NFT Acronyms: For Beginners.
Remember when Alanis and Whitney ruled the airwaves, and streaming was just starting?
That was the 90s, when the digital age came of age. When the cool kids — the early adopters — taught us how to text. Browse. Email. Blog. Upload. Download. Code. You name it.
Naturally, all this new tech we were learning included phrases and crypto wallet may make money code words and acronyms that we quickly adopted, and taught others about.
AOL. LOL. MP3. TTFN. LMFAO.
Well, the NFT space is no different. And as this most exciting new digital opportunity becomes more and more mainstream, here’s a look at some of the most common terms — and their acronyms — to get you started (if you’re not already there).
NFT: That’s the first one you’ll want to know, and it stands for “Non-Fungible Token.” Which is another way of saying, ‘it’s an uncopy-able digital file — it’s the only one of its kind — and can’t be duplicated. The coolest thing about NFTs is that when you own one, you have PROOF that it’s the only one. It’s truly AUTHENTIC: the Blockchain keeps a record of who created it, who sold it, who owns it, and what it’s worth. It’s the real deal. Not a copy. ETH: The Ethereum blockchain: it’s the second-biggest cryptocurrency, after Bitcoin. But unlike Bitcoin, it wasn’t created to be digital money. It was designed to be a new kind of global, decentralized computing platform that takes the security and openness of blockchains and extends those attributes to a vast range of applications. Everything from financial tools and games to complex databases are already running on the Ethereum blockchain. And its future potential is only limited by developers’ imaginations. As the nonprofit Ethereum Foundation puts it: “Ethereum can be used to codify, decentralize, secure and trade just about anything.” Mint: Minting in the NFT space refers to the process of turning a digital file into a crypto collectible or digital asset on the Ethereum blockchain. DeFi: DeFi is short for “decentralized finance.” With DeFi, you can take advantage of financial services that banks offer, such as insurance, loans, or savings accounts to be made available — without the middleman of a bank — through the usage of blockchains, such as Ethereum. #IRL: In real life. As opposed to online… #AMA: Ask me anything. Typically, you’ll see this in and around what you and I know as “FAQs.” #WAGMI: This is code for “We’re all gonna make it.” It’s a mantra, a rallying cry, a positive spirit in the NFT community. Words to live by? Maybe. #ATH: All-Time High. This refers to the maximum value of a particular DeFi investment, and cryptocurrency yes, it’s reached its peak value. #DYOR: Not the fashion icon. This stands for “Do your own research.” A wise piece of advice, for any financial decision.
We’ll be adding to these as the new year fast approaches. Let us know if you have any terms, codes, or acronyms that you’re using, or should be here, and we’ll be happy to add them. Until then, keep DYOR. And remember: WAGMI!!