Staying informed on the constantly evolving language of NFTs and cryptocurrency can be a challenge, especially with new terms and slang popping up every day. However, being aware of these terms is important in keeping up with discussions in the crypto sphere.
In this article, we'll help you stay ahead of the game by breaking down the most prevalent NFT and crypto slang of 2023. Get ready to become a pro in the NFT and crypto world!
Ape or apeing
"Apeing" in the world of cryptocurrency trading refers to impulsive buying of a newly launched token without conducting thorough research. This behavior stems from the fear of missing out on potential profits but can lead to unfavorable outcomes. To avoid the risks, it is crucial to perform a comprehensive analysis before investing in any cryptocurrency.
ADDY
An Ethereum Address, also known as an ADDY, is a fundamental aspect of the cryptocurrency realm. It functions as a public identifier, much like a bank account number, for an individual's digital assets and dealings on the Ethereum blockchain. An ADDY represents a person's singular digital wallet public address and is used to acquire, store, and transfer cryptocurrencies and NFTs. In essence, an ADDY holds significant importance in the possession and control of digital assets in the cryptocurrency industry.
Airdrop
An Airdrop is a promotional tactic that involves distributing free tokens or coins to a large number of wallet addresses. This is usually done by new cryptocurrency projects to attract attention and build a larger community. The goal is to generate interest and promote wider adoption of the currency.
Bagholder
A Bagholder is a term used to describe a cryptocurrency investor who continues to hold onto a declining currency, despite its decreased value, in the expectation of a market rebound. The term refers to the individual holding a "bag" of the struggling currency.
Bearish
Bearish is a term commonly used in the cryptocurrency world to describe a downward trend in the market or a specific currency, characterized by decreasing value. It represents a lack of confidence among investors in the future prospects of assets and can be influenced by a variety of factors.
Bearwhale
A Bear Whale is a well-funded trader with a considerable amount of capital who adopts a bearish perspective on the future value of a cryptocurrency. This individual is perceived to wield significant market influence by offloading substantial amounts of the targeted cryptocurrency, thereby driving down its price.
BTD/BTFD
"Buy the Dip" or BTD or BTFD is a popular investment strategy in the cryptocurrency market. It involves buying a cryptocurrency when its price has temporarily dropped, with the belief that the price will soon recover and go up. This approach is taken by investors who see short-term price decreases as an opportunity to purchase assets at a lower cost, potentially leading to higher returns when the market stabilizes or rebounds.
Bullish
Bullish is a term commonly used in the cryptocurrency space to describe an upward trend in the price of an asset. It reflects investor optimism about the future prospects of a currency and is generally seen as a positive indicator for the market.
Cryptosis
Cryptosis is a strong and persistent drive for acquiring knowledge and information related to cryptocurrencies. It manifests itself through the acquisition of coins, tokens, and investment in crypto projects. This term is used to describe intense interest and participation in the cryptocurrency world, characterized by a constant pursuit of knowledge about the market and its workings.
Degen
Being a "Degen," short for "degenerate," refers to investing in an asset for speculative rather than fundamental reasons, with the belief that others will follow suit and drive up the price. While this approach may lead to large returns for some, it is often associated with a higher risk of financial loss.
DYOR
"DYOR" means "Do Your Own Research." It's crucial advice in the cryptocurrency sphere, reminding investors to take the time to thoroughly study the coins and projects they are interested in before making any investments. By conducting thorough research, investors can make informed decisions and clearly understand the reasons behind their support for a specific currency.
Flippening
The term "Flippening" refers to the possibility of Ethereum surpassing Bitcoin in terms of total value, thus becoming the dominant cryptocurrency. This term is frequently used among cryptocurrency enthusiasts, who speculate on the future of the crypto market.
Floor
A Floor Price is a crucial aspect to consider for NFT collectors. It is the lowest price at which an NFT can be purchased from a specific collection. In other words, it sets the minimum amount in cryptocurrency, like ETH, that must be paid to acquire an NFT from that particular collection.
FOMO
FOMO stands for "Fear Of Missing Out." It's a feeling experienced by many cryptocurrency investors, where they become worried about missing out on a potentially profitable opportunity. This can occur when the price of a coin or token starts to rise, causing feelings of regret and urgency to invest before it's too late.
FUD
"FUD" stands for "Fear, Uncertainty, and Doubt." It is a tactic used by some individuals to spread negative information about a cryptocurrency with the aim of decreasing its value. By spreading FUD, these individuals hope to create a sense of insecurity and doubt in the market, leading to a drop in the cryptocurrency's price.
GM
"GM" is a common greeting used in the cryptocurrency community, seen in Twitter posts and other social media platforms. It stands for "Good Morning" and is used to promote positivity and bring people together. If you come across a "GM" post, feel free to reply with your own "Good Morning" message.
GMI or WAGMI
"WAGMI" is an abbreviation that means "Gonna Make It" or "We All Gonna Make It." It's a phrase used in the cryptocurrency community to express confidence and optimism about the future. For example, someone might say "Just bought a punk, GMI," expressing their belief that they and others are going to succeed in the crypto market.
GN
"Goodnight" in the world of cryptocurrency is abbreviated as GN. You may see members of the crypto community on Twitter use GN as a way to end their day and wish the crypto world a peaceful night.
LFG
"LFG" stands for "Looking for Group" in the crypto community and is used when individuals are seeking to join a community of like-minded investors to discuss and invest in cryptocurrencies together.
NFA
"NFA" means "Not Financial Advice." If someone provides advice about cryptocurrency or NFTs and includes "NFA," they are indicating that they are not responsible for the outcome of that advice. This is commonly used by individuals, especially those on YouTube, giving financial advice as a form of protection.
NGMI
The term "NGMI" is often seen in the cryptocurrency world and refers to the idea of something or someone not succeeding or not going to make it. This expression is used humorously to criticize individuals who hold pessimistic views of crypto, make poor investment choices, or lack basic knowledge of cryptocurrency.
Paper Hands/Diamond Hands
"Diamond hands" and "Paper hands" are terms used to characterize a trader's risk tolerance in the crypto market. A trader with "Diamond hands" is one who can withstand market volatility and is committed to holding onto their investments, even during difficult market conditions. Conversely, "Paper hands" traders are those who have a low-risk tolerance and tend to sell their investments quickly at the first sign of market turbulence.
Rekt
The term "rekt" refers to a situation in cryptocurrency trading where a person sells their holdings at an unfavorable time, either too early or too late, leading to missed potential profits or losses.
Rugged
"Rugged" refers to being scammed in the crypto world when a development team suddenly abandons a project, taking all assets and leaving investors with nothing. It's like being betrayed by having the rug pulled from under you, hence the term "got rugged."
Shill/Shilling
"Shilling" refers to the act of promoting a cryptocurrency to increase its popularity or value. This is done by spreading positive information or hyping up a particular coin through advertising, whether implicit or explicit.
To the moon/Moon
"To the moon" or "mooning" is a phrase used in the cryptocurrency world to express the belief that the price of a particular coin will skyrocket soon. It's used to express confidence in the upward trend of a coin's price.
Vaporware
"Vaporware" is a term used to describe a cryptocurrency project that generates lots of excitement and hype but never actually comes to fruition. It refers to projects that make big promises but fail to deliver on them.
YGMI
YGMI is a positive expression used in the crypto community to show support and confidence in someone's investments. It stands for "You're Going To Make It," and is meant to encourage and inspire those in the crypto world to keep going and believe in their investments.
Whale
"Whale" in crypto refers to a person or entity with a significant amount of a particular cryptocurrency. They hold enough influence on the market to cause price fluctuations by making large purchases or sales.
Wen Moon
"Wen moon" is a common expression in the cryptocurrency world that signifies the belief that the value of a specific crypto will greatly increase. Similar to "to the moon," this phrase expresses the optimism and confidence that an individual's investments will skyrocket. People who use "wen moon" are eagerly waiting for a bullish market and are hoping for substantial gains.
In conclusion, the NFT and cryptocurrency industries have developed a distinct language and terminology that is constantly evolving. It's crucial to stay informed and knowledgeable about these terms as the NFT and crypto spaces continue to grow and mature. Whether you're a seasoned trader or new to the game, understanding the lingo used in these industries will aid you in making informed investment decisions and navigating the market. Don't hesitate to ask questions, conduct research, and expand your understanding of the dynamic and rapidly growing world of NFTs and cryptocurrencies.
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