Glossary
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This is a living document. We will try to update it to contain any terms that are commonly used in the NFT space. Please message @JPEGLuciano in ZenAcademy if you have any suggestions!
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A

AB - ArtBlocks, one of the most important platform for generative art, that has three collections: "Curated" (ABC), "Playground" and "Factory”
Alpha - Best described as “intel”. Those who possess alpha have information that the rest of the market hasn’t found out about yet
Ape in / Aped - It means to buy into a project, usually without doing a lot of research. ie: “hey friends, I just aped in to this random project”
Addy - Wallet address
AFM - Away from metaverse, in real life
Airdrop - An airdrop is when you receive an NFT or token for sent directly to your wallet without your permission. It can sometimes be extremely valuable (ie: the Azuki project airdropped NFTs to their holders that are worth several ETH) or it can be worthless spam
Allow List - A more inclusive term for whitelist. A list of wallet addresses that are allowed to mint a project, generally prior to a public sale
Anon - is an abbreviation for anonymous, often written after poems or other writing to indicate that the author is not known

B

Bags - Another term for assets a person holds, ie: “my NFT bags are pumping” = the value of my NFTs is going up
Bag Holder - Describes an investor who holds a position that decreases in value until it descends into worthlessness. In most cases, the bag holder stubbornly retains their holding for an extended period, during which time the value of the investment goes to zero
Burn address - Is an address to which you can send assets, but from where they can never be recovered because there is no private key corresponding to that address. So it literally "burns" the assets. The ethereum burn address is: 0x0000000000000000000000000000000000000000
Burner wallet - Separate (temporary) from your main wallet, which is mostly used for minting NFTs or interacting with a dApp without risking the assets in your main wallet

C

CT - Crypto Twitter
Cold wallet - A wallet that is not connected to the internet and therefore stands a far lesser risk of being compromised. These wallets can also be referred to as offline wallets or hardware wallets
Copy pasta - Is a block of text that is copied and pasted across the internet by individuals through online forums and social networking websites. Copy pastas are said to be similar to spam
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
CC0 - No Rights Reserved, enables artists and other creators and owners of copyright- or database-protected content to waive those interests in their works and thereby place them as completely as possible in the public domain, so that others may freely build upon, enhance and reuse the works for any purposes without restriction under copyright or database law
Cash Grab - A project that is launched with one singular goal in mind: to make its creator as much money as possible without consideration for those who bought into the project
Chad - Different term for alpha male”, a “Chad” gets all the women because of his superior appearance, confidence, and physical prowess

D

Degen - Short for degenerate is often a term used to describe people who buy NFTs. We know that NFTs are risky, we know minting projects is like gambling, but we embrace it and call ourselves degens. Big degens are ones that like to ape in to projects a lot
Diamond Hands - People who hold on to NFTs for a long period and don’t even think about selling
DCA - Dollar-cost averaging, is the automatic investment of a set monetary amount on a periodic basis Delist - the removal of an asset from an exchange, for example removing one of your NFTs for sale on Opensea
DAO - Decentralized Autonomous Organization, a group of people who come together without a central leader or company dictating any of the decisions. The decision making is usually done via transparant votes on the blockchain
DYOR - Do Your Own Research
dApps - Decentralized applications, are digital applications that run on a blockchain network of computers instead of relying on a single computer
Discord - A messaging platform heavily used by NFT twitter for NFT project communities
Ded - Short for “dead”
Derivatives - Projects derived from the original project, first popularized with a wide variety of "alternative" punks
DeFi - Decentralized finance, uses emerging technology such as smart contracts to remove third parties in financial transactions
Dutch Auction (DA) - A drop mechanic whereby the starting price begins high and periodically lowers in an effort to allow for price discovery to occur
Doxxing - Is the act of revealing identifying information about someone online, such as their real name, home address, workplace, phone, financial, and other personal information

E

ERC20 - A standard used for creating and issuing Fungible tokens on the Ethereum blockchain (ie $USDC, $SAND, $APE)
ERC721 - Refers to a token standard that can be found on the Ethereum blockchain. The more common term used to refer to these assets is non-fungible tokens (NFTs)
ERC721A - Is an improved implementation of the ERC721 standard that supports minting multiple tokens for close to the cost of one. An example would be Azuki
ERC1155 - ERC1155 allows many types of NFTs to be created using a single contract. You can create both Fungible and Non-Fungible tokens with an ERC1155 contract, albeit with some limitations. An example would be adidas Originals: Into the Metaverse
ETH -Short for Ether, the currency used to buy and sell NFT assets on the Ethereum blockchain

F

Fren - Crypto-lingo for calling someone a friend
Flip - To buy and sell NFTs for profit over a short period of time
Flipper - Someone who buys NFTs with the intention of selling them for a profit. Most often, flippers buy and sell very often, sometimes multiple times a day
Fork - Represents a split in the blockchain network that results in a new, updated version of the code and protocol
FUD - Fear, uncertainty and doubt
FOMO - Fear of missing out, buying an NFT because you are afraid of missing out on the next big thing
FP - Floor price, the lowest available asking price on OpenSea or other marketplaces either for a collection as a whole or for a subset of the collection
Flying - A fast increase in price of an NFT or a collection
Flex - Simply means to show off. People buy expensive items to “flex” to friends, family, strangers, and other collectors
Floor is lava - The floor price of an NFT project is increasing quickly because lots of people keep buying the floor NFTs
Few - Short for “few understand”
Fungible - Something is fungible if it’s individual units are indistinguishable from one another and can be traded without anyone losing value. For example, the US dollar is fungible. If I give you $1 and you give me $1, neither of us gains or loses. The opposite of fungible is non-fungible, an example of something that is non-fungible is my dog. If I give you my dog and you give me your dog, we both lose
Fugazzi - **can be used to describe a situation as “fucked up” or to describe an item as fake

G

GM - Good morning. Can be said at any time of the day. It’s always GM in the web3 space
GMAEN - Good morning, afternoon, evening, and night
GN - Good night
GMI - Gonna make it - usually used to refer to succeeding financially. “We hold a BAYC, we’re GMI”. Here at ZA we prefer to associate “making it” more holistically. You’ll make it if you live a good life, help others, and learn some things along the way. Financial success is a bonus
Gas (Gwei) - For every transaction that occurs on Ethereum, users are charged a fee known as Gas. Gas is charged in Gwei, which stands for gigawei, the smallest base unit of Ether
Gas war - The state of chaos that ensues when many people try to mint the same project at once, driving up gas prices for the whole Ethereum network
Generative Art - Art that is algorithmically generated, ideally in real-time when minted. Art Blocks is an example of a platform that releases generative art
GOAT - Greatest of All Time. Pure respect and homage
Grail - Is someone’s favorite NFT or NFT project. They believe it is a highly sought-after NFT

H

Hot wallet - A hot wallet is connected to the internet and could be vulnerable to online attacks — which could lead to stolen funds — but it's faster and makes it easier to trade or spend crypto. MetaMask is a hot wallet
Hodl - Hold on for dear life, anchored in the traditional buy-and-hold investment strategy
Honey Pot - Is a more advanced scam from hackers that lure savvy NFT and crypto enthusiasts into a smart contract that appears to have a flaw that would allow a user to put in a certain amount of Ether and receive more in return. The user is unable to withdraw the earned return Ether, effectively allowing the scammers to keep their Ether from the contract, and keep the user's Ether who tried to game the system

I

IRL - In real life
IPFS - InterPlanetary File System is a protocol and peer-to-peer network for storing and sharing data in a distributed file system
Illiquid - Opposite of liquid. A project is illiquid if there is not a lot of buy & sell activity. Some projects die out by not having enough buyers who are interested in the project Insider Trading - Is the trading of a company's stocks or other securities or in context of this glossary NFTs by individuals with access to confidential or non-public information about the company/project

J

JPEGs - Refers to our NFTs that might be JPGs or GIFs or PNGs or audio files or video files even. We tend to group all NFTs into the “JPEG” basket

K

Kevin - He is a frog-looking creature that is part of the Pixelmon NFT project. Pixelmon raised $70 million USD, but the NFTs that the buyers received didn't reflect the original teasers of the project. Some are going so far as to describe it as "the worst NFT project ever," and others are even saying that it is a complete scam. Kevin has become a meme out of this situation, some labelling Kevin as a historical NFT

L

LFG - Let’s f***ing go, used as encouragement
LL - Larvalabs, the creators of punks, autoglyphs and meebits
Looks rare - Rarity is often a driver of value in this space. Often used ironically
Looks Rare (LR) - an NFT marketplace that launched as a competitor to OpenSea
Liquidity - Available cash or crypto to buy NFTs. For example I can’t buy that, I am low on liquidity

M

Mint - The act of interacting with a smart contract to generate an NFT for the first time
Mint List - A more inclusive term for whitelist. Synonymous with Allow List
Moon - When something is “mooning” or “going to the moon”, it means the price is going up a lot
Memecoin - CryptoCurrencies that is popular in culture/represented by a meme. A popular example is Dogecoin
Metaverse - In the broadest terms, the metaverse is understood as a graphically rich virtual space, where people can work, play, shop, socialize — in short, do the things humans like to do together in real life on the internet
Metadata - The Metadata in an NFT is the actual content and the description about the content described in the contract stored on the blockchain. This is often different than the visual representation. In most part, what you “see” is an image that is not stored on the blockchain because it is expensive to store high-quality files on-chain
McDonald’s - Our backup career plan in case the NGMI scenario comes true
Mam - Short for "Ma'am", a respectful way to introduce or share an alternative point of view. “mam, you sold too soon”
Maxi - Derived from Bitcoin Maximalist. The belief that _______ is above all the best and you only want to hold that asset. ie: “i’m an ETH maxi, I don’t hold any BTC” or “i’m a generative art maxi, I don’t buy into PFP projects”

N

NFT - Non-fungible token. A unique and non-interchangeable token which exists on a blockchain
NFA - Not Financial Advice
NGMI - Not Going To Make It, Best used in a self-deprecating way about one's own personal bad decisions
NFT Archeologist - Individuals who research and dig up old projects in order to find projects with historical value
NFT Twitter - is a community on Twitter. Most often, people will make a new Twitter account and follow others specifically to learn and engage in the crypto and NFT space
Nitro - Discord Nitro is a paid membership on Discord, which comes with global access to custom emojis from all the servers you are a part of, Nitro stickers, a custom Discord number tag, animated avatars, server enhancements, etc. It costs $9.99/month and $99.99/year.

O

OS - OpenSea, most popular NFT marketplace
OG - Original Gangster, indicates someone who has been in the space for a long time
On-chain - On chain NFTS are NFTS that are completely stored on the blockchain. This means that the metadata and image are stored on chain, and no additional information needs to be retrieved from a centralized server or IPFS. One example would be OnChainMonkey
Off-chain - Different from On-Chain these NFTs are not stored on the blockchain directly. They are stored on a centralized hardware server storage something like IPFS / Arweave

N

Noob - Newbie, the opposite of OG

P

PFP - Profile Picture
Paperhands - People who sell NFTs too quickly. Opposite of diamond hands and often used in a derogatory manner
Probably nothing - Used sarcastically in response to a significant event in the NFT space, mocking those who dismiss NFTs. “A Bored Ape sold for a zillion dollars today. Probably nothing.”
P2E - Play to Earn, Gaming mechanics
POAP - Proof of Attendance Protocol, are tokens that are used to give attendees a way to prove their record of life experiences
Pumping - Describes when an NFT asset is rising in price quickly

Q

R

Rug / Rug pull - Is a malicious maneuver in the cryptocurrency industry where crypto/NFT developers abandon a project and run away with investors' funds
Rugged - If a project/NFT has fallen victim to a rug pull
Raid - Refers to doing a flash campaign on Twitter or other social media platforms. Some NFT projects like to use raids as a way to keep the community engaged in order to promote their NFTs
Right Click Save - Refers to the ability of anyone to right-click and save a public image associated with an NFT. Often used by those outside the space to mock those of us in the space, saying NFTs shouldn’t be valuable because anyone can right-click save them
Roadmap - The set of activities an NFT project (usually PFP) will plan to do to add value to a community, the future plans of that specific project
Rekt - Short for wrecked, for when the state of your portfolio looks like a car crash
Reveal - Sometimes when you mint an NFT project, buyers have a general idea of what the NFT may look like, but you don’t get to see what your NFT looks like right away, you have to wait for the reveal
Rarity - Put simply, in context for NFTs rarity decides how rare an NFT is and in turn, how valuable it is. Rare NFTs are most highly sought after by collectors

S

Secondary market - The transacting of NFTs on a marketplace like OpenSea
Sweep the floor - To buy multiple NFTs off the floor of the secondary market, usually done in a short space of time and often with a tool like Genie or Gem
Snag - To pick up an NFT, often one that is more valuable than the price suggests
Smart money - Is capital placed in the market by institutional investors, market mavens, central banks, funds, and other financial professionals
Stealth mints - Generally, a stealth mint approach releases the minting smart contract and/or website at the time of or shortly before the NFT mint goes “live” to the public. Usually there’s no marketing done beforehand
Smart contract - A "smart contract" is simply a program that runs on the Ethereum blockchain. It's a collection of code (its functions) and data (its state) that resides at a specific address on the Ethereum blockchain [https://ethereum.org/en/developers/docs/smart-contracts/]
Shilling - When someone promotes an NFT and encourages others to invest in a specific NFT
Ser - Means “Sir”, It is a way to respectfully introduce oneself or perhaps share an alternative point of view
Soft rug - When a project's founders slowly exit the venture taking any funds raised with them, while stringing the community along pretending to be working on the project
Szn - means season, which means market cycle
Seems legit - Seems legitimate, in other words, the project looks serious and potentially with good prospects
Snipe - When you buy an NFT below the floor value, especially for rare traits during the reveal process

T

Thin Floor - When there are not a lot of NFTs listed at floor price. For example, if the lowest NFT is listed at 0.5 ETH, the second lowest is listed at 0.6 ETH and the third lowest is listed at 1 ETH, that would be a thin floor to 1 ETH
Traits - Many NFT projects offer a Collection of NFTs with a number of traits, making each NFT in the Collection unique. Some traits are rarer than others. NFTs with rare traits usually sell for more. Most projects don’t show the traits you'll get until the reveal date, making it a surprise if you got a rare one

U

Up only - It is everyone's desired direction of NFT price. It’s also the name of a podcast/show by a popular CT influencer Cobie [https://uponly.tv/]

V

W

WL - Whitelist, is a list of people who get early and (usually, but not always) guaranteed access to mint at a specific date and window of time. Can have many synonyms such as Allowlist, Presale list etc
We are still early - A phrase to remind people how much opportunity there is in the NFT space because it is a long way from mass adoption and maturity
WAGMI - We’re All Gonna Make It
Whale - An investor with a lot of money / large portfolio
WETH - Wrapped Ether (WETH) is a token pegged to Ether (ETH). WETH is used in several platforms and DApps that support ERC-20 tokens such as for bidding on OpenSea
Wen moon - This one comes from CryptoTwitter and refers to the price of your NFT ascending to the moon which is very far away. Used more ironically
Web3 - Web3 refers to the evolution of the internet to include digital ownership. Before web3, the internet’s main function was being a web of information. web3 changes the main function to be a web of ownership through cryptocurrencies, NFTs, and Decentralized Finance (DeFi)
Wash Trading - Is a practice which involves entering into securities transactions for the express purpose of giving the appearance that a trade has taken place although their portfolio has not substantially changed, can be used as a form of market manipulation

X

X2Y2 - Another secondary marketplace option, a competitor to OpenSea. It currently has no fees for sellers and no gas costs for buyers

Y

Z

ZA - ZenAcademy, a welcoming space for anyone, anywhere, at any level to learn about NFTs & web3

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NFT Glossary German
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