morning to each other because we are a friendly happy optimistic global community and it is nice to say good morning to your friends as you start your day.
GMI (WAGMI/NGMI)

Gonna Make it, We All Gonna Make It: A series of colloquial terms used by members of the NFT community to raise hopes, cultivate camaraderie and rally support.

Not Gonna Make It: A disparaging remark suggesting that someone has befallen the fate of a poorly considered NFT decision.

Interestingly, the ‘making it’ component of all of these terms has not been clearly defined – and is largely subjective.

GN
GN gn means “good night”. We say good night to each other because we are a friendly happy optimistic global community and it is nice to say good night to your friends as you end your day (20 hours after you say gm and 4 hours before you say gm again).
Gas Limit
The maximum price a cryptocurrency user is willing to pay as a fee when sending a transaction, or performing a smart contract function.
Gas fees
Gas refers to the computational efforts required to execute specific operations on the Ethereum network. A gas fee, paid in Ether, is required to successfully conduct a transaction on Ethereum.
Gas war

A gas war refers to a competition that occurs at the time of a heavily hyped drop in which many participants are trying to obtain NFTs from a sale.

Users submit transactions with exceedingly high gas fees, hoping that they are prioritised for inclusion into the next block.

As a result, using the Ethereum network becomes temporarily very expensive.

General Public License
License allowing users to copy and modify software, but requires the works to be distributed under the same license.
Generative Art
Art that is algorithmically generated, ideally in real-time when minted. “She is a bright new star in gen art”
Genesis Block
The first ever block recorded on its respective blockchain network, also referred to as Block 0 or Block 1.
GitHub
A site/system/folder/repository where a team can share, collaborate, and save their open source or propietary code.
Golden Cross
A bullish chart pattern where a shorter-term moving average crosses above a longer-term moving average.
Gossip Protocol
A particular method of asynchronous peer-to-peer communication between computer nodes of a distributed system.
Gwei
A small denomination of Ether. It is widely used as a measure of gas prices. 1,000,000,000 wei = 1 Giga wei (Gwei)

H

HEN
An absolutely infuriating marketplace for art issued on the Tezos blockchain that combines: a) huge amounts of interesting and inexpensive NFTs and b) the worst UI made by any marketplace website in decades.
HODL
“Hold On for Dear Life”. The term refers to holding on to one’s NFT assets through the ups and downs of price fluctuations/ market volatility.
HODL
A typo of ‘Hold’ originating from bitcointalk that has also been retrofitted to be an acronym for Hold on for Dear Life – to maintain ownership of coins and not sell.
Haha Money Printer Go Brrrrr
Haha Money Printer Go Brrrrr is meme created in response to the Federal Reserve’s 2020 plan to print money.
Halving
When the block reward of a crypto asset, such as bitcoin, drops to one-half of what it was before; this is used to create a decaying rate of issuance to arrive at an eventual finite supply of a crypto asset.
Hard Cap
The maximum amount of funds a project intends to raise during their Initial Coin Offering (ICO) or alternative fundraising event.
Hash Rate
The speed at which a computer or mining hardware is able to calculate new hashes. Usually measured in hashes per second.
Hashed TimeLock Contract (HTLC)
Refers to a special feature that is used to create smart contracts that are able to modify payment channels.
High-Frequency Trading (HFT)
A type of algorithmic trading that involves the execution of a large number of orders in fractions of a second.
Honeypot
A mechanism used in computer security used to detect or counteract unauthorized access of information systems.

I

IOU
An acronym which stands for “I owe you” and refers to an informal document that acknowledges a debt one party owes to another.
IRL
IRL means In Real Life, otherwise known as the world beyond OpenSea, Twitter and Discord. It is not recommended to spend too much time there. IRL does not have sufficiently good JPGs.
IYKYK
If You Know, You Know This is, like “few”, a polite form of FOMO in most, but not all usages. “MOMA bought a punk. IYKYK”
Iceberg Order
A conditional order to buy or sell a large amount of assets in smaller predetermined quantities in order to conceal the total order quantity.
Immutability
The inability to change or be changed. One of the core features behind Bitcoin and blockchain technology.
Index
A financial instrument used to track the price value of a given asset or basket of assets
Initial Coin Offering (ICO)
A fundraising method in which new projects will sell their cryptocurrency to investors.
Initial Exchange Offering (IEO)
A fundraising method designed to reduce the risk for token purchasers by introducing a trusted intermediary between the project team and the user.
Initial Public Offering (IPO)
Refers to the moment a private company starts offering its shares to the public for the first time.
Integrated Circuit (IC)
A small chip, typically made of silicon, that holds a set of electronic parts such as transistors, resistors or capacitors.
InterPlanetary File System (IPFS)
An open-source project building a protocol for distributed content storage and access.
Interoperability
A concept of allowing blockchains to be compatible with each other and build upon each other’s features and use-cases.
Isolated Margin
The margin balance allocated to a position. Traders can manage risk by restricting the amount allocated to each position.
Issuance
Generation of a new cryptocurrency which occurs in a variety of different ways, depending on parameters specified by the creators.

J

JPGs
JPGs refers to our NFTs that might be JPGs or GIFs or PNGs or audio files or video files or computer games. It is reclaiming a cope/insult for the community given many normies think “but you are just buying JPGs, are you mad?” “They will never steal our JPGs”

K

Keccak
A versatile cryptographic function designed by Guido Bertoni, Joan Daemen, Michaël Peeters, and Gilles Van Assche.
Know Your Customer (KYC)
A standard procedure in the finance industry which allows companies to identify their customers and comply with KYC AML laws

L

LFG
Let’s F***ing Go. Used when you are excited about something. Best used with rocket emojis.
LL
Larvalabs, the creators of punks, autoglyphs and meebits “LL rarely tweets”.
Latency
The time between submitting a transaction to a network and the first confirmation of acceptance by the network.
Law of Demand
The law of demand relates to the willingness of consumers to buy a specific amount of goods or services for a particular price.
Layer 2
A secondary framework or protocol that is built on top of an existing blockchain system to provide increased scalability.
Library
A collection of stable resources, which may include executable files, documentation, message templates, and written code.
Lightning Network
A second layer operating on top of a blockchain, enabling increased transaction speed among participating nodes. This is one proposed scaling solution.
Liquidity
The ability to sell or buy any given asset without causing significant fluctuations in the market price for that asset.
Liquidity
Aavailable ETH to buy JPGs.
This is an impossible state of being. Any available ETH converts into JPGs immediately so everyone is in a state of perpetual illiquidity.
Listing
The addition of an asset to an exchange either as a request from the project team or as a decision made by the exchange.
Looks Rare
Rarity is often a driver of value in this space. Used ironically.
Lowball offer
A slang term for an offer that is significantly below the seller’s asking price, or current market value of an NFT.

M

MOD
Short for “Moderator”, and usually refers to someone with a “Mod” role in a Discord server. This person is responsible for a range of activities, including engagement with the community, answering questions from members and ensuring that the rules are obeyed.
Mainnet Swap
When a coin migrates from a third party platform such as Ethereum or other token to a native on-chain token on their mainnet.
Maker
You become a “maker” when you place an order and it does not trade immediately, so your order stays in the order book and waits for someone else to fill/match with it later.
Market Capitalization
The total trading value of a given coin – calculated by the product of the supply of the coin by the current price.
Market Momentum
The ability of a certain market to maintain a continuous increase or decrease in price within a particular timeframe.
Market Order
When a taker picks the best available bid or ask for a cryptocurrency, taking the price and quantity available on the order book.
Marketplaces

NFT marketplaces are platforms where NFTs can be created, displayed and traded. These marketplaces are to NFTs what Amazon or eBay are to goods. Several poplular NFT marketplaces are linked below:

OpenSea: https://opensea.io/
Rarible: https://rarible.com/
HeN: https://www.hicetnunc.xyz/

NiftyGateway: https://niftygateway.com/
Superrare: https://superrare.com/
Maker’s Place: https://makersplace.com/
Foundation: https://foundation.app/

Masternode
Nodes on a network that often require a minimum amount of a given coin staked in order to access staking rewards.
Maximum Supply
Refers to the maximum number of coins or tokens that will be ever created for a given cryptocurrency.
McDonalds
Our backup career plan in case the NGMI scenario comes true “Sold a Cryptopunk for 5ETH. Applying now to McDonald’s”.
Meatspace
Another term for “IRL”.
That vaguely annoying reality where the laws of physics and biology apply. Not highly recommended. “Meatspace issues today. Car tire blew out”
Mempool
A node’s mechanism for keeping track of unconfirmed transactions that the node has seen (but have not yet been added to a block).
Merged Mining
The act of mining two or more cryptocurrencies at the same time, without sacrificing overall mining performance
Metadata
Data that includes information about other data, such as information about features of a specific transaction.
Metamask

MetaMask is a software cryptocurrency wallet used to interact with the Ethereum blockchain. It allows users to access their Ethereum wallet through a browser extension or mobile app, which can then be used to interact with decentralized applications.

Official Website: https://metamask.io/

Metaverse
Metaverse is a term typically used to describe the concept of a future iteration of the internet, made up of persistent, shared, 3D virtual spaces linked into a perceived virtual universe.
Mining
The verification of transactions on a blockchain network, in which transactions are added as entries into the blockchain ledger.
Mining Farm
A collection of many miners, often in a warehouse or large data center devoted to mining cryptocurrencies
Mint

Minting refers to the process of creating a new NFT token.

Most often, this is performed on a marketplace and results in the creation of a token on the (Ethereum) network, coupled to an image file, which represents the associated artwork.

Monetary Policy
Refers to the policies that authorities create and adopt to control the money supply and interest rates of a country.
Moon
A colloquial expression used to describe a cryptocurrency or other asset that is experiencing a strong upward market trend.
Multisignature
Wallet which requires another party to authorize a transaction before it is broadcasted to the network.

N

NFA
NFA means “Not Financial Advice”.
It is related to DYOR. Again, someone shares an idea, but your job to decide if it is for you. “I aped Golden Snail. NFA”
NGMI
“Not Going To Make It”.
Best used in a self-deprecating way about one’s own personal bad decisions “Sold a Fidenza for 5ETH. NGMI”.
Node
A participant on a blockchain network that communicates with other participants to ensure the security and integrity of the system.
Non-fungible token (NFT)
An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos.
Nonce
A single-use arbitrary string or number generated for verification purposes to prevent replaying past transactions.
Noob/Pleb
Newbie and Plebian. The opposite of OG.
The polite way to use these terms is only about yourself. “6529 is such a noob. I can’t believe I forgot to mint the Golden Snail”

O

OG
OG means original gangster. First become popular through 1990s hiphop, the super-Lindy term just flows through community after community. It means the folks who were here early and earned respect. “He is an OG punk holder”
Off-chain
Transactions that occur off a given blockchain network, that may be later reported or batched together before submitted to the main chain.
One Cancels the Other Order (OCO)
A pair of orders that are created concurrently, but it is only possible for one of them to execute.
Open Sea

OpenSea is a peer-to-peer marketplace for crypto collectibles and non-fungible tokens. It includes collectibles, gaming items, and other virtual goods backed by a blockchain. On OpenSea, anyone can buy or sell these
items through a smart contract.

Official website: https://opensea.io/

Open-Source Software (OSS)
Software released under a license that gives anyone the ability and right to use, update, and distribute it freely.
Oracle
A data source or feed from a third party used for determining outcomes for smart contracts

P

P2E
P2E is an acronym for ‘Play To Earn’, and signifies that an NFT based game will be created whereby its players earn money for their participation and gameplay.  The most notable example of a P2E game, within the NFT space, is undoubtedly Axie Infinity.
PFP
PFP is an acronym referring to ‘profile picture’.
Paper Wallet
A piece of paper on which a cryptocurrency address and its corresponding private key are physically printed out.
Paper hands
Someone with paper hands will sell at the first sign of trouble or as soon as their investment turns profitable – also known as having “weak hands”.
Passive Management
An investing strategy that doesn’t rely on active market exposure but rather tracks an existing economic index.
Peer-to-Peer (P2P)
When two or more computers are connected and share workload or resources without relying on a centralized server.
Phishing
A malicious attack where a bad actor will attempt to obtain the credentials of a user in order to gain unauthorised access into their account.
Plasma
An Ethereum off-chain scaling solution which may allow Etherum to greatly increase the transactions per second capablities.
Polkadot Crowdloan
Polkadot Crowdloan refers to the process of staking Polkadot (DOT) tokens to support specific projects in the Polkadot Slot Auction. In return, participants can receive rewards from the projects.
Ponzi Scheme
A scam in which new investors’ funds are used to pay returns promised to previous investors. Do not invest in these.
Prisoner’s Dilemma
An example that shows why two individuals might not cooperate, even if it may appear to be in their best interest.
Private Key
In cryptocurrency, a private key is a lengthy number that allows users to sign transactions and to generate receiving addresses.
Probably Nothing
“Probably nothing” means “probably something”.
It is the polite way to FOMO, with just barely some plausible deniability. “Visa bought a punk. Probably nothing”
Progressive Web application (PWA)
An application that is created through the use of modern web technologies and follows basic web standards.
Provenance
Provenance refers to a proof of authenticity or record of ownership of an artwork.
Pump ‘n Dump

Creating artificial hype around an NFT project (Pump) before selling off said tokens at an inflated price (Dump). Pump ‘n Dumps are generally coordinated efforts by a group hoping to lure in new investors with what seem to be strong fundamentals, in a project backed by solid price action (Token price going up).

The groups subsequently liquidate their positions (Dump), and take the profits on to another scheme of a similar nature.

R

Rarible
A marketplace for creating and selling digital collectibles secured with blockchain.
Official website: https://rarible.com/
Rarity tools

A platform dedicated to ranking generative art and collectible NFTs by rarity.

Official website: https://rarity.tools/

Right Click Save As
Every non-NFT person’s first “gotcha” move when learning about NFTs – demonstrating their vast technical capacity to download an image from a web browser.
Rinkeby
Rinkeby is an Ethereum Testnet (or test network). Testnets are typically used by developers to run tests for their application or software.
Roadmap
A business planning technique which lays out the short and long term goals of a company within a flexible estimated timeline.
Rug pull
Rug pulls are a blatant exit scam in most cases, designed as a promising project thats attracts investors. Generally after initial sellout, or somewhere down the line, the project team abandons the project and takes-off with all of the investors’ funds, with no promise to continue building upon the project.

S

SHA-256
SHA-256, or Secure Hash Algorithm 256, is a hashing algorithm used to convert an input of any length into a fixed-size string of 256 bits (32 bytes).
Satoshi
The smallest unit of a bitcoin, as defined by the Bitcoin protocol. It equals one-hundred-millionth of a bitcoin or 0.00000001 BTC.
Satoshi Nakamoto
The pseudonym of the creator or creators of the bitcoin protocol and whitepaper.
Schelling Point
A game theory term people believe applies to NFTs (and BTC). Specifically that certain NFTs will become stores of value and, as such, become more of a store of value, storing more and more value in those NFTs.
Security Audit
A systematic analysis to evaluate how safe a system, smart contract, or blockchain is agaisnt attacks or technical failures.
Seed Phrase
A seed phrase or menmonic seed is a collection of words that can be used to access your cryptocurrency wallet.
Seed phrase
A list of (generally 12 – 24) words that can be used to recover access to your cryptocurrency wallet.
Seems legit
“Seems legitimate” in other words, the project looks serious and potentially with good prospects. Can be used straight or ironically about a project’s prospects “I am launching Baby Fast Food Golden Snails on Solana” “Seems legit”
Segregated Witness (SegWit)
A process where the transaction signatures are separated from bitcoin transactions. Allowing more transactions to fit within one block.
Selfish Mining
The strategic withholding and releasing of blocks by a miner in order to gain a competitive advantage over the network.
Smart Contract
Automated contracts that trigger certain action when predetermined conditions are met. It works like ‘If…then’ conditions as for instance, it needs condition C met before money can be transferred from A to B.
Smart contract
Smart contracts are self-executing contracts with the terms of the contract between buyer and seller directly written onto the Blockchain. In the Ethereum protocol, the commonest language used to write Smart Contracts is Solidity.
Snapshot
The ability to record the state of a blockchain ledger, storage device, or computer system at a specific point in time.
Solidity
Solidity is an object-oriented programming language for writing smart contracts. It is used for implementing smart contracts on various blockchain platforms, most notably, Ethereum.
Source Code
Computer code, which is responsible for defining how software will function based on a list of instructions and statements.
Stablecoin
A type of cryptocurrency that is designed to maintain a stable value, rather than experiencing significant price changes.
Staking Pool
A pool where stakeholders combine their staking power to increase their chance of successfully validating a new block.
Supply Chain
A network of people and businesses involved in creating and distributing a particular product or serving a particular customer.
Sweep the floor
Refers to the purchasing of (generally multiple) NFTs that are priced lowest within a particular collection.
Szn
Szn means season which means market cycle.
Crypto szns are accelerated IRL seasons. NFT szns are accelerated crypto seasons. Might last as little as 1-4 weeks.

T

Taker
The ‘taker’ is someone who decides to place an order that is instantly matched with an existing order on the order book.
Tank
A term adopted from the traditional financial markets and describes a strong negative financial performance of a particular asset
Testnet
In blockchain technology, a Testnet is an instance of a blockchain powered by the same or a newer version of the underlying software, to be used for testing and experimentation without risk to real funds or the main chain.
Tezos

Tezos is a decentralized, open-source energy efficient Proof of Stake blockchain network that can execute peer-to-peer transactions and serve as a platform for deploying smart contracts.

The native cryptocurrency for the Tezos blockchain is the Tez, and the largest marketplace built on Tezos is HicetNunc

This is the way
A way to commend socially positive behavior “She never shilled her project” “This is the way”.
Ticker
The trading ‘symbol’ or shortened name (typically in capital letters) that refer to a coin on a trading platform.
Token
Tokens (not to be confused with coins) are digital units issued on a blockchain. They can hold value or be redeemed for assets.
Token Lockup
Token lockup or vesting period refers to the time span in which tokens or coins are not allowed to be transferred or traded.
Token Sale
The issuance of tokens in exchange for another cryptocurrency. Also referred to as an Initial Coin Offering.
Total Supply
Refers to the number of coins or tokens that currently exists and are either in circulation or locked somehow.
Transaction ID (TXID)
A transaction ID (TXID) is a unique string of characters that labels each transaction on the blockchain.
Transactions Per Second (TPS)
The number of transactions that a blockchain network is capable of processing each second.
Trustless
No single entity has authority over the system and consensus is achieved between participants who do not have to trust each other.
Turing Complete
A machine that, given enough time and memory along with the necessary instructions, can solve any computational problem, no matter how complex.

U

Up Only
Originally popularized by @Cryptopathic for ETH this year. It is everyone’s desired direction of NFT prices, certainly preferable to the less popular alternative of “Down Only”

V

Valhalla
An enormous hall where dead Vikings party alongside people with valuable NFTs. See also: Heaven “6529 is either ascending to Valhalla or heading to McDonald’s”
Verification Code
Code sent to a second device to ensure the identity of someone logging in to an account. Used for Two-Factor Authentication
Virtual Machine
An emulated computer system, or a distributed system that is designed to replicate the features of a computer’s architecture.
Volatility
How quickly and how much the price of an asset changes. Calculated in terms of standard deviations in the annual return of an asset over a set period of time.
Volume
A measurement of the number of individual units of an asset that changed hands in a market during a given time.

W

WHALE

The term WHALE comes from the traditional financial markets and refers to a trader with a significant amount of capital.

Within the NFT context, a WHALE is generally someone who owns a large percentage of NFTs within a particular collection.

Wallet
Used to send and receive cryptocurrencies. Different types include software wallets, hardware wallets, and paper wallets.
Weak Hands
A term referring to traders or investors who lack the confidence to hold their assets or to follow their trading plans.
Weak Subjectivity
Relates to the need for certain nodes to rely on other nodes when determining the current state of a PoS blockchain.
Web 1.0
The initial iteration of the web, when data was primarily read-only pages connected with hyperlinks. Also known as ‘read-only’ web.
Wen Moon
his one comes from CryptoTwitter and refers to the price of your NFT ascending to the moon which is very far away Less popular in NFT Twitter because we are a bit less financial over here. Used more ironically. “6529 x Golden Snail collab” “Wen moon, ser?”
Whiskers
The lines extending from the colored bar in a candlestick chart that indicate the full low-high range of a trading pair within a certain time frame. Also referred to as wicks or shadows.
Whitelist
A list of allowed or trusted individuals, computer programs, or cryptocurrency addresses in relation to a service or event.
Wick
A line found on a candlestick chart which is used to indicate where the price of an asset is fluctuating in regards to its opening and closing prices.
Wrapped Ether (WETH)
ERC-20 token representing Ether at a 1:1 ratio. It allows users to trade ETH to ERC-20 tokens on decentralized platforms.

Z

Zero-Knowledge Proofs
Proofs to verify that transactions are valid without revealing any information about these transactions, providing privacy to the transaction while maintaining its legitimacy.
Zk-Snarks
“Zero-Knowledge Succinct Non-Interactive Argument of Knowledge” – an approach to zero knowledge proofs.