NFT Jargon: The Non-Fungible Token Ecosystem Talks Like This

Key facts

:

  • Politeness, good manners, and a friendly tone are at the forefront.

  • The lingo of the NFT ecosystem draws from other cultures and communities.

Non Fungible Tokens (NFT) have given rise to a vibrant ecosystem of artists, creators, collectors and communities enthusiastic about this new way of exchanging digital collectible assets.

Thus, as a culture is formed around this digital medium for reproducing artworks and valuable pieces, a code of communication is also established.

Twitter user Punk6529, a well-known collector and trader of NFT tokens on Ethereum, put together a list of terms being used in the NFT ecosystem

.

While many of these terms have their origins in other cultural niches, including those in other cryptocurrency communities, they have their application in the community of NFT collectors and creators just the same.

Politeness and courtesy come first

The terms “GM” (good morning) and “GN” (good night

) are used to greet or say goodbye in community, always with a tone of cordiality that maintains good relations.

Likewise, “Ser” (from sir) and “Mam” (from Ma’am

) are used to refer to each other as ladies and gentlemen artists and collectors of NFT.

On the other hand, there is also “Fren” (from “friend”

), to show friendship and respect between colleagues. “This because we are all friends with a happy mission and where we are together,” Punk6529 said. NFT Jargon: The Non-Fungible Token Ecosystem Talks Like This NFT Jargon: The Non-Fungible Token Ecosystem Talks Like This CryptoPunks are a highly popular non-fungible collectible token project based on the Ethereum network. Source: Larvalabs / larvalabs.com

One community, one mission: be happy and collect NFTs

Since this community goes along with each other through thick and thin, there are also terms to define when something is going well, and when it isn’t

.

In the social networks of this ecosystem, the acronyms GMI or WAGMI stand for “Gonna Make It” or “We All Gonna Make It

” to encourage each other and decree success.

Conversely, NGMI or “Not Going To Make It” is used to warn someone that they will not be able to achieve what they set out to do, for example, in reference to some marketing strategy for a collection of NFTs that are not going to make it.

e have raised. NGMI is “used by a person to underestimate their bad decisions”.

Since the decisions we can make in this market, which can be volatile, can backfire, the term “McDonald’s” was coined: the backup plan to work with in case our “NGMI” scenario comes true, Punk6529 notes.

Then we have ‘Degen‘. This term comes from ‘Degenerate’ and refers to those people who can’t avoid making high risk, or completely irrational, trades.

Some degens have managed to make a lot of money. Others have had losses that would endanger anyone’s mental health. Don’t be a degenerate.

NFTs stand strong despite naysayers.

Many people believe they do. In fact, the term ‘Schelling Point‘ refers to a point where an NFT could become a store of value from constant trading, changing hands between owners who at each sale increase the price of the collectible token.

Also, critics of NFTs use the expression “It’s Money Laundering” to express that the price of NFTs is not real because it is used to launder money, though without clarifying how, says Punk6529.

Also, one of the terms used by critics of NFTs is “JPG”, which is intended to understate the value of these tokens, as they are, in their opinion, simply images in JPG, GIF or PNG format, or any other format for video and audio.

NFTs may have their detractors, but they also represent an opportunity for many artists and creators to excel. With this in mind, we at CryptoNews have laid out 8 golden rules for detecting fraud in the NFT markets, so that artists and collectors alike can protect their works and investments from the hidden threats in the wild west of cryptocurrency trading.