NFT-101: Basic Terms and Definitions

• NFT: Non-Fungible Token. NTFs are digital assets that are stored on a blockchain. These assets showcase proof of ownership.

• Wallet: A cryptocurrency wallet is a digital wallet that allows users to store, manage, and trade their cryptocurrencies or tokens (also Non-Fungible Tokens - NFTs). We recommend MetaMask wallets for buying and holding NFTs.

• AMA: Ask me anything. An AMA is a type of informal interview in which the interviewee is open to questions from the public. To listen to the recordings of recent Divine Anarchy AMAs please visit 🖇｜links.

• Minting: Minting an NFT is how your digital art becomes a part of the Ethereum blockchain, a public ledger that is unchangeable and tamper-proof. Your digital artwork is represented as an NFT so it can then be purchased and traded in the market.

• Whitelist: Modifying the sale so that only whitelisted individuals/wallet addresses can mint/purchase NFTs of this particular sale. This prevents the public from participating in the sale and also prevents a gas war.

• Roadmap: NFT projects usually have a roadmap for their plans in the future on the project website. You can see their plans for marketing, growth, new releases etc.

• Floor: The lowest price of any NFT within a certain collection. This doesn't necessarily mean that you should go buy the cheapest NFT out of the entire project.

• Airdropping: Receiving an NFT Airdrop means someone else is sending an NFT to your cryptocurrency wallet.

• Utility: A measurment of usefulness of an NFT project. NFTs can grant unique perks and special access to exclusive areas only permitted to the holder. This utility may also allow you to participate in real world events, video games or economys within an NFT community.

• Presale: A private NFT minting sale where only whitelisted individuals/wallet adresses are able to participate. Divine Anarchy's Presale is at November 5, 2021 6:00 AM / 4 days ago (your timezone). You can find more details about our presale here: #📈｜sale-info

• Public Sale: An openly conducted NFT minting sale where everybody can particpate. Divine Anarchy's Publice Sale is at November 6, 2021 6:00 AM / 3 days ago (your timezone). You can find more details about our Public Sale here: #📈｜sale-info

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• Cryptocurrency: Digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology, rather than by a centralized authority.

• Ethereum: Ethereum (ETH) is the second-biggest cryptocurrency after Bitcoin (by market cap). It is also a decentralized computing platform that can run a wide variety of applications, such as smart contracts. Divine Anarchy NFTs are minted and traded with ETH and our smart contract runs on the Ethereum blockchain.

• Smart contract: NFTs are minted through smart contracts that assign ownership and manage the transferability of the NFTs. When someone creates or mints an NFT, they execute code stored in smart contracts that conform to different standards.

• Gas: Gas refers to the fee, or pricing value, required to successfully conduct a transaction or execute a smart contract on the Ethereum blockchain, this includes minting or trading NFTs. Miners set the price of gas based on supply and demand for the computational power of the network.

• Gas War: Term to describe a ridiculous surge in gas price - everyone is trying to get transactions confirmed within a small window of time, which encourages users to set their gas prices higher and higher and higher, thereby raising the required gwei beyond reasonable expectations.

• Gwei / Gigawei: A small unit of the Ethereum network's Ether (ETH) cryptocurrency. (1 ETH = 1 billion gwei)

• Blockchain: A system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system.

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NFT Reddit/Twitter Slang -

• GM

gm means "good morning"

We say good morning to each other because we are a friendly happy optimistic global community and it is nice to say good morning to your friends as you start your day

• GN: gn means "good night"

We say good night to each other because we are a friendly happy optimistic global community and it is nice to say good night to your friends as you end your day

(20 hours after you say gm and 4 hours before you say gm again)

• Ser

Ser means "sir"

It is a way to respectfully introduce oneself or perhaps share an alternative point of view

• Fren

Fren means "friend"

Because we are all friends here on a happy mission quest together

• GMI / WAGMI

"Gonna Make It" / "We All Gonna Make It"

The happy future state when everyone understands our JPGs the way we do.

"MOMA just bought a punk. WAGMI"

• NGMI

Not Going To Make It.

Best used in a self-deprecating way about one's own personal bad decisions

"Sold a Fidenza for 5ETH. NGMI"

• McDonald's

Our backup career plan in case the NGMI scenario comes true

"Sold a Fidenza for 5ETH. Applying now to McDonald's"

• LL

Larvalabs, the creators of punks, autoglyphs and meebits

"LL rarely tweets"

• AB

ArtBlocks, the most important platform for generative art in the world, that has three collections: "Curated" (ABC), "Playground" and "Factory"

"Her ABC collection is 🔥"

• Generative Art

Art that is algorithmically generated, ideally in real-time when minted.

"She is a bright new star in gen art"

• PFP

Profile Picture. The punks, apes, cats, dogs, skeletons and so on, that we all use in our proto-metaverse of Twitter and Discord.

"That golden snail PFP is sick"

• Looks rare

Rarity is often a driver of value in this space. Used ironically.

[posts picture of steak] "Looks rare"

• FOMO

The Fear of Missing Out.

Buying an NFT because you are afraid of missing out on the next big thing.

"I FOMOed into Golden Snails and I am not sure why"

• Cope

The opposite of FOMO.

Failing to buy an NFT because one is coping with one's earlier error of not FOMOing at 1/10th the price.

"I know Golden Snails are up 50x and heading to Christie's, but I didn't like the launch so staying out" "OK, LOL, cope"

• 1:1 Art

Art where each piece is unique (1 of 1). This can be thought in contract to PFP and Generative Art collections that range from 200 to 10,000 pieces typically.

"1:1 szn is coming soon"

• Szn

Szn means season which means market cycle.

Crypto szns are accelerated IRL seasons. NFT szns are accelerated crypto seasons. Might last as little as 1-4 weeks.

• IRL

IRL means In Real Life, otherwise known as the world beyond OpenSea, Twitter and Discord.

It is not recommended to spend too much time there. IRL does not have sufficiently good JPGs.

• Probably Nothing

"probably nothing" means "probably something". It is the polite way to FOMO, with just barely some plausible deniability.

"Visa bought a punk. Probably nothing"

• Up Only

Originally popularized by @CryptoCobain for ETH this year (I believe).

It is everyone's desired direction of NFT prices, certainly preferable to the less popular alternative of "Down Only"

• Liquidity

Available ETH to buy JPGs. This is an impossible state of being. Any available ETH converts into JPGs immediately so everyone is a state of perpetual illiquidity.

• Mint

The act of initially issuing a piece of art on the blockchain, either by the artist or the collector.

"Wow, beautiful picture. Mint it!"

• HEN

An absolutely infuriating marketplace for art issued on the Tezos blockchain that combines: a) huge amounts of interesting and inexpensive NFTs and b) the worst UI made by any marketplace website in decades

hic et nunc decentralized digital assets https://www.hicetnunc.xyz/

• 1/1 of X

The way to think about PFP and gen art collections.

Punks are 1/1 of 10,000. Fidenzas are 1/1 of 999.

Each one is unique, but they belong to a coherent whole collection in contrast to 1:1 art.

• Right Click Save As

Every non-NFT person's first "gotcha" move when learning about NFTs - demonstrating their vast technical capacity to download an image from a web browser.

Civilian: "I Right Click Saved 6529 and now it is my PFP" 6529: "Go right ahead"

• This is the way

A way to commend socially positive behavior

"She never shilled her project" "This is the way"

• Floor Price

The lowest available asking price on OpenSea / Larvalabs/etc either for a collection as a whole or for a subset of the collection.

"Golden Snails have hit a 3ETH Floor, but Golden Snail Nerd Glasses are 12ETH floor this morning"

• OG

OG means original gangster. First become popular through 1990s hiphop, the super-Lindy term just flows through community after community.

It means the folks who were here early and earned respect.

"He is an OG punk holder"

• Alpha

Alpha is a term from the investing/hedge fund community representing the outperformance generated by the skill of the asset manager vs beta (the market's performance). Most people's alpha IRL and in crypto is beta in disguise.

"She dropping serious alpha today"

• Its Money Laundering

This is meant to suggest that NFT prices are not real because people are using NFTs to money launder. The exact mechanism of how this works in highly liquid markets is never described.

This is a specific form of IRL and crypto twitter coping about NFTs

• JPGs

JPGs refers to our NFTs that might be JPGs or GIFs or PNGs or audio files or video files or computer games.

It is reclaiming a cope/insult for the community given many normies think "but you are just buying JPGs, are you mad?"

"They will never steal our JPGs"

• Delist

Delist your NFTs from Opensea (no longer offer them for sale) because prices are rising rapidly and they might get sold and market expectations of their value has changed.

"Golden Snail 5ETH floor. Delist!"

Also related to: "Hide your JPGs"

• Discord

A messaging platform heavily used by NFT twitter for NFT project communities.

Discord is all of: a) useful b) overwhelming c) full of scammers d) will eat all your CPU cycles e) default set to annoy everyone within miles with notification beeps

• Roadmap

The set of activities an NFT project (usually PFP) will plan to do to add value to a community.

Roadmaps are viewed as desirable in PFP projects and insulting to ask for in art projects.

Needs some care to not accidentally violate securities laws

• LFG

Let's F***ing Go. Used when you are excited about something. Best used with rocket emojis.

"New Golden Snail mint. LFG 🚀🚀🚀"

• Few

Few is short for "few understand". Like "probably nothing" it is polite FOMO.

"MOMA bought a punk. Few"

• Gas or Gas Wars

The state of chaos that ensues when all of NFT twitter tries to mint the same project at once, driving up gas prices for the whole Ethereum network.

The hardest unsolved problem in computer science - there is a Nobel Prize in this for someone.

• Ded

Ded is short for dead. Also, see "deceased"

"I sold my Fidenza for 5ETH. I am deceased."

• Rug

Rug is short for rug pulled. It came from Crypto Twitter and particularly DeFi where a lot of projects pumped and dumped on retail.

Not 100% sure if rugs as a concept make sense in the context of JPGs, but it is used for devs who run away from their project +/-

• IYKYK

If You Know, You Know

This is, like "few", a polite form of FOMO in most, but not all usages.

"MOMA bought a punk. IYKYK"

• Derivatives

Projects derived from the original project, first popularized with a wide variety of "alternative" punks.

The intelligent view on derivatives is that they are fine, enhance the brand of the original and everyone should stay cool about them.

• Noob/Pleb

Newbie and Plebian. The opposite of OG. The polite way to use these terms is only about yourself.

"6529 is such a noob. I can't believe I forgot to mint the Golden Snail"

• Seems legit

"Seems legitimate" in other words, the project looks serious and potentially with good prospects.

Can be used straight or ironically about a project's prospects

"I am launching Baby Fast Food Golden Snails on Solana" "Seems legit"

• Meatspace

Another term for "IRL". That vaguely annoying reality where the laws of physics and biology apply. Not highly recommended.

"Meatspace issues today. Car tire blew out"

• Buying on secondary

When you fail to mint a project and have to buy on opensea. Comes from finance world - primary stock sales are directly from company; secondary is what you trade day to day. Almost all action is secondary.

"Missed the mint, gotta buy on secondary"

• Schelling Point

A game theory term people believe applies to NFTs (and BTC)

Specifically that certain NFTs will become stores of value and, as such, become more of a store of value, storing more and more value in those NFTs

See: Up Only

Focal point (game theory) - Wikipedia https://en.wikipedia.org/wiki/Focal_point_(game_theory)

• Up Only (updated with correct provenance)

Up Only (see earlier in thread) now correctly credited to @Cryptopathic. I knew/forgot that. Must be getting old in meatspace.

• Wen moon?

This one comes from CryptoTwitter and refers to the price of your NFT ascending to the moon which is very far away

Less popular in NFT Twitter because we are a bit less financial over here. Used more ironically.

"6529 x Golden Snail collab" "Wen moon, ser?"

• Valhalla

An enormous hall where dead Vikings party alongside people with valuable NFTs.

See also: Heaven

"6529 is either ascending to Valhalla or heading to McDonald's"

Valhalla - Wikipedia https://en.wikipedia.org/wiki/Valhalla

• DYOR

DYOR means Do Your Own Research

The person telling you this is (correctly) disclaiming responsibility re the question of if an NFT is right or wrong for you

"I aped Golden Snail, but DYOR"

• Aped

This one has come straight from Crypto Twitter. It means "take on a large position relative to one's own portfolio size"

Apes have a strong NFT history - first, the famous 24 ape punks and then with Bored Ape Yacht Club.

"I aped Golden Snail, but DYOR"

• NFA

NFA means "Not Financial Advice". It is related to DYOR.

Again, someone shares an idea, but your job to decide if it is for you.

"I aped Golden Snail. NFA"

• This is the way (continued)

A bit advanced for today's lesson, but yes, 6529 will allow

• Mam

Mam is short for "Ma'am"

Like Ser, this is also a respectful way to introduce or share an alternative point of view

"Mam, I prefer my Golden Snail"

• Degen

Degen is short for Degenerate, meaning taking unreasonably high trading risks

"All non-Degen trading punished in Up Only 1:1 szn. Few. LFG 🚀🚀🚀. NFA. DYOR."

• Maxi

Derived from Bitcoin Maximalist. The belief that your crypto-chain is above all the best

It has now made it to NFTs.

"he is a punks maxi. missed BAYC. coping hard"

• Salt

Salt, as in salty, as in your tears, when you are coping.

"Golden Snail is just a rug. 6529 shilling all day" "So much salt"

• Love to See it / Hate to See It

These can have their normal English meaning or the opposite. DYOR!

"Her NFT made the MOMA. Love to see it" "Celeb cash grab project site down. Hate to see it"

• Rekt

Rekt is short for wrecked, for when the state of your portfolio looks like a car crash. This is not desirable, but often unavoidable.

"Got rekt trying to go short the Golden Snail. NGMI"

• DAO

Decentralized Autonomous Organization. Smart contracts with their own tokens and governance that own assets and take actions. Endless potential, but 👀for the SEC

"I am launching my hoodie nerd glasses DAO next week"

• OK Boomer

Something you can say to anyone more than 22 years old whose opinion you disagree with.

"The Golden Snail is not real art" "OK Boomer, NGMI"

• They

When you don't know the gender of the anon character you are interacting with.

"Love coolcat5434. They are a great collector"

• "I see what you did there"

When you note a smooth move from one of friends, competitors and collaborators in the metaverse. A mark of respect mostly

Self-contained, does not require a sentence.

• Shilling

Being annoying loud about getting people to buy your art or buy your bags. Or trying to generate FOMO among others. Don't do it. Nobody likes it.

"Here goes he goes again shilling the Silver Snail"

• Your Bags

Your bags, like 6529's suitcase before a long trip, are heavy. They are heavy because you packed too many NFTs in them and you are now are trapped in an illiquid position.

[Record scratch, 3 days earlier]

"Bags packed on the Silver Snail! LFG!!! 🚀🚀🚀"

• Sweep the Floor

The act of sweeping all the floor (lowest) priced NFTs in a collection into your wallet. Often the step before discovering your bags are too heavy.

"Just swept the floor on the Silver Snail!"

• FUD

Fear, Uncertainty and Doubt. An old sales trick, most commonly attributed to Microsoft in the 1990s.

Here it is repurposes for price predictions, namely to complain that they are too low.

"2,500 ETH floor for Fidenzas in 2025 is FUD"

• GOAT

🐐

Greatest of All Time. Pure respect and homage.

"He is the🐐Golden Snail trader"

• Gang Gang

Nobody can explain it well. Basically frens with the same JPGs as you, but I am not thrilled with my explanation either.

"Gang gang"

• On-Chain and Off-Chain

Refers to whether relevant steps in any particular process are occurring visibly on the blockchain or are happening off-chain and then just executed on the blockchain.

"Our generative designs happen 100% on-chain"

• Burn

To lose use of a token by sending it to an address you don't control in exchange for a different benefit (like a different token).

"He burned his Golden Snail Food Token for a token for the Golden Snail DAO"

• Stake

As in DeFi, to lock up an NFT (reducing supply) in exchange for other benefits

"She staked the 10 Golden Snails in exchange for 10 $GSnail tokens per day"

• Citadel

The place we will end up when we make it. In contrast to Valhalla, the Citadel does not have dead Vikings.

"If you own 10 Golden Snails and at least 1 Platinum Snail, your entry to the Emperor Tier of the Citadel is assured"