By now we know that an NFT is a digital asset that confers ownership of a virtual good such as a piece of digital artwork or online collectible.
Most cryptocurrencies are ‘fungible’ – meaning there is no meaningful distinction between one coin and another. However there are more terms in the NFT world that you hear now and then that can be more confusing.
Here are some of the 8 most common NFT terms and phrases that you should know about as you straddle NFTs and example of their usage in life and social media:
APEING IN – Buying into an NFT project, perhaps without due diligence
‘In just 1 day I already had 1 sale over 100 ETH, floor rise to 4.2 ETH after reveal … getting DMs from big names that are apeing in.’
DEGEN – This is simply short for degenerate, a gambler, someone really shooting at all chances by taking extremely high risks. It refers to people who invest in digital assets like NFTs or cryptos without doing due diligence.
Can also mean any person getting in on web3 investments.
DYOR – Do Your Own Research. Don’t depend on others. Do your own research before you invest in cryptos, buy NFTs, or get involved with a community.
This is extremely key since no amount of advice should come over proper personal judgement.
FLOOR – This is one you hear a lot. Floor is simply the lowest price available for an NFT in a collection. It can also be thought of as the minimum amount you need to buy one. This is an important metric to look at when evaluating an NFT project.
“The floor price on Bored Apes went from 0.5 ETH to 2 ETH in 3 days!”
FOMO – Fear Of Missing Out. An emotion that drives you to make wild decisions. When an NFT project rises sharply in value and investors buy in because they are afraid to miss the boat.
‘Getting off Twitter y’all are giving me FOMO already.’
MINT – The creation of a new NFT token. Minting is the process of turning a digital file into a crypto collectible or digital asset on the Ethereum blockchain.
“I got rugged AGAIN – you’d think I’d learn to stop buying into NFTs that are ‘coming soon.'”
SHILL – This is the act of unsolicited endorsing in public. You’re shilling if you’re promoting an NFT you’re dropping or a coin you’ve invested in.