NFTs are growing at an astronomical pace in 2021. In this growing space, knowledge is power. And some of the best NFT knowledge can be found on Twitter. As everyone is now learning about NFTs to earn some quick profits, relying on crypto Twitter influencers is a necessity. But there is a catch. Most of these Twitter influencers use NFT lingo to communicate and interact with their audience. If you don’t understand the NFT lingo, it might be a disadvantage for you.
But you need not worry. Airdrop Alerts has got your back. In this article, we will explain the most popular NFT lingo that is now in circulation. Read on to expand your crypto knowledge to start trading.
Minting refers to the process of creating an NFT and immutably recording it on the blockchain. Crypto projects like LarvaLabs mint their own NFTs. However, you can also mint your own NFTs from Rarible, OpenSea, Mintable, etc.
NFTs derive their value from the uniqueness and rare traits that they possess. Rarity is an NFT lingo that refers to how rare a particular NFT is. You can use Rarity Tools to check the rarity quotient of your NFT.
Paper Hands / Diamond hands
If you sell out quickly, you have paper hands. If you’re a strong hodler, you have diamond hands.
Gas is a popular NFT lingo that refers to the amount one must pay for making any transaction on Ethereum. Depending on the network congestion, the average gas fee hovers around 60-70 gwei.
Whenever a popular NFT project opens for the public, everyone rushes in to get their NFT. It chokes up the network and drives up gas. This leads to an intense gas war, where users need to pay exorbitant transaction fees.
Sniping, another famous NFT lingo, refers to the process where you buy a rare NFT at a cheap price. Users are sniping when they mint an NFT for a few ETH, and resell them at exorbitant prices on secondary markets.
NGMI (Not Going To Make It)
Twitterati often uses NGMI when someone makes a bad investment decision that can lead to a huge loss. Traders use this NFT lingo as well to express disappointment at their own poor choice of asset management.
WAGMI (We All Gonna Make it)
Crypto enthusiasts use WAGMI to display some camaraderie when the prices of their NFT holdings shoot up. This NFT lingo can also refer to a future time frame when every NFT holder will eventually become super-rich.
Airdrops refer to the process of giving away free NFTs as part of project promotion and community outreach. You can read our blogs on Airdrops to stay updated, and participate in a few airdrop programs.
Is short for Profile Picture. Crypto Twitter loves to show of their NFTs as their PFP.
Floor price means the lowest possible rate that someone must pay to buy an NFT. This NFT lingo is an important indicator that demonstrates how successful a project is. Higher the floor price, the better the project.
Volume traded is an important NFT lingo that refers to the total amount of actual trading value of an asset. The higher the volume traded, the greater is the liquidity in the market.
A smart contract is a fundamental NFT lingo that refers to a self-executable agreement between two or more parties. This blockchain-based computer program ensures transparent and inviolable crypto transactions.
Rug pull is a situation where malicious developers abandon an NFT project midway and escape with the investors’ money. The project owners create a sudden hype around the project, making the investors jump in for quick profits. Soon after, the developers disappear with the pooled money.
Started by the Lazy Lions, Twitter Roars mean that the NFT community collectively jump on a Tweet to create some buzz. Just have a look at this Twitter roar:
To Ape In
Mean that you buy an NFT without really thinking about it. Firstly became popular when Bored Ape Yach Club started mooning quickly after mint, and went from 0.08 ETH in May, to a floor of 41 ETH today. If you took a little time to think, you were already too late. Or at least, it might have felt that way.
That’s why people started “aping in” projects. To prevent missing out on the pump.
MetaMask is a crypto wallet where you can put all your crypto coins for online transactions. It is available as a browser extension and a mobile application that connects you to Ethereum-based dApps.
NFA (Not Financial Advice)
You must always check if some NFT influencer or crypto advisor is using NFA as part of their NFT lingo. This means you should not consider their suggestions and recommendations as professional financial advice. In these situations, never forget to DYOR (Do Your Own Research).
A Final Word Of Caution
NFTs are a great means of investment but only when you are safe. In 2021 alone, crypto frauds amounted to $474 million. However, there is no need for concern. If you keep an eye out for the danger signals, you will be safe. Check our article on NFT Scams to identify and avoid them.
Keep following Airdrop Alerts for the latest crypto news and updates!
And if you’re really interested in NFTs, but don’t have any capital to put to work. Have a look at our recent blog on how you can actually earn NFTs without investing money.