There isn’t a government agency you can report scams to, because oftentimes, someone’s identity in Web3 isn’t public—it’s just a series of letters and numbers in a wallet address. How is the government supposed to track down someone who is just letters and numbers? Brands need to be absolutely ironclad in their what is aurora security with any NFT activity they launch, or they risk people’s money and trust. The NFT conversation is unlike anything else that has existed before it. Shitposting is the norm, and memes are the everyday language of these communities. The bar for Web3 content is high, and brands will be expected to meet it.
- Arguably could be the most expensive artwork ever created.
- In addition, it may be a rallying cry for current holders of a specific token or NFT.
- People critique others for “fudding” various coins and projects on the internet.
- The price of a digital asset increases, often at a faster pace or in larger moves than normal.
- While NGMI points out that another group or community is “different”, WAGMI is the positive belief that everyone in the community is going to make it.
In the second, the NFT project Nice Kids Collective uses WAGMI to self-promote its initial launch, while providing some key information about the NFT project itself. It can also be used after a specific project or company has announced a positive decision around NFTs . In addition to usage in handles and among media, one group has even created a HODL token.
An expression of uncertainty in a project or token. A derogatory term that refers to a stereotypical alpha male, usually someone who is popular, confident, and assertive. Usually a thread for the community to ask a developer questions about their project. A water point close to home makes the job of water collection much quicker and safer.
NGMI is often considered an insult, and generally shouldn’t be used in polite conversation. Many Twitter battles have been started over the use of the word. Learn the basics of cryptocurrency and how to protect yourself from crypto scams with this 6-part beginner-friendly course, created in collaboration with Luno Discover. Crypto Szns are typically market rotation from one theme to another theme and can be as short as 1 week to 2 months.
Chain Debrief aims to inform, educate, and connect the global investment community through our crypto guides, news, analyses, and opinion pieces. A rhetorical question that expresses wonder at when an NFT or token will skyrocket in value. Not Gonna Make It – refers to an investor making bad decisions. Fear of Missing Out – when you buy into a project because you fear missing out on something.
This slang is akin to professional jargon and becomes natural over time, and while individuals may find the community willing to help them understand what these terms mean, brands will be afforded no such luxury. Ethan Vinh Nguyen and Andre Marcus Quiddaoen Llacuna abandoned their proposed NFT project “Frosties” and absconded with $1 million in investors’ money. A messaging app, similar to Slack, used by many crypto projects to organize.
WAGMI and NGMI: What Do They Mean?
In this tweet, Twitter user Magic Eden checks in with the overall crypto and NFT community on Twitter to elicit responses about how everyone is doing. Sometimes, the opposite of GM, GN, is used when a crypto or NFT enthusiast signs off of an account for the night after a particularly prolific set of messages or tweets. FUD stands for “Fear, Uncertainty, and Doubt” and is often used to criticize those outside the crypto and NFT community. This is particularly the case when individuals or groups question the future or value of crypto or NFTs as a whole.
As the crypto community grows, slang terms will likely continue to grow as well; for example, some commonplace crypto slang terms, like “GM” are, as of the writing of this article, only around six months old. This means that the language of the crypto and NFT community is evolving quickly, which is why it’s more important than ever to keep up with the times as crypto slang grows and changes over time. If you want to truly understand and get deep crypto trends, following crypto and NFT-based social media communities is essential. To do this effectively, you’ll need to understand exactly what people mean when they post, and to do that, a good understanding of crypto slang is a must. The price of a digital asset increases, often at a faster pace or in larger moves than normal. Actors, celebrities, social media influencers, professional athletes, and tweets from Elon Musk have all been involved in pumping the crypto market.
No spam — just heaps of sweet content and industry updates in the crypto space. An acronym that refers to one’s profile picture on social media or messaging platforms. PFP NFTs are NFTs designed to be used as profile pictures on social media. PFP NFTs are typically square-shaped and show the portrait of a character from the chest up.
Though this project started as a memecoin in relation to the cultural phenomenon of $GM, the team has aspirations for so much more. Rooted in our deep relationships with insiders and investors worldwide, we plan to grow into a much larger, functional platform that educates investors of all backgrounds about cryptocurrencies and NFTs. We have many more specific use-cases up our sleeves which we are waiting to announce, but as for now, remember the mantra. The mantra that will take us over the mountain and to the moon.
How to Speak NFT: Your Go-To Guide for Deciphering Crypto Slang, From Allowlists to WAGMI
Brands and marketers who want to break into the NFT conversation must avoid situations like this at all costs. Mastery over a community’s vocabulary is essential for brand participation and can only be done through listening. — A crypto term referring to a “bag” of assets that consists of only one’s profits, after the person has removed their initial investment. This strategy reduces one’s risk and allows them to keep a “moonbag” of said asset in the hopes that its value will continue to go up. An excited phrase used to hype up and congratulate people, projects, or achievements. It’s a term used to promote positivity, greet others, and build a sense of “community” among crypto and NFT traders in Discord servers, Telegram chats, and Twitter.
Sign up for the SupraOracles newsletter for company news, industry insights, and more. You’ll also be the first to know when we come out of stealth mode. LFG can also refer to the Luna Foundation Guard, the controversial organization that controls the recently failed stablecoin TerraUSD and the Luna blockchain ecosystem. The words FUD and “Fudder” generally have a negative connotation, with some even going as far to say that those spreading FUD are NGMI, or not going to make it. There is also a $NGMI meme token built on the Avalanche network, which currently sells at a fraction of a cent. Other accusations of NGMI behavior may simply be in-group/out-group bias, or even jealousy about an NFT collector or collection that has recently been a runaway success.
You are solving the world’s hardest problems and you can solve this one. The Water #WAGMI crypto fund is an agile fund to support emergency response and project funding gaps around the world. Adweek is the leading source https://cryptolisting.org/ of news and insight serving the brand marketing ecosystem. The height of comradery of the crypto, web3 and NFT community. Which in a zero-sum market is technically impossible, but let’s not let details spoil a gm.
— Someone who doesn’t hold any cryptocurrency or NFTs, or someone who lacks knowledge about crypto or NFT markets. Hold On for Dear Life”—it did not.) The Bitcoin trader who wrote the post was referring to holding his position and not selling his Bitcoin. Since then, the intentional missing “HODL” has taken off and become a mantra of sorts for the crypto and NFT communities. DeFi degens and NFT degens typically live a “degenerate” lifestyle that involves high-risk trading, an obsession with crypto, and sometimes a lack of self-care habits. NFT degens often prioritize buying and selling NFTs over other important life activities, such as school or work.
It wasn’t until 2021 that WAGMI reached the Wallstreetbets community. The subreddit community took up arms against Wall Street to squeeze the hedge funds out of their short positions. WAGMI became a battle cry, showing camaraderie and a sense of belief in their success. The crypto sphere is quite familiar with WAGMI and NGMI. Today, CMC Academy discusses where did these terms come from, and what they stand for. Stay on top of crypto news, get daily updates in your inbox.
Other Crypto Slang You Should Know
(It costs an average of $20 to equip one person with clean water). And one of the advantages of Web3, decentralization, can also be one of its biggest pitfalls. When you transact on the blockchain, there isn’t a bank you can go to to reverse the transaction or report fraud.
What Is a Cold Wallet? A Guide to Popular Crypto Terms
Allows for gated channels that are exclusive to holders of the project’s NFT. You may be advised to “join the Discord” for a specific project to get the inside scoop. The same way a file can be “airdropped” between iPhones, NFTs can be airdropped between crypto wallets. It’s usually a boon, used in the context of an NFT project that is airdropping additional NFTs or tokens to existing holders as a reward for loyalty, or an incentive to engage further. An optimistic term thrown around by NFT communities to encourage positivity and the idea that everyone is going to succeed financially in the NFT space, regardless of whether or not that is actually true.
In fact, Jim Cramer has made so many poor stock and crypto predictions that investors have created an inverse Jim Cramer ETF to trade the opposite calls of Jim Cramer. FUD can also be used against current crypto or NFT community members who doubt a specific project’s viability. Sometimes, those who spread FUD about a project or the general crypto/NFT industry are also referred to as Fuddders.
In some cases, the promoters of a specific NFT project will say that those who invest are NGMI, as shown in the tweets below. HODL has become so prevalent that many have included the term in their profile names, social media handles, or even businesses. One Twitter influencer has even called himself “American HODL” due to his early and steadfast attitude toward Bitcoin investing. We introduce people to the world of trading currencies, both fiat and crypto, through our non-drowsy educational content and tools. We’re also a community of traders that support each other on our daily trading journey.
Nonetheless, we at Phemex will keep you up to date on the newest crypto terminology. GM now for crypto people is a motivational day starter and is frequently followed by sharing a bullish chart, statistic, or positive news from the macro crypto economy. The Crypto Twitterverse community is innovative in many ways, including language. Essentially, this burgeoning community of crypto enthusiasts, investors, innovators, entrepreneurs, artists, and young folks has created new terminologies related to DeFi and NFTs.
When an investor thinks a purchase they and/or others have made is sound, despite haters’ doubts, they may use WAGMI to show their enthusiasm for the purchase and lift others’ spirits. — If someone says that something is “probably nothing,” it is definitely something and is a tongue-in-cheek way of calling attention to some big news. NFT communities have adopted many terms and created some more of their own. Acronyms and misspellings run amok in the cryptoverse. Here’s a list of the most-used terms and their definitions. But if you stop building, stop working on Web3 solutions to current Web2 internet problems, as well as stay trapped in a TradFi unbreakable cycle, then you’re NGMI.