In the world of NFTs, people communicate through the use of jargon. If you’re just starting out in NFT, chances are that you have no idea what people are talking about when they say they want to “ape in” or they’re “GMI” after all. With that being said, we’ve compiled a list of the most common NFT jargon and its meanings.
Ape In Meaning
When someone says that want to “ape in,” it means they want to rush into buying a new NFT or currency. Those who “ape in” usually buy an NFT without doing proper research about it first. Although it sounds like a cool thing to say, those familiar with NFT don’t recommend you to “ape in” if you’re not that familiar with the NFT you are purchasing.
FUD, FUDDING Meaning
FUD is an acronym that means “Fear, Uncertainty, and Doubt.” Some crypto-related news articles usually use this term to discredit projects by instilling ‘FUD’ into the minds of potential buyers.
On the other hand, FUDDING can be positive since it would allow a potential buyer to think critically before buying into a project. But for the most part, ‘FUD’ or ‘FUDDING’ can have a negative effect because it’s never wise to involve emotions when you’re doing business.
In the simplest sense, LFG means ‘Let’s F*cking Go!’ and it’s commonly used to plug and boost their crypto-projects.
When someone in crypto uses the term NGMI, it usually indicates that something is wrong. NGMI is an acronym that means ‘Not Gonna Make It’. Additionally, it’s used when they either made a bad investment or a project went south.
Rug, Rug Pull Meaning
If you see someone use the term Rug Pull, it means a project is a scam. A rug pull is a scheme where individuals posing as developers trick you into investing in their project. After they take money from unknowing buyers, they first pretend to launch the project. But suddenly, they pull the plug on the project and disappear. Although you have the NFT you “purchased” from them, it doesn’t hold any value at this point.
Sweep Floor Meaning
Once someone uses this term, they essentially mean that they bought a currency or a token in bulk at their lowest price. If someone “sweeps the floor“, it’s most likely because they believe that the project has potential. Additionally, if a project is able to “sweep the floor”, chances are its value will spike which would be a win-win situation for both the project owners and investors.
WGMI, WAGMI, GMI Meaning
WAGMI is the opposite of NGMI. The acronym stands for “We’re All Gonna Make It” in the NFT space. Aside from that, people may also use the acronyms WGMI (We’re Gonna Make It) and GMI (Gonna Make It) to express positivity and enthusiasm in either a specific project or just generally speaking. Furthermore, people say WGMI if they want to encourage other investors or project owners to not lose hope since NFT and Crypto are very unstable.
These are the most common NFT jargon. We hope this simple guide helped you to have a brief understanding of crypto jargon.
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