In the growing global space of online finances and cryptocurrencies, non-fungible tokens are seen as a groundbreaking innovation. While these are entirely digital and owned as a product of the blockchain, these are specific digital items or assets dissimilar to other cryptocurrencies such as Bitcoin or Ethereum. That is why as the popularity of NFTs rises, it is crucial to decipher the terminology and slang of the constantly evolving market. This introductory guide will guide you through the dense and bustling space of NFTs by exploring different definitions and slang used within the NFT community.
What Are NFTs?
NFTs are digital assets that track ownership of unique physical, and virtual real estate and commodities such as digital art, music, specials, videos, etc. Unlike bitcoin or Ethereum, which are digital assets with equipollent values that can replace one another or be exchanged as one to another, NFTs are unique and cannot be replaced or exchanged in equivalent. They are created in the blockchain, hence the questions of quality, authenticity, and security arise. These values have made NFTs unique and scarce, which have contributed to the growth of the NFT market as many artists, collectors, and investors from around the world are interested in investing in this market.
NFT Meaning in Urban Context
In an urban setting, the term may sometimes be used in jest or may be considered slang in the sense that it has nothing to do with its usual application in the world of cryptocurrencies. , but in the context of the digital world, NFT is an acronym for Non-Fungible Token only. These tokens have emerged as self-sustainable digital tokens that intervened in the traditional asset ownership and value attribution within the art-tech-commerce matrix.
Exploring the NFT Urban Dictionary
The “NFT Urban Dictionary” is a humorous look at some of the terms and phrases that have popped up about NFTs. It is a comical or hypothetical list of non-fungible token or NFT-associated words and expressions that may have been developed in a public collaboration or humorously. As informal, this dictionary shows the imagination and wit of the NFT community members as well as makes the process of learning fun for both, newcomers and experienced users.
Here are some of the emerging NFT slang we hope resonates with their meanings:
1. Gas Meaning
In the context of the NFT market, “Gas” is understood as a charge for performing actions within the blockchain. Normally when buying/selling or even minting an NFT certain transactions require a certain amount of gas in Ethereum type of cryptocurrency. The prices of gas depend on the network load and that is one of the most significant factors to be taken into account by the NFT trade and development.
2. ATL Meaning
Let me explain what “ATL” stands for, which is an initialism for the term “All-Time Low,” which refers to, you guessed it, the lowest price at which a particular NFT was sold. It is crucial for collectors and investors to track ATL for the sake of identifying the market performance and predictive value of history on NFT prices.
3. Mint Meaning and Minted Slang
Currently, the process of ‘minting’ an NFT means generating a new token at the blockchain based on the given digital asset. This process confirms that the asset is unique, can be verified, and can be traded. The phrase “Minted Slang,” generally focuses on the creation and introduction of an NFT into the consumer domain.
The vibrant NFT Slang Community
As the NFT market rises, we see new adjectives, verbs, and other colloquialisms embraced and deployed throughout the community. It is, therefore, useful to have with you this vocabulary to be able to subset to the industry; understand, forecast, and participate in the trend. Let’s dive deeper into some of the most popular slang in the NFT world:
1. Bull Market vs. Bear Market
A “Bull Market” means a market that is on an upbeat trend of prices and higher investment among the investors. On the other hand, such as a “Bear Market” where there is a downward price trend or low investors’ optimism. For anyone involved in the world of NFTs and wishing to avoid disastrous losses or investing in low-value or potential scams, it is essential to understand these terms.
2. HODL
It is an acronym of the phrase ‘hold’ and is a common term used by the members of the virtual financial market. It started as a post on the Bitcoin forum in 2013, reminding people to not sell their investments during such volatility. In the NFT area, HODLing can also represent one’s commitment to one collection or task over a long period.
3. Moon
When people use the phrase ‘going to the moon,’ they mean that the price of a specific cryptocurrency or, in the case of NFTs, of specific tokens, will skyrocket and set fresh records. As used within the NFT space, it is a term full of hope and enthusiasm.
4. FOMO and FUD
“FOMO” is an acronym for “Fear Of Missing Out” – a feeling which many investors have –, the sense of missing something right. Whereas “FUD” is short for “Fear, Uncertainty, Dread” and means the dissemination of false information that throws doubt into investors’ minds. Each term directly affects investor behavior as well as operations in the financial market.
5. NFT Drops and Airdrops
An “NFT Drop” means the creation and release of new, fresh NFTs created by an artist or work by a project or an artist which may be likened to a product launch. The release of NFT is planned at any convenient time to make people wait for the products. An “Airdrop” on the other hand refers to a process whereby tokens or NFTs for instance are bestowed on a certain group of people for free as a marketing tactic or to incentivize a particular group of a population.
6. Rarity and Scarcity
In the NFT universe, ‘Rarity’ and ‘scarcity’ are defining features because they determine price. When it comes to three-dimensional, fairness relates to the special characteristics of an NFT; conversely, Scarcity concerns the entire number of units of NFTs. There shall be proof of limited and hard-to-find NFTs since these are deemed to cost more than the common ones.
7. Floor Price
The “Floor Price” of an NFT collection implies the market value at which any NFT within the particular collection was originally listed on a marketplace. It helps collectors to join the community and receive some information concerning the market value of the collection.
8. PFP (Profile Picture) Projects
The NFT collections are minted for someone to use as their profile picture on various online platforms that they may have, referred to as “PFP Projects”. Although there are many collections today including Punk Apes or World of Women, CryptoPunks and Bored Ape Yacht Club have become very popular allowing collectors to represent who they are and their status in the NFT world.
9. Whitelist and Presale
A “Whitelist” is a list of people or addresses usually given priority to purchase a new NFT before the rest of the community or general public. Like a “Presale,” which is an early sale of an NFT before the actual launch of the same. These strategies create enthusiasm and rewards for members of the community.
10. Bermuda Unicorn NFT Marketplace
From art collections to weird, creepy, and bizarre, Bermuda Unicorn NFT Marketplace has a great choice of premium NFT collections. Here are some highlights:
1. Angry Pitbull NFT
The Angry Pitbull NFT collection displays stunning images that are near to Pitbull character and desire. Gorgeous figures inspired by the powerful and relentless breed, these NFTs honour the Pitbulls’ obedience and capacity to strive, which draws the international attention of enthusiasts.
2. Zodiacs NFT
Zodiacs NFT is an artistic project containing stunning digital art tokens that represent twelve zodiac signs. Every piece is associated with its zodiac sign, and the collectors will be able to fully embrace the magical mystical imagery of the universe. The graphics used to create the Zodiacs NFT portray the full picture of the Zodiac sign, which enriches the experience for collectors.
3. Hello Kitty NFT
A great and cheerful Hello Kitty has been popular among children and adults all around the world for many years. To continue with the idea, the Hello Kitty NFT collection respects the summon of this amazing cute white kitten wearing a red bow. These particular NFTs represent friendship, love, and happiness thus giving a wide target market of art enthusiasts.
Conclusion:
For those new to the NFT space, making an effort to know that particular slang is crucial when one wants to check out the world of non-fungible tokens. In terms of digital creation from the process of ‘creation’ of a tokenized artifact to market convolutions, the language of NFTs is as progressive as the field itself. Learning these terms can help you speak the language of the NFT community and evaluate opportunities in the area and the field’s growth.
As you may know, the NFT market is constantly developing, and terms and trends change as often as well. Remain interested, remain active, and embrace the interesting process of learning about NFTs and the variety of terms associated with them. Happy NFT hunting!