The world of NFTs is evolving at lightning speed, and with it comes a unique language all its own. From digital art collectors to blockchain enthusiasts, understanding the jargon is key to navigating this innovative space confidently. Inspired by the widely shared insights from NFT thought leader @punk6529, this guide breaks down 60 essential crypto and NFT terms that will help you blend in, communicate effectively, and avoid costly misunderstandings in the community.
Whether you're new to Web3 or looking to deepen your fluency, mastering these terms will empower you to engage in discussions, recognize trends, and make smarter decisions — all while speaking the native tongue of the NFT ecosystem.
Core NFT and Crypto Community Slang
GM & GN – Good Morning, Good Night
In the globally connected NFT space, GM (Good Morning) and GN (Good Night) are more than greetings — they’re cultural rituals. Used daily across Twitter and Discord, these simple acronyms reflect the optimistic, inclusive spirit of the community. A quick “GM” sets a positive tone; a “GN” closes the day with camaraderie.
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Ser / Mam – Respectful Address
Derived from “Sir” and “Ma’am,” Ser and Mam are polite ways to address others in conversations. They signal respect without formality, commonly used when sharing opinions or asking questions.
Example: “Mam, I prefer my gold snail with cyberpunk glasses.”
Fren – Friend in Web3
Short for “friend,” fren captures the collaborative energy of NFT circles. It’s often used playfully: “My fren just minted a rare generative piece.”
GMI / WAGMI – We’re All Going to Make It
GMI (Gonna Make It) and WAGMI (We All Gonna Make It) express collective optimism. When institutions like MoMA acquire CryptoPunks, the response is simple: WAGMI.
Conversely, NGMI (Not Gonna Make It) is self-deprecating humor after a bad trade — like selling a Fidenza for 5 ETH and watching it soar.
McDonald’s – The Ultimate Exit Plan
When someone says they’re “going to McDonald’s,” it’s a joke about giving up on NFTs. After an NGMI moment, this punchline softens the blow: “Sold my blue-chip NFT at a loss — time to apply at McDonald’s.”
Understanding NFT Projects and Platforms
LL & AB – Larvalabs and ArtBlocks
Two foundational names in NFT history:
- LL refers to Larvalabs, creators of CryptoPunks, Autoglyphs, and Meebits.
- AB stands for ArtBlocks, the pioneering platform for generative art on Ethereum.
These projects set standards for scarcity, creativity, and long-term value.
PFP – Profile Picture Culture
PFP (Profile Picture) is central to NFT identity. Owning a Bored Ape, Cool Cat, or CryptoPunk isn’t just about art — it’s about status, access, and belonging. Your PFP becomes your avatar across social platforms.
Generative Art & 1:1 Art
- Generative Art uses algorithms to create unique pieces at mint time — think ArtBlocks’ dynamic visuals.
- 1:1 Art refers to singular, one-of-a-kind digital masterpieces, often auctioned for high value.
Both forms challenge traditional art markets by embedding provenance and ownership directly into the blockchain.
Floor Price – The Market’s Baseline
The floor price is the lowest listed price for any NFT in a collection. Traders watch this closely — a rising floor signals strong demand. For example, if a gold snail’s floor jumps from 3 to 12 ETH due to a rare trait, collectors take notice.
Market Psychology and Behavior
FOMO & Cope – Emotional Extremes
- FOMO (Fear of Missing Out) drives impulsive buys during hype cycles.
- Cope is the denial phase — dismissing a project’s success after missing the entry point.
Example: “I didn’t mint that project — turns out it’s up 50x. Total cope.”
Probably Nothing / Few / IYKYK – Subtle Hype Signals
These phrases are ironically used when major news breaks:
- “Visa bought a CryptoPunk! Probably nothing.”
- “MoMA features NFTs — few.”
- “Whales are accumulating — IYKYK.”
They convey insider awareness without overt bragging.
Up Only – The Optimist’s Mantra
Up Only reflects unwavering bullish sentiment. While “Down Only” exists as satire, most holders cling to the belief that their assets will appreciate indefinitely.
Technical Concepts Every Collector Should Know
Mint – Launching an NFT
To mint is to create and record an NFT on the blockchain. During popular drops, gas wars erupt as users compete to mint first.
Gas Wars – The Cost of Popularity
High demand causes network congestion, spiking gas fees — transaction costs on Ethereum. This creates gas wars, where users overpay to secure mints. It’s chaotic but proof of strong community interest.
On-Chain vs Off-Chain
- On-chain: Data stored directly on the blockchain (secure, transparent).
- Off-chain: Metadata hosted externally (faster, cheaper, but less secure).
True digital scarcity requires on-chain storage.
Burn & Stake – Advanced Utility
- Burn: Permanently destroy an NFT, often to unlock rewards or new tokens.
- Stake: Lock your NFT in a smart contract to earn yield or governance rights — common in DAOs.
👉 Learn how staking can generate passive income from your digital assets.
Social Dynamics and Red Flags
Rug Pull – The Ultimate Scam
A rug pull occurs when developers abandon a project and drain funds. Always research teams and audit contracts before investing.
Shilling & FUD – Noise vs Insight
- Shilling: Aggressively promoting a project — often seen as spammy.
- FUD (Fear, Uncertainty, Doubt): Spreading negativity, sometimes to manipulate prices.
Stay grounded with DYOR (Do Your Own Research) and remember: NFA (Not Financial Advice).
DAO – Community Governance
A DAO (Decentralized Autonomous Organization) lets token holders vote on decisions. From art collectives to investment groups, DAOs represent the future of decentralized collaboration.
Frequently Asked Questions (FAQ)
Q: What does “Looks rare” mean?
A: It’s sarcastic praise for common or low-value NFTs — like saying “nice” to a blurry selfie.
Q: How do I avoid NGMI moments?
A: Focus on long-term value, not hype. Buy what you love, verify rarity traits, and never invest more than you can afford to lose.
Q: What’s the difference between Fren and Noob?
A: Fren is friendly; Noob/Pleb refers to newcomers (use lightly!). Never call others noobs — save it for self-deprecating humor.
Q: Why do people say “Right click save as”?
A: Critics mock NFT ownership by claiming anyone can download the image. But ownership isn’t about the file — it’s about verified scarcity on-chain.
Q: What does “Sweep the floor” mean?
A: Buying all NFTs at the current floor price in a collection — often done by whales to control supply.
Q: Is “Aped” the same as FOMO?
A: Not exactly. To be aped means you’ve heavily invested in a project, often emotionally and financially — not just due to fear of missing out.
Final Thoughts
Understanding these 60 terms gives you more than vocabulary — it gives you cultural fluency. You’ll read between the lines of tweets, engage meaningfully in Discord chats, and avoid costly missteps driven by misunderstanding.
As NFTs continue reshaping art, identity, and ownership, being linguistically prepared ensures you’re not just observing the revolution — you’re part of it.
👉 Ready to explore real-world NFT applications? Start building your knowledge now.