Definitions for all those NFT acronyms and terminology
Holy apes there’s a lot of acronyms to keep up with.
We get asked (usually by normies and non-NFT folk) what so many of the acronyms used in the NFT space actually mean, so we’ve compiled a list that we will be frequently updating to keep you all in the know.
The name of the file extension for digital images .jpg pronounced “jay-peg”
Buying into a new, usually established, NFT collection
Do your own research
Gonna make it
GMI / WMGI / NGMI
Gonna make it / we gonna make it / not gonna make it
We are early
The processing of blockchain transactions requires “gas” fees paid to miners for verifying the transactions
Let’s fucking go
Play to earn , usually meaning in some way you can earn tokens within the project
To remove an NFT from sale
The process for tokenizing an NFT onto the blockchain
Often used ironically, this expression speaks to the rarity of the traits of a specific NKT token.
A 1 out of 1 means it’s a unique NFT vs. collections where only 1 edition of an individual token is available.
An NFT project got dumped by dev team or was a scam from the start. Also know as a “rug pull” which refers to the old saying about “having the rug pulled out from underneath you”
In real life
Sarcastic term when there is actually something interesting going on
When does the exponential growth happen
Basically wen moon but referring to being able to buy a lambo with when the exponential growth happens
Holding assets that can be immediately transferred into fiat.
Right click and save
An ironic expression used to troll or poke fun at people that don’t yet understand the utility of NFTs
Sales outside of the original mint sales
Context may vary between expression of genuine legitimacy vs. used ironically as an expression of potential red flags / rug
Shill / Shilling
Promoting / advertising / spamming the sale of your NFTs