NFT

Here is a list of the most-used top 10 NFT slangs and their definitions to know

NFT stands for non-fungible token. It's generally built using the same kind of programming as cryptocurrency. It is a digital asset. When we first dove into writing about NFT-related topics, a large aspect that intimidated us was the terminologies thrown around in the community, even in educational materials. Hence, we thought it’d be helpful to come up with a short glossary on some frequently used slang. Acronyms and misspellings run amok in the crypto-verse. Here’s a list of the most-used NFT slang and their definitions.

FP: FP stands for floor price. It is the lowest asking price for a collection on a secondary market. FP, floor, or floor price is the lowest asking price for a collection on a secondary market. Usually, the floor is filled with NFTs that have the lowest ranking traits. At the time of writing, the FP of Bored Ape Yacht Club is 98 ETH.

ANON: Anonymous person on the internet. When someone uses anon, they're referring to a non-specific person. The term is often used sarcastically and generally.

APE: It refers to apeing into something, which is buying a lot of something on a whim or without doing much research beforehand. Ape is used to describe the action of hastily purchasing a new NFT without doing enough prior research to understand the project

10k project: A 10k project is an NFT collection that has 10,000 unique pieces. It helps Black entrepreneurs raise money through equity crowdfunding. This type of NFT is said to be started by the Crypto Punks collection in 2017, with plenty of similar ones following ever since.

Mint: NFT minting is the process of publishing an NFT on the blockchain and making it available for purchase. NFT primary sale. Mint can be a noun or a verb.

WL: WL is short for whitelist. Generally, whitelisted members can mint the NFT during the presale period. WL is commonly granted to early community members and those who contributed to the project. Other individuals can get whitelisted from giveaways and raffles too

Moon: The word “moon” in crypto refers to the price of assets going up over some time. The saying, “To the moon!” is often used in the crypto and NFT space, and is a term to describe that the price or value of something is going to skyrocket. Moon generally refers to the price of an asset skyrocketing to the moon.

PEP: PFP is an acronym for Profile Picture. Many community members show support by changing their profile picture into their favorite NFT project. There are many instances where popular celebrities change their social media PFP into an NFT and the project FP starts skyrocketing

DYOR: DYOR stands for do your research. It is a very common term used by the community and especially influencers to remove liability from themself when featuring a project. It’s essentially used as a disclaimer when someone is commending an NFT project, but warning others to develop their understanding of the matter first before making any moves.

Grinding: Grinding is the act of actively participating in or promoting a project to archive a goal. The goal is usually getting whitelisted for the project. The grinders would actively promote the project on social media and interact with the community members to make them feel at home