New collection Fire, Earth, Air, Water by Susie Olczak is available.
In this section, we aim to provide you with some of the most essential terms, abbreviations and slang words that you will encounter in the NFT space. Please note that this list is by no means exhaustive as there are many more terms and new ones are constantly added - but we aim to provide you with some of the most common terms that you will encounter for sure if you spend any time in the NFT world!
Do you prefer to watch and learn? Join our Community Manager Vladislav Alimpiev (Vlad) as he tells you all about crypto slang:
Ask Me Anything.
It’s an audio, video or text session to ask anything from the project’s team.
For example, Sedition hosts AMAs regularly - both with artists and just AMAs to ask anything from our Director Rory Blain.
Do Your Own Research.
In the NFT and crypto space, a lot of people will be telling you about a lot of great projects - but you should never take anything they say at face value. As they say, do your own research!
Good Morning & Good Night.
The NFT community is a friendly bunch, so expect an exchange of a lot of GMs and GNs.
We’re All Gonna Make It / Gonna Make It.
Quite self-explanatory - expressing confidence that all will be all right with the NFTs that you have and the price will go up.
Not Gonna Make It.
This is the opposite of GMI - for example, when the NFT price seems to be going down endlessly, people will start screaming “NGMI!” on social media.
This is a misspelled word for “hold”.
This is meant to encourage people to not buy or sell, but instead, hold on to their NFTs or crypto & not make any moves.
Fear of Missing Out.
When the price of an NFT or of a cryptocurrency keeps on going up and up and up - and it seems to never end - many will be afraid to miss such an excellent opportunity. Of course, no price will ever go up in perpetuity - so make sure to DYOR before acting on your FOMO - otherwise, you’re NGMI!
Fear, Uncertainty and Doubt.
Now, this one is the opposite of FOMO, it’s FOMO’s little vicious brother… This is something you experience when the price of an NFT or of a cryptocurrency that you own keeps on going down and down and down - and it seems to never end. You may feel worried that you’re going to lose everything and are prone to make irrational decisions.
Too long, didn’t read.
This is a pretty self-explanatory one, a piece of content was too long to finish reading.
This refers to giving away free cryptocurrency or free NFTs to e.g. early adopters to spread awareness of the project.
This is a term used in the NFT and crypto circles to describe making an irrational decision by buying an NFT typically without doing prior research.
This is a term that comes from traditional stock markets and it describes feeling confident that the price of an asset will go up.
This is a term that also comes from traditional stock markets and it describes feeling confident that the price of an asset will go down.
Crypto stands for cryptocurrency but is often used just as “crypto”.
This stands for “Degenerate”. This often refers to people who trade without much due diligence & ape in projects out of FOMO.
The people who make all the magic happen behind the scenes
Discord is a social platform very popular in NFT and gaming circles.
Sedition also has a Discord where you can engage with our staff, artists as well as other collectors.
The term "fiat" comes from Latin and means “let it be done".
This word is frequently used to relate to government issued money that is not backed by any commodity, such as gold. So, fiat just means US dollars, euros or British pounds.
When referring to a collection of NFTs, floor refers to the cheapest price with which you can buy into the collection.
This term refers to a situation when demand for a particular new NFT drop is so high that many more people want to buy than sell.
In that case, potential buyers will pay higher gas fees to ensure that their transaction goes through - pushing the price of gas higher and higher.
Oh boy, the buzzword of this decade.
Everyone seems to talk about the Metaverse, but no one knows what it is. Probably the best way to think about Metaverse is that it is an immersive virtual reality, a world where one can live almost like in the real world - own assets, interact with others, but everything takes place virtually.
This term refers to the price of an asset going up exponentially.
It can be used as both a noun and as a verb, for example: “I don’t think this is the moon yet” or “I still think my NFTs will moon”
In these terms, hands refer to holders of an asset.
Paper hands, or weak hands, refer to people who are easily afraid and sell their NFTs well below the market value, for example, in a scenario where the market goes down.
Diamond hands, or strong hands, refer to people who are not easily afraid and would not sell their NFTs below the market value - in some cases, they would not sell at all, if their conviction is high.
This refers to a consensus mechanism where cryptocurrency validators validate transactions based on the number of coins a validator staked, or locked. Ethereum has shifted to proof of stake in September 2022. Proof of stake consensus algorithm is viewed as being far more environmentally friendly than proof of work.
This refers to a consensus mechanism where cryptocurrency validators validate transactions by solving complex mathematical equations, also called mining. Ethereum was previously a proof of work blockchain. Proof of work consensus algorithm is viewed as being less environmentally friendly than proof of stake since computer calculations require a lot of energy to power the computers - thus causing increased emissions.
This is a type of scam when a malicious character promotes a certain project (such as a cryptocurrency or an NFT project) and then abandons the project by running away with investor’s funds.
This refers to a way to earn rewards for holding specific cryptocurrencies or NFTs.
This refers to a vision of the Internet powered by blockchain technology.
Web1 refers to the early days of the Internet - where there were few pages and the majority of users were only consumers of content and couldn’t significantly participate in content creation.
Web2 refers to the social internet - where it became possible to participate in the discussion, create content as well as sort information to find relevant bits and pieces.
Finally, web3 refers to an upcoming vision that is being realized, where ever more advanced applications are created in line with the latest innovations in the blockchain technology realm.
Within the NFT realm, being whitelisted means having access to a new NFT collection before it is accessible to the public.
This is a paper that tells the readers succinctly about a particular project and explains the philosophy behind it.