enter NFT Glossary

Gass fees, whitelisting and minting? If you're new to NFTs, there is quite a few new concepts to become familiar with! We'll take you through the most fundamental terms.

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@enter.artPUBLISHED 13TH OCTOBER 2022

GM & Welcome to the enter NFT glossary, covering all those strange new words you might encounter when stepping into the NFT space! If you're new to crypto in general, make sure to check out our full Crypto Glossary as well for everything from DApp to Whale.

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1:1

A unique, single edition NFT, as opposed to a multi-edition NFT.

Learn how to mint 1/1 and multi-edition NFT here 


A

Airdrop 

To send one or more NFTs to a wallet. An airdrop is free of charge. Airdropping can be done as a gift, a reward, or a promotion for a collection.
Airdrops can be used in scams, so make sure you know where the NFT is coming from.

Ape in

To invest a large sum in a project. Usually the result of FOMO.

Alpha

New or not widely known info that can give a trader an edge in the crypto/NFT market.


B

Burn 

There are two ways to burn an NFT:

1: When you send it to a dead wallet, you remove it from circulation. It’s technically still on the blockchain, but cannot be sold or bought.
2: Burn the NFT via a smart contract function. This deletes it completely.

Learn how to burn NFTs on enter here 

Bags

Coins and tokens in a portfolio, usually large amounts of a particular coin/token.


C

Collections 

An NFT can be a part of a bigger group of tokens called NFT collections. NFTs from collections can always be traced back to the collection (smart contract) it is a part of.


D

Delist

To remove an NFT from an NFT platform. Can be voluntary or involuntary.

Discord 

A chat platform, popular for discussing NFTs and crypto. Join the enter Discord server here!

Diamond Hands

Someone who holds their crypto regardless of price fluctuations.


E

ERC-721 & ERC-1155

Ethereum token standards for non-fungible tokens. 

Read more about ERC-721 vs 1155 here


F

Floor price 

The lowest price an NFT is listed for in the collection it’s in.

Floor sweep 

To buy the cheapest NFTs in a collection. Increasing the floor price. 

Fractional ownership 

To own a part of an NFT. Sellers sell percentages of their NFT and buyers buy what they can afford. 

Fungibility 

The ability to interchange one asset for another. Implies that the assets are of equal value. As opposed to non-fungible, where the asset is one-of-a-kind, like an NFT.

Learn more about NFTs here

FOMO

Fear of missing out.

FUD

Fear, uncertainty, doubt.

Fren

 A friend in the crypto/NFT space. Usually part of the same community as you are.


G

Gas fees 

Fees used to compensate for transaction executions and to ensure that transactions are genuine. Paid by users. Gas fees also discourage bad faith actors from spamming the networks. 

Learn more about minting and listing fees on enter here 

Generative art 

NFTs generated from a set of limited assets. Each NFT can have a mix of unique and shared traits within a collection. Uniqueness means a higher rarity and usually a higher price.

Explore the topic of generative art here

GM

Good morning.

GMI

Going to make it.


H

HODL

Hold on for dear life. A misspelling of hold. Holding cryptocurrency without selling.


I

IPFS/InterPlanetary File System

How files are stored on the blockchain. Uses existing protocols and enhances the way we use and share media. With an IPFS address, users can find content as long as someone is hosting it on the network.


L

Launchpad

The Launchpad is the go-to place for emerging NFT creators on the blockchain. It’s free for all NFT creators to join, and the first mint is free if you use the BNB Faucet.

Learn how to get started on the launchpad here

LFG

Let's fucking go!


M

Metadata 

Information that describes variables as date created, file size, and keywords relating to a specific NFT. Defines ownership and differentiates NFTs. Contains the properties/attributes of the NFT.

MetaMask 

The leading multi-chain wallet. Used on the enter platforms.

Metaverse

A virtual-reality 3D world where users can interact with a computer-generated environment and other users.

Want to learn more about the Metaverse? Check out this and this article from enter.blog.

Minting

When you mint an NFT, you are publishing it on a blockchain so that it can be bought, sold, and traded. 

Learn how to mint on enter here

Moon

When a coin or token is in a strong upward price trend.


N

NGMI

Not going to make it. 


O

Off-chain metadata 

Metadata stored outside of the blockchain.

On-chain metadata

Metadata that’s incorporated in a smart contract.


P

PFP 

An NFT used as a profile picture on platforms like Twitter.

P2E/Play-to-earn 

Digital games where players earn rewards, often cryptocurrency and NFTs, that can be exchanged for real-world values outside of the game.

Paperhands

Someone who sells too early, usually when there’s a price drop. Paper hands are risk-averse and afraid of losing money, but their choices often lead to loss.


R

Rarity

Defines how limited an NFT is, depending on its traits. Rarer NFTs usually have higher prices. 

Roadmap 

An overview of goals and plans for an NFT project.

Royalties 

When an NFT is resold, the NFT creator makes money on that sale. On the enter platforms, the NFT creator sets the percentage they want, and receives that percentage on all future resales.

Learn more about royalties and how to use them here

Rug pull

A scam where an NFT project or cryptocurrency attracts early investors and then quickly abandons it and runs away with the money.


S

Shilling 

Promotion and marketing of NFTs, NFT projects and cryptocurrency.

Smart Contract

A program or application stored on a blockchain that is fulfilled when predetermined conditions are met. Meant to take out intermediary and third parties.

Learn more about smart contracts and NFTs here

Solidity 

A high-level programming language used to write smart contracts.

Split royalties

Royalties can be split between collaborators on the enter platforms, and are automatically distributed when an NFT resells. The percentage each collaborator receives is set when minting the NFT.

Learn more about splitting royalties on enter here


U

Utility 

NFTs with use cases have utility. Examples include ticketing, exclusive access and giveaways.

Unlockable content

Content that’s only available to the owner of a particular NFT. Things like a physical copy of the NFT, higher resolution images and access to communities are typical examples of unlockable content. Check out this article to learn more


W

WAGMI

We are going to make it.

Wen?

When. Often used when holders are impatient or hopeful, e.g. “Wen moon?”.

Whale

A wallet address that holds a large amount of cryptocurrency or NFTs. Whales can significantly influence price movements.

Whitelist

A list of users getting early access to minting a new NFT collection at a set point in time. 

NFT Knowledge

Looking to learn more about NFTs? In this section you can learn more about how NFTs are revolutionizing the world.

View all

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