We have curated a list of NFT terms and acronyms that will help you navigate the blockchain discussions found online. Believe it or not, NFTs have bustling online communities that use specific jargon when discussing projects and the state of the industry.
There are quite a few acronyms on the NFT lingo list. With that in mind, we have put together this NFT term list for 2023. You can go ahead and learn more about the popular NFT terms used by fans online.
NFTs is short for Non-Fungible-Tokens, a popular new asset class birthed from the blockchain technology we have seen help bolster cryptocurrencies and the wider web3 sphere.
WAGMI Vs NGMI
If you are familiar with NFT and even crypto culture to an extent, the infamous WAGMI vs NGMI debate will be very familiar to you. By now it is clear that online web3 and blockchain list communities love to create quirky acronyms. You cannot blame them either, these phrases are quite long to write out word by word!
If you are new to the space, then feast your eyes as we are going to break down the most famous NFT acronym pair currently being used by fans when conversing online.
Once you finish this part of the guide, what is wagmi/wagmi meaning will stick in your brain for years to come!
What is WAGMI?
The NFT abbreviation WAGM stands for “We’re All Going to Make It”. If you were to see or hear someone use this NFT lingo, then there will be a positive incentive behind it.
It basically means that those who have bought into an NFT project are going to earn the big bucks and be in the green from their initial investment. It can also mean that NFT investors, in general, This NFT acronym is a positive one and shows off the community spirit that helps push NFT projects to the moon! (Or at least try.)
Whenever an NFT project is featured in the news or has a crypto Reddit thread created, you may see users use the term.
NFTs are generally a risky investment in the web3 space; therefore, having a term like this run rampant in the discussion gives those investors a sense of hope that they have made a good decision.
Examples of WAGMI
So we have given an explanation of WAGMI, or “We’re All Going to Make It”. Hopefully, you understand its meaning and where you would find it being used. Now let’s give it some contextual use!
Example 1
This is a perfect way to use the WAGMI acronym. A big time player like Adidas teaming up with a lesser known sports team to utilize NFTs—what’s not to love?
Overall, the incentive is there and showcases community spirit. With 32,000 followers, it’s hard not to see its potential!
Example 2
Here we see WAGMI in a less formal context but with the same motives. Wojak is a popular crypto meme, depicting a guy who usually doesn’t have the best of outcomes for himself.
However, in this instance, he’s in the green on his investment (about time), and of course, this means WAGMI.
Wojak is a popular meme even outside of crypto and NFTs, however, due to the nature of this meme and how applicable it can be to many investors, it has become a recognizable face within web3 online communities.
Example 3
Here is a third example of WAGMI being used.
As you can see, this Twitter meme is showing how most NFT investors sell the wrong NFTs or miss out on certain NFT minting opportunities, all while the ones they actually own plummet in value.
This NFT meme is giving users hope that their NFTs will one day become valuable despite the potential recurrence of missing out on those tasty gains.
Read Also: Top 5 NFT Games
What is NGMI
Now onto our next NFT term. We are in the last part of the WAGMI vs. NGMI debate. Which means you are thinking, “What does NGMI mean?”
NGMI is an abbreviation for “Not Going to Make It” which is on the opposite end of the spectrum compared to the previous NFT acronym, WAGMI. More often than not, while you can earn a substantial amount from web3 and NFTs, there are potential downsides too.
These include prices plummeting suddenly or depreciating, which is somewhat common in the NFT space. Of course, many projects hold their value; don’t forget.
This NFT acronym will be used online again on places like Reddit and Twitter and is probably the mainstream thought on crypto and NFTs, although it’s not always the case.
More often than not, those active in NFT spaces may list an NFT collectible below the current floor price. Or they may constantly flip NFTs for a quick profit. As a result this may cause people to erupt into online threads exclaiming NGMI.
Examples of NGMI
We have explained NGMI in a bit of detail. It’s now time to see the NFT lingo in action! Feast your eyes below:
Example 1
In this first example of NGMI, we see our old friend Wojak back again, but this time he hasn’t ended up so lucky. A new token named after this NFT acronym has been on a marketing tirade. It shows that if you don’t invest in NGMI tokens, you will end up like Wojak.
The initial notion on this token may be that you aren’t going to make it. But as we all know by now, crypto and NFT markets are unpredictable, and you may end up making it!
Example 2
In this next example, we see Aurora Labs CEO, Alex Shevchenko showcasing his views on NFTs and blockchain. He is a key player in this space and has contributed since 2015, so it is cool to see his unbiased take.
This tweet was made at the start of 2023, a period on the NFT timeline that was full of uncertainty due to mainstream coverage of market downturns and bad actors in the form of FTX in the crypto exchange industry.
While this tweet could be potentially negative, it is more on the clickbait side. Followed by the open ended question, Alex is simply starting a discussion on Twitter. Still, this example showcases the NGMI NFT acronym in its best form.
Example 3
If you’re not positioned for the squeeze to $30K, you’re simply ngmi.
— K A L E O (@CryptoKaleo) January 23, 2023
In our third example of NGMI, we see it being used in a positive sense. At the start of the year, Bitcoin was in the headlines of the press on whether it would reach the $30,000 price tag.
You won’t make it to the moon if you haven’t bought Bitcoin at a discounted price at the time.
Read Also: How to Make an NFT
Acronyms you must know
Now that you have understood WAGMI meaning and NGMI meaning , it is time to move on to some more general NFT lingo you need to be aware of!
The majority of these terms can also be used in the context of cryptocurrencies and maybe even in stock market trading. Subreddits like r/Wallstreetbets and r/Crypto have users running rampant in discussions using these acronyms.
Once you finish this part of our guide, you will be able to join in these online discussions and use the acronyms to talk about NFTs and even crypto and stocks.
FUD
FUD is an acronym for “Fear, uncertainty, and doubt.”
When there is any negative press or there is a downward trend in market prices on an NFT project, people may show FUD in a discussion for obvious reasons.
Example of FUD in a sentence:
“There is currently FUD in the NFT markets due to prices remaining stagnant!”
YGMI
YGMI is an acronym for “You’re going to make it.”
This is similar to WAGMI, an acronym we mentioned above. Rather than it being about a group of NFT investors or the general NFT markets, it would more than likely be used in a one-to-one conversation.
Example of YGMI in a sentence:
“Don’t worry about your NFTs man, YGMI!”
LFG
LFG is an acronym for “Let’s F****** Go.”
Another positive NFT lingo, LFG is commonly used when there is a market upturn or positive news hits the headlines regarding an investment. It is derived mainly from online gaming and esports, especially in games such as Call of Duty where fast paced gameplay is exhibited.
Example of LFG in a sentence:
“LFG I’ve just been accepted onto the whitelist!”
DYOR
DYOR is an acronym for “Do Your Own Research.”
More often than not, people in the NFT space will invest in a project based on a celebrity’s promotion or on the basis of FOMO (fear of missing out). As a result, doing one’s own research allows you to make an informed decision on an NFT investment.
Example of DYOR in a sentence:
“That’s a great investment idea; remember, though, DYOR!”
GM
GM is an acronym for “Good morning.”
NFT projects build their communities on platforms such as Discord, where users can talk with others about the project and make a name for themselves. Those using Discord spend a bit of time there, making GM a polite way to greet your fellow NFT lovers in the chat.
Example of GM in a sentence:
“GM my fellow NFT lovers, it’s time to get this bread!”
NFA
NFA is an acronym for “Not Financial Advice.”
People in the NFT like to throw their weight around when it comes to giving out investment advice on NFT projects. During the 2021 bull run, it was more common than not to hear an influencer shilling a worthless project despite it not being financial advice.
Example of NFA in a sentence:
“Hey guys before I break down this new NFT project, remember this is NFA. You should always do your own research!”
Read Also: NFT Marketplace Guide
PFP
PFP is an acronym for “Profile Picture.”
NFTs are commonly used for profile pictures on sites such as Twitter and, more recently, Instagram too. It is a way to show off your digital collectible outside of the project’s ecosystem or your desired NFT wallet.
Example of PFP in a sentence:
“Did you see that guy’s PFP? That must be worth quite a bit on OpenSea.”
HODL
HODL is an acronym for “Hold On for Dear Life.”
NFT markets can experience downturns and, of course, upward trends too. In both instances, you may wish to hold onto your NFT investments. You could bounce back from the losses or even gain more bags if you hold on for long enough.
Example of HODL in a sentence:
“These NFT prices are going crazy. I’m going to HODL whatever the outcome.”
FOMO
FOMO is an acronym for “Fear Of Missing Out.”
As mentioned previously, there are often a lot of external factors that allow people to reach a decision on whether to invest in NFTs or not. As a result, you may make a rash decision without even realizing the drawbacks, purely because of the online hype or mainstream backing for an NFT project.
Example of FOMO in a sentence:
“Do I really want to invest in this NFT project, or is it all FOMO?”
ATH
ATH is an acronym for “All Time High.”
The investing world is all about reaching the maximum gains possible, otherwise, what’s the point? The same ethos applies to NFTs. All time high prices may be a thing of the past for projects like BoredApeYachtClub and CryptoPunks.
Example of ATH in a sentence:
“The ATH price of that NFT was crazy in the bull run of 2021. Not so much anymore, the gains are down badly.”
Here is our guide on the top NFT terms you should know about. NFTs are a funny part of the blockchain experience. Many people couldn’t take them seriously, even when their prices were at all time highs.
Now, in 2023, we have seen more mainstream adoption of NFTs and the technology behind. This year is an exciting year for them, and we hope you are sticking around for this whirlwind.
Be sure to check out more of our NFT content to learn more!
Read Next: Are NFTs Still Worth it?
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