Last Updated on January 15, 2024 by newseditor
You can’t ignore the rise in Non-Fungible Tokens popularity in the Middle East. As the region strives to become a creative hub, the NFT market in Saudi Arabia, for example, has shown impressive growth over the past year. This trend is projected to continue over the next three to four years. Not only is NFT growth a trend, but NFT slangs are also everywhere, from Twitter to Discord and Quora.
In another study of 28,000 people conducted by finder.com, the proportion of United Arab Emirates residents who own a non-fungible token (NFT) is more than double the global average. The fast-paced nature of the NFT industry makes it absolutely crucial to use the most up-to-date terminology in the field. This article will help you become fluent in some crypto and NFT communities’ jargon and slang.
12 Key NFT Slang To Note
AMA
The acronym AMA refers to “ask me anything.” An “ask me anything” session allows community members to pose any question they like to the host of the session. In order to maintain communication with their Non-Fungible Tokens holders, many NFT projects host regular live AMA sections.
Mint
“Minting” describes the action of creating new Non-Fungible Tokens on the blockchain. Once the token has been “minted” on a blockchain like Ethereum, it will have its own unique set of metadata that can be used for record-keeping, auditing, and trading.
Paper Hands
Someone who doesn’t back a project for the long haul and sells an NFT to make a quick profit is called “paper hands,” a slightly derogatory term. Contrast with diamond hands.
BTD or BTFD
“Buy the dips” (or “BTD”) is an investment strategy, while “buy the fxxxxxx dips” (or “BTFD”) is a more extreme version of the same strategy. A buy-low, sell-high strategy refers to the practice of buying an asset after its price has fallen because of expectations that the asset will eventually recover and rise in value.
dApp
DApps, short for “decentralized applications,” are programs that function in part without the need for a central server, instead relying on a distributed network such as blockchain.
GM
GM is an abbreviation for Good morning. A common form of address among members of the NFT community.
Discord
When it comes to NFTs and video games, Discord is a top choice for social media. When it comes to keeping the community involved and up-to-date on developments, most NFT projects rely on their own dedicated Discord channels.
Devs
Developers are often abbreviated to “devs” in conversation. The creators of a cryptocurrency or NFT project are referred to as devs.
1:1 Art
One single unique piece of NFT from an artist, usually the price of 1:1 art, is way higher than that with an extensive collection since it’s way more scarce and unique.
GMI
GMI refers to “gonna make it.” This is meant to portray the distant future when our investments are astronomically successful.
Floor is lava
The phrase “the floor is lava” comes from a childhood game in which players try to avoid making contact with the floor at all costs. It also caught on as a way to talk about the things we try to avoid in life. In the world of NFT, “floor” is short for “floor price,” so the phrase “floor is lava” means to “avoid the low price” or that the floor price is going up.
FUD
“Fear, uncertainty, and doubt” is an acronym for this concept. When the value of a coin or NFT project drops or when there is bad news or rumours, FUD is typical. In the face of FUD, investors often sell their holdings at a steep discount.
Takeaways
The NFT space is ever-evolving, and with it, the terms and NFT slangs used. While our list of popular NFT slangs is in no way exhaustive, you should keep updating your glossary to ensure you never fall behind.
