JPGS, FOMO, LFG, SZN. They almost sound like alien terms, but in fact they are all part of the world of non-fungible-tokens (NFTs). Let’s find out about them together!
Every universe possesses its own language, and that of NFTs is no exception. With its continuous expansion since 2015 it has developed its own language, which has become indispensable for those who want to take investment actions in this market.
If you want to become an expert in the field, you have to know the NFT language, and in this article I will draw up a list of vocabulary (don’t worry, nothing boring) that is fundamental and functional to your path. If you want to know how to create and sell NFT first read this comprehensive guide to get to know them best!
In particular you will learn:
NFT market: why knowing the right words is important
As in every field, even in the NFT market studying words is a bit like putting on glasses to see the reality around us more clearly. However, many people think that knowing vocabulary is of little use, but I can assure you that it is quite the opposite, and I’ll prove it to you right now.
Do you ever find yourself talking to someone about a topic that interests you too, but they use words you don’t know? Have you ever felt inferior for not knowing the meaning of these words?
If you answered “Yes”, you can understand how knowing the vocabulary of a topic is very important: it connects us to others, it is the shared code for transmitting knowledge and receiving it, for understanding, for saying what we think…
In short, knowing vocabulary helps you defend yourself against those who know more and want to exploit the other person’s ignorance, and allows you to sustain conversations on a specific topic.
Vocabulary: the main NFT terms
When you started browsing the various platforms and some online groups, you may have come across new and perhaps scary terms such as gas wars, gas fees, NFT blockchain, mint,…Today I am going to help you understand some of these vocabulary.
Ready? Let’s get started!
NFT It stands for non-fungible token and it is a unique and consequently non-interchangeable digital certificate, registered on a blockchain, that allows to certify the characteristics of a digital product and its owner.
But…in what sense is it not interchangeable?
Blockchain NFT: what is it really for? The blockchain is literally a “blockchain” that functions like a ledger, in which information is entered. The system works on a network of interconnected computers where data is recorded in blocks, and this serves to prevent scams or hacks. All this ensures the uniqueness of the token.
When a token is launched on the market it is called dropping the drop is then the release of the digital tokens on the various platforms. For example, on the OpenSea homepage one can find all the drops of the moment.
Mint For those who are not ace in English, mint means “to coin,” and it is that operation that allows the creation of an NFT and its circulation on the blockchain. If you participate in the mint of a project, you receive the NFT on your wallet at a price predefined by the creators, paying in addition a gas fee. After the mint an NFT is sold, and later bought, on a secondary market, that is, through marketplaces such as OpenSea NFT.
Gas fee? What is it?
The Gas Fee is a fee measured in ETH (Ether) that is essential to carry out certain buying and selling actions. Although somewhat expensive, the value can fluctuate depending on activity on the ETH network and the time of day.
Is it that important? Yes, because it ensures that the information on the blockchain is protected from attack and is what keeps the entire ETH ecosystem going.
Gas War These are “wars” that happen when there is a huge activity of a mint, and then Fees skyrocket.
For more specifics on gas fees, keep reading 😉
Have you ever seen the acronym WL?
WL is short for “white list,” and it’s very interesting if you sign up for one of these lists These are special lists, by design, through which you can get preferential terms to access a mint.
For example, by signing up, you can have the opportunity to buy NFT in advance, in presale, at a cheaper price than the mint open to all, called public sale.
Each project has its own rules for being able to sign up for a WL, so you can’t sign in at will, but you are usually required to spread the word about the project through social media or by inviting other users to join the project.
Speaking of lists, I cannot fail to mention the roadmap: the bible of any self-respecting NFT project!
By roadmap we mean a list of things that will be done about the project, the utility, how they intend to bring value to the community, why to invest in that project, and so on.
You know those wonderful profile pictures you see on Twitter and Discord? Such as the Punks, the Apes, the Cats? There, they are called PFPs.
Looks Rare! ;P The more value an NFT token has, the more this is defined as rare. Sometimes, however, this exclamation is used ironically to mock those not-so-rare pieces.
“I bought this project in the throes of FOMO, I hope it’s okay!”
Fomo is short for Fear of Missing Out, which means “fear of missing out.”
But there is a problem. It often happens that the decision to buy NFT is driven by impulse, by the fear that it will blow up, but this is too risky an approach. Without the right study and without a rational and solid basis, you risk missing out on the real and upcoming bomb project.
The other side of Fomo’s coin, is Cope: “I know this project has skyrocketed, but I didn’t get in at the beginning, so I’ll leave it alone now.”
It means deciding not to buy an NFT because you missed the initial opportunity to get it at 1/10th of the current price.
How many ETH do you still have in your wallet, 1, 2, 5, 10, …?
The availability of crypto you have in your wallet to buy NFTs is called liquidity
“It’s time for crypto season! To the moon!”
“I love this NFT szn.”
As in many industries, NFTs are referred to as high season, market cycles. This attribute is abbreviated as SZN (= season)
“Stop spending hours and hours in front of that thing! What do you find so interesting about it?”
IRL In Real Life, meaning the outside world and everything outside of our OpenSea accounts for NFT, Twitter, Discord… Does it pay off? No, there are not enough NFTs out there!
1:1 ART Unique piece of a collection, can be inferred from some PFPs and generative art collections ranging from 200 up to 1000 pieces generally.
“I have been admitted to the Raffle!“
Although raffle properly means lottery, it has a slightly different meaning here because there is no money won. In the NFT world, being admitted to a raffle means being able to enter a lottery and be drawn in order to make a mint of a project at a price set by the authors of the project.
AMA English acronym for “Ask Me Anything,” which means “Ask Me Anything.” When, in a Discord server, the team of an NFT project gives the opportunity to other chat members to ask them anything.
Floor price It is the lowest price of an NFT collection listed at that exact instant. I mentioned floor price in the article “step-by-step guide to start investing and earning”
Airdrop of crypto The term Airdrop indicates something that is falling from the sky and, in this case, it is token or crypto. In fact, an airdrop, in the NFT world, is a method of free distribution of crypto or tokens.
Utility Tokens They represent the majority of tokens that are issued as part of ICOs. They are mainly used by companies to generate interest in their products.
Oh my…What is an ICO?
An ICO properly means “Initial Coin Offering” and is a kind of cryptocurrency financing. During an ICO, cryptocurrencies are sold in the form of tokens. This is used as a method to raise traditional money or other cryptos.
Buy NFT? Learn the vocabulary and idioms first!
Now that you have mastered the main vocabulary, you are ready to move on to the idioms and get into the thick of the NFT language, to speak prominently with your “colleagues.”
Talking in online groups on platforms such as Discord (if you’re here, I guess you already know what that is) you may have noticed some words or abbreviations that you haven’t been able to make logical sense of. Let’s look at some of them together.
“I delisted because the floor is rising, listo at least double!” Delist means to remove an NFT from sale on a marketplace platform such as OpenSea.
LFG, literally Let’s Fu*king Go. When you are excited about launching a new project or when the floor is rising and you haven’t yet listed the NFT.
If it is not used with the emoji it loses all its meaning! If you are following a project and you happen to have the expression “Probably nothing” used. In this context it is used ironically to refer to news, sneak peeks or something else big that is happening to a project.
Ded Literally “dead.” This expression is also used ironically. “I sold Doodle for 0.5 ETH. DEAD!”
Rug Abbreviation for rugpull or rug pulled.
You know that project your super-crypto-investor cousin JPEG told you about that promised you stellar earnings and then disappeared for no reason? Dear me, I’m sorry, but you’ve been rugpulled.
Only sad reactions. ☹
“How do you see the NFT market this year?”
“Crazy gains! Up Only.“
Up Only is the positive outlook on a project or, in this case, the NFT market.
Those who are not familiar with NFT and are ‘out of the loop’ often say, “What are you buying into this stuff? There’s no point investing, it’s just JPEG files! Just take a screenshot!”
Hence, the abbreviation JPGS was born as a joking way of referring to NFTs. You will come across these kinds of people and the only sensible response, if the logical explanation is not enough, is, “Lol, okay.”
Few. As you surely know, it means “few.” In NFT language and terms, however, this is used ironically to mean “few will understand,” especially when talking about something big that is about to happen and is not yet in the spotlight or that many people underestimate.
“Andrea bought every Cryptopunks and Bored Ape in existence in the world. Few!”
Remember that these are just a few of the many vocabulary words in the NFT language, but don’t worry because the more you get into this world, the more you will learn about it.
Gas Fee: curious questions!
Remember the Gas Fees I told you about at the beginning? Here they are again. The answers to these questions can be very helpful to you if you want to buy and sell NFTs, especially if you use the OpenSea marketplace.
Do I have to pay an OpenSea gas fee if I want to buy a token on this platform?
If you want to buy an NFT directly, that is, through the “Buy Now” function, the answer is Yes and the cost depends on the congestion of the Ethereum network at that time. If, on the other hand, you buy through an offer, you do not have to pay any fee.
Do I have to pay a gas fee if I want to sell an NFT token on OpenSea?
If you list an NFT you do not have to pay any fee, but you do have to pay royalties to the authors and to OpenSea. For the former up to 10% and for the latter 2.5%. Also, if you accept a bid of less than 1 ETH you also have to pay gas fees on the sale; in case the bid is more than 1 ETH, OpenSea pays the gas fees.
Do I have to pay a gas fee if I put a token up for sale on OpenSea?
The answer depends: if it is the first time Yes, you pay a gas fee, but if you just want to put it back on sale, i.e. to “list” it: No, you do not have to pay anything.
CAUTION. When you list the token, remember to select a duration of the sale.
You may ask: Why is this so important?
Because if, after you list it, you want to delist it or raise the price, you have to pay more gas fees; if, on the other hand, the sale period expires, you don’t have to pay anything, the NFT is automatically delisted and, at this point, you can decide to price it differently.
What if I have it listed for a long period? I can’t do anything more with it?
If you really have listed the token for a long time and don’t want to pay anything for it, you can just lower the price and wait for someone to buy it.
The difference between those who achieve their goals and those who don’t is being willing to pay the price to get there and perseverance!
If I have intrigued you with these concepts you can take a tour of my Blog to find others that might interest you!