The world of NFT is full of slang and peculiar terms one can easily drown in. To help you on your P2E journey, we have collected all the most popular NFT-related words, simplified their definitions, and listed them alphabetically.
Contact us if the glossary lacks some definitions or needs edits.
A special event where to attract new customers and support a community, a project gives users free NFTs or cryptocurrency.
To buy an NFT without preliminary research.
A digital object or token.
Short for Axie Infinity, one of the most popular NFT games.
To burn a token or an NFT is to destroy it.
Each NFT may be a collectible since it is unique and has more or less rare features.
One of the first P2E games where users can buy, collect and sell virtual cats.
10 thousand unique pixel-art images. Launched in 2017, this project made NFT art viral.
A digital app running on a blockchain to keep user data decentralized. The stack of data is kept on numerous nodes owned by users, not by the dApp's creators. Web3 games are mostly dApps.
A decentralized exchange where users can make P2P transactions.
A person who tends to ape in NFT projects.
Verified and publicly known. For instance, if NFT creators are doxxed, where names and social media are available for anyone.
Do your own research.
ERC-20, ERC-721, ERC-1155
The most popular token standards. Learn more in this article.
A gaming mode where a player performs repetitive actions to gain experience, points, or some form of in-game currency.
Government-issued currency such as $ or €.
Buying tokens for cheap and reselling them later for a profit.
The lowest price for NFTs of a certain collection, game, or assets listed on a certain platform.
The event when all minted NFTs are sold for the floor price. After the sweep, the buyer can resell the assets for a profit.
Protected by smart contracts, fractionalized NFTs can be split into smaller pieces and partially owned by several people.
This acronym for “fear, uncertainty, and doubt”, is commonly used to describe such undesirable market effects as, for instance, the drop in NFTs' floor price.
GameFi is a decentralized application where players earn by implementing tasks. It is also known as P2E.
The payments needed to complete transactions on blockchains. For example, when you purchase an NFT, you make 1–2 transactions to confirm ownership that require the computing power of miners. Thus, these fees, usually paid in the blockchain’s native cryptocurrency, compensate for their spending. Gas prices are highly volatile.
Governance tokens are the main tokens of blockchain projects. Their holders can vote and influence the future of the project.
GMI means “gonna make it” and is used to emphasize the potential success of investing in some particular NFT.
ICO, IDO, IGO
ICO means "initial coin offering". It is a crowdfunding model (like IPO) for projects at the initial stage of development. Tokens issued and sold during the ICO are used to pay for products and services from the funded project.
IDO stands for initial DEX (decentralized exchange) offering, where new tokens are listed at a decentralized exchange for raising funds. IDO investors can trade tokens right away, as they are already listed.
IGO ("initial game offering") is the same as ICO and IDO, but with a gaming project providing early access to NFTs and gaming currency to raise funds for game development.
KYC means “know your customer”. This is how companies verify their users by collecting their personal data.
The ability of a coin to be converted into other currencies.
A crowdsourced pool of cryptocurrencies or tokens locked in a smart contract. The liquidity pool is used to facilitate trades on a decentralized exchange (DEX) as it allows users to trade automatically, without waiting for buyers or sellers.
NFT metadata specifies what kind of data is represented by this NFT (for instance, a jpeg), refers to the visual or auditory asset, and includes such information as the transactional history. NFT metadata prevents hosting all files on-chain.
A concept of a persistent online 3D universe that combines multiple virtual spaces. The metaverse will allow users to work, meet, game, and socialize together in these 3D spaces.
The absolute metaverse doesn't exist, but some platforms contain elements. For instance, such web3 game projects as Decentraland are close to the absolute metaverse.
Uniquely publish your token on the blockchain to make it purchasable.
A non-fungible (unique) token stored on a blockchain.
Owners of non-custodial wallets can see their private keys, and the date of creation, and permanently erase this key from their database.
An NFT for which any number of editions can be minted (contrary to a limited edition).
The acronym for the "Play-to-earn" blockchain-based games where users can earn.
The acronym for "Peer-to-peer" means that transactions are made directly between users without any third parties.
The act of mining blockchain-based tokens before the public launch of a cryptocurrency. Premining is associated with initial coin offerings (ICOs) as a way to reward founders, developers, or early investors.
Public and private keys
When you create a crypto wallet, you get two keys. The public key can be shared with others to send or receive funds. The private key is as secret as a password and is used to unlock the virtual wallet.
An NFT's rarity refers to how uncommon it is in comparison to other NFTs in the same collection. It can be common, uncommon, rare, legendary, or mystic.
When an NFT collection is minted with “delayed reveal”, buyers may see the purchased NFT and its properties only on the official revealing day.
Smart contracts are blockchain-based irreversible programs that automatically execute when predetermined conditions are met. To grant this, all transactions are visible to network members.
Smart contracts are used to control such operations as selling or purchasing NFTs in the exact amount.
Sales among the collectors held at such platforms as PROM Marketplace.
Tokenomics is detailed data about the token that includes its supply, and utility, and proves its potential value to investors.
A fungible token used to perform some action on a blockchain network For instance, it can be used to vote, get a discount, or pay for services.
A special list that enables users to access NFT drops earlier.