If you are feeling overwhelmed by all the NFT terms everyone is using, then this article is for you, with common NFT terms explained.
DYOR is short for “Do Your Own Research”. In the crypto world, it refers to doing careful research before investing.
Many crypto traders and fans will write “DYOR” as a reminder at the end of their market analysis, in case others invest blindly based on their individual opinions. Later, this term is frequently applied as a disclaimer.
Flip originally means to turn something over. In the crypto world, it refers to profit by buying low to sell high in a short time.
In an NFT marketplace, the floor price refers to the lowest NFT price in a collection.
FOMO is also known as “Fear of Missing Out”, originally describing someone afraid of missing out on a chance. In the crypto world, this term is commonly used to describe a mentality of following others blindly to invest in fear of missing out on big opportunities in a bull market.
Gas Wars is a term describing a case where the Ethereum network witnesses skyrocketing Gas fee caused by buyers of an NFT project setting higher Gas fee for their trades to be confirmed faster.
In the crypto world, “Mint” refers to the creation of an NFT on a blockchain.PFP
PFP is short for “Profile Picture”, referring to NFT profile pictures, such as CryptoPunks and Bored Ape, on Twitter and Discord.
Play-to-Earn means users can win rewards by completing tasks in a blockchain game, such as Axie Infinity, a Play-to-Earn game.
In the crypto world, Rug Pull means a project team running away with investors’ funds. In a rug-pull scam, a development team transfers funds from investors after suddenly giving up their project.
WAGMI is the abbreviation of “We All Gonna Make It”. This term is frequently used to show NFT holders’ recognition of the project. Also, GMI, or Gonna Make it, and WGMI, or We Gonna Make It, are similar to WAGMI.
Whitelist is also known as “WL”. It can be regarded as a list of users holding a VIP ticket to an NFT project. The whitelisted users can buy popular NFTs at a lower price and with less Gas fee before the public minting of the project.