This is a list of useful definitions for the most common terms encountered in the blockchain, crypto and NFTs space.
Common terms and acronyms
Distribution of NFT's for free, which will go right into someone’s wallet. A giveaway.
‘Ask me anything’. Some projects offer AMA sessions to the community, where once a week they might discuss the project updates and take questions.
Someone who is looking at the market situation in a loss position.
The condition of a market where there are prolonged price declines, prompting people to sell their assets/positions.
Someone who is looking at the market situation in a winning position.
The condition of a market in which prices are rising or are expected to rise, prompting many people to buy or join the market.
Denomination for NFT projects that are market leaders, well established and are considered a solid investment. They are known to weather downturns and are very adaptive. E.g. CryptoPunks, BAYC, XCOPY.
A digital ledger of transactions that is duplicated and distributed across an entire decentralised network of computer systems. It makes use of cryptographic technology as a security mechanism.
To remove an NFT from the blockchain, making the overall supply even more limited.
Cold wallet / Hardware wallet / “Offline wallet”
A cryptocurrency wallet that cannot be compromised because it is not connected to the Internet. It is a physical device that stores the user's address and private key offline, which gives access to the assets on the blockchain.
Projects that are inspired by other famous, established collections. The idea is that they are models that have worked before. E.g. HAPEBEAST, Ape Gang (inspired by BAYC).
Skilled professional that has the ability to understand the NFT market and can build projects using blockchain and smart contracts technology.
A long-term holder. A retail investor that is holding onto an NFT/coin no matter how the market situation is looking like.
Flip / Flipping
Used for NFTs. To buy one at a lower price and then sell it fairly quickly for a higher profit margin.
Floor / Floor price
A term that originates from commodity trading and refers to the lowest price, rather than the average price, at which an NFT can be bought.
When a ‘whale’ purchases all the NFTs from a collection listed at the lowest price.
Fear uncertainty and doubt. Sometimes used as a tactic to make people hesitate and create suspicions about a project.
A property of items or assets that are equal in commercial value, have identical properties and are interchangeable. (e.g. - dollar bills, cryptocurrencies, common shares)
Gas / Gas fee
Refers to the amount of energy used in a network to process a transaction. It is charged as a transaction fee, and the cost varies depending on the network’s availability.
NFT Community terminology
Acronyms and terms commonly used by people in the NFT and crypto space. Useful to make sense of online conversations on Discord, Twitter, Instagram, etc.
NFT communities have certain ways of communicating and building their membership count.
Popular and famous NFT collections
This is a list of NFT collections that have achieved mainstream success and are now considered solid investments. In the NFT space, some of these are referred to as ‘blue chips’.
Most NFT projects are ‘collections’ – a set of NFTs which are all based on the same concept.
February 3, 2021
The blockchain can be defined as a decentralised, distributed and (most of the time) public ledger.
February 25, 2021
Non-fungible tokens (NFTs)
A non-fungible token or NFT is a unique and non-interchangeable unit of data stored on a digital ledger (blockchain).