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NFT Urban Dictionary
An NFT Marketplace Aggregator is a platform where you can see NFTs for sale from lots of different marketplaces all in one place. rareboard.com is an NFT Marketplace Aggregator built for BNB Chain. You can buy NFTs from more than 100 collections and over 10 different marketplaces without leaving the site.
An Airdrop is usually something free that a project sends to your crypto wallet. Sometimes you can get free NFTs in an Airdrop, and sometimes you can get free tokens. Make sure that you know where the Airdrop came from before you interact with the free NFT or tokens because sometimes scammers will send you something for free to trick you into interacting with their malicious smart contracts. If in doubt, ask in t.me/rareboard about an airdrop you have received, and someone from the community will help you work out if it is legitimate.
In simple terms, Alpha means any information that gives you an edge when trading NFTs. Typically it can mean news from the project that you learn on their Telegram or Twitter before others. Any information that a project shares is sometimes called Alpha.
For NFTs, ATH usually refers to the highest an individual NFT has ever sold for, or the highest value the floor price has ever reached. Sometimes people also talk about ATH for daily volume and daily sales.
Some NFTs can be bought via an Auction. This means there is no fixed price for the NFT, but you can bid against other buyers and the person with the highest bid will get to the buy the item. Rareboard does not currently support NFT auctions.
Every time you send an NFT or try to sell an NFT it costs you a little bit of BNB for the gas fee. With bulk sending and selling you can save some gas and some time by doing the same action for multiple NFTs in one transaction from your crypto wallet.
Bids are one of the ways that you can buy an NFT. If you like the look of an NFT, but it's either not for sale or the price it is on sale is higher than you would be willing to pay, then you can place a bid at the price you want to buy it for. The seller can decide whether they accept your bid or not. If they accept your bid you will get the NFT at the price you offered.
When you place a bid you usually need to have some WBNB (Wrapped BNB) in your wallet in case your bid is accepted. If you don't have the WBNB in your wallet anymore then your bid will become inactive. However, if you put the WBNB back in your wallet then the bid will become active again and the seller can choose to accept it. So it's good practice to only set bids for the length of time you really want to purchase the NFT for, as otherwise you might forget the bid and when you load up your WBNB again, your purchase might go through.
You can bid on individual NFTs. This means that you are placing a bid on a specific NFT at a specific price. If the seller accepts your offer then you will receive the NFT at the price you offered.
You can place a Global Bid which means that you are offering a certain amount of BNB for any NFT that someone is willing to sell. All holders can see your Global Bids on rareboard.com and can choose to sell any NFT they wish at the price you have offered.
Shielded Bids were created by Rareboard in order to protect buyers who are looking to bid on Dynamic NFTs. With Dynamic NFTs, there is a chance that the seller removes certain items from the NFT you have bid on, before they accept your offer. With Shielded Bids you are protected from someone lowering the value of the NFT, because Rareboard Shielded Bids will only go through if the NFT has not changed from what you originally bid on.
A blockchain is a digital record of transactions that is replicated across a network of computers. Every block in the chain contains a list of transactions, and every time a new transaction occurs on the blockchain, a record of it is added to every users' database. For NFTs, that means there is a decentralised record of every NFT you own, and when you sell it or send it to another wallet this action is also stored across multiple computers.
Blue Chip is a subjective term that is often used to describe the highest quality NFT projects.
BNB is the currency of the BNB Chain. There are a few different blockchains these days, and you can picture each of them as their own decentralised country with their own currency. When you buy NFTS on BNB Chain you will usually buy them with BNB. You can get BNB from binance.com or other exchanges. BNB Chain is the chain that was created by Binance, the most popular exchange in crypto.
When an NFT is burned, it means that has been removed from the blockchain forever, and nobody can own it in the future. If projects burn some of the NFTs in their collection it can increase the scarcity of the remaining NFTs, which could improve the overall value of the remaining NFTS.
BSCscan is a website where you can see every transaction ever made on the BNB Chain network, as well as what tokens and NFTs are held in each wallet. It's quite a technical looking website, however once you get used to using it, you will find it a useful place for checking things like whether your NFT purchase really went through.
A CEX is a centralized exchange and a DEX is a decentralized exchange. Centralized exchanges like BinanceNFT usually require you to sign up to their platform and give some personal details (KYC) before you can start buying and selling NFTs. Decentralized exchanges, like Rareboard, are permissionless, meaning that as long as long as you have a crypto wallet, you can connect to the exchange and start trading NFTs.
Chainlink is a technology platform that lets data that isn't stored directly on the blockchain (like for example sports scores or stock prices) to connect with blockchain platforms. It's main use in NFTs is to let project creators get a verifiably random number to make sure that the traits of the NFTs are randomly distributed throughout the collection. Also, NFT collections like PixelSweeper where you can win big prizes for staking their NFTs, use chainlink technology to ensure the prize mechanics are transparent and fair.
Most NFT projects have a Community Manager or CM who's job is to keep the community members informed and sometimes entertained. Community is very important for NFT collections to succeed so the CMs in each project play an important role.
A DApp is like any app you would have on your smartphone except that it is built on top of a decentralised network like BNB Chain. This usually means that the DApp doesn't rely on gathering your data like a smartphone app might, and it also means the way the DApp works is public because the transactions happen on the blockchain. Rareboard itself is a DApp.
NFT projects, and a lot of blockchain projects, are run as a DAO rather than a traditional company. With DAOs, the NFT holders or the token holders usually have some influence into how the project is run and in particular how big decisions are made. It's possible to vote on these decisions and the number of NFTs you hold will influence how big your vote is. PixelSweeper has a DAO voting mechanism for picking additional NFTs to add to its prize vault.
Degen is a slang term used in NFTs and crytpo for people who like to invest quickly, often before they have done a lot of research. It can also be used to describe people who make risky investments in the hope that they make a lot of profits.
Diamond Hands refers to NFT collectors who are known for holding on to their NFTs through the good times and the bad times. Paper Hands are the opposite, this usually refers to someone who sells the NFT for less than they originally bought it for.
A Drop Calendar lets you see all the new NFT collections that will be released in the near future. Rareboard will be adding a Drop Calendar for the entire BNB Chain NFT space in the next few weeks.
Dynamic NFTs are NFTs where some of the traits are interchangeable. Usually its not possible to change any of the features of an NFT once it has been minted, but with Dynamic NFTs you are able to switch certain parts of the NFT such as clothes or other features. Moonpets is a popular Dynamic NFT on BNB Chain.
These are the two technical standards for NFTs. ERC 721 is the kind of token that really started the NFT craze. Most NFT collections are ERC 721 and every marketplace is able to support the trade of ERC 721 NFTs. ERC 1155 NFTs are more new, they give a lot more flexibility when it comes to things like making the NFT dynamic, and they also are cheaper to send in bulk. However, a lot of marketplaces still don't give full support of ERC 1155 NFTs.
Fees are the different costs you will have when you buy and sell NFTs.
Gas Fee is the fee that you pay every time you make any transaction on the blockchain. The fees on BNB Chain are quite low, costing a few cents for most transactions. You pay the gas fee with your crypto wallet and the BNB goes directly to the Nodes that are running the chain - the marketplaces and NFT sellers do not receive any of the gas fees.
The Marketplace Fee is the fee that the seller is charged by the marketplace when they sell an NFT. When you list an item on one of our Marketplace partners like NFTKey, you pay a Marketplace Fee of 2% whenever an item is sold. If your item is sold via Rareboard there is no increase on the Marketplace Fee - so it does not cost the seller or the buyer any extra when items are bought via Rareboard.
Most NFT projects charge a Royalty Fee for any NFT from their collection that gets sold. The Royalty Fee, like the Marketplace Fee, is taken from the seller. For example, the PixelSweeper NFT collection charges a 4% Royalty Fee, and more than 90% of that fee is used to sweep more NFTs for the PixelSweeper Prize Vault.
Fiat is the word that crypto people use to describe currencies such as dollars, euros and pounds.
FCFS refers to the way that most NFT mints happens. You need to be first in order to not miss out on the sale of popular NFT collections. Getting onto the Whitelist will usually give you a head-start against other collectors, but even then you will need to be quicker than other collectors who have Whitelist spots.
The Floor Price of an NFT collection is the price of the lowest listed NFT. This is a good way to measure the health of an NFT project. If it is doing well, then the floor price will steadily rise. It's especially important that the floor price remains above the mint price to give confidence to new collectors.
Flipping is the term that NFT collectors use for people who buy NFTs with the plan to sell them for a quick profit at a slightly higher price. Flipping brings volume and liquidity to projects and is an important part of the success of a strong NFT collection.
FOMO in NFTs is usually used to describe the emotions that drive people to invest without much prior research. Often when prices go up, people FOMO into collections. If you ever feel FOMO, its a good idea to take a quick break and decide if you really are spending money you can afford to lose.
The term FUD is usually used to describe when someone is being overly negative about an NFT collection. Oftentimes FUD is not based on reality or facts but is an emotional response to something not going the FUDDers way. Most communities will warn and eventually ban someone who is continuously FUDDing their project.
GameFi refers to online games where you can earn some sort of reward for playing. Oftentimes, GameFi games include an NFT that becomes your avatar or land in the game and is connected to amount of rewards you can earn from the game.
Gen 0 NFTs are NFTs that come from the very first batch of NFTs when a collection has multiple mints. The most famous Gen 0 NFTs on BNB Chain are the original Pancake Bunny NFTs from PancakeSwap. The Gen 0 Pancake Bunnies allowed you to mint from the PancakeSquad collection before anyone else.
Generative NFTs are NFTs where the art itself was generated using code. The artists will set some parameters and then allow for a level of randomisation to inform how the final art will look. A popular Generative NFT collection on BNB Chain is Oddblox.
GM and GN are friendly ways to greet each other in NFT communities. You will often see people simply saying GM when they want to say hello to the community and let other people know they are around to chat. Sometimes people say GN when they are leaving the chat at the end of their day too.
Every NFT has an ID number, or Token ID. The Token ID is what lets you identify one NFT from the other on the blockchain. Some people like to collect NFTs with memorable Token IDs such as 88, 69 and 420. Some people also value very low Token IDs, in particular ID 1 or ID 0 if it exists.
Initial Farm Offerings are a popular way that projects raise money on PancakeSwap. They are relevant to NFTs because one of the utilities of holding a Pancake Squad NFT is that you are able to participate in the private sale for certain IFOs. This gives you an advantage over people who only have access to the public sale.
Initial NFT Offering is another word used for projects selling an NFT during their mint. Sometimes INOs can be a bit different to a normal mint because the NFT you buy in the mint might be a mystery box that you will exchange for the actual NFT from the project in the future. You can see the most recent INOs on the Rareboard Mint section.
IPFS is a protocol for storing files and data that cannot be interfered with in the same way as traditional web servers. IPFS is Peer to Peer, meaning that there are many many different computers acting as individual servers for the files and this is great for NFTs because it means that your NFT is much less likely to be deleted from the internet at the whim of a centralised company.
KYC is the term used to describe the process where you have to give some identifying documents such as your passport to a centralised organisation in order to use their services. Most CEX (Centralised Exchanges) require some sort of KYC, while DEX (Decentralised Exchanges) often to do not.
Liquidity means how easy it is, or not, to sell your NFT. NFTs are usually less liquid (harder to find a buyer for) than cryptocurrency. This is because you need to find a buyer for your exact NFT. It's better when collections are liquid, things like Global Bids on Rareboard add liquidity to NFTs because bidders are willing to buy any NFT from the collection at the price they offer.
Listing and Delisting are the words used to describe when you put your NFT for sale on a Marketplace, or you remove it from the Marketplace. When you list your NFT on one of our partner Marketplaces it will show for sale on Rareboard.
A Maxi is a person who is committed to one project or one sector for collecting. You might meet a BNB Chain NFT Maxi who only collects NFTs on BNB Chain.
A Marketplace is a site or platform where you can buy, sell and bid on NFTs. Rareboard is a Marketplace Aggregator, meaning that we show buying opportunities from multiple Marketplaces.
Metadata is the additional data that is stored alongside the image of each NFT. It can contain information about the individual traits of the NFT as well as other data such as the Token ID.
Metaverse is the term used to describe online worlds where you can hang out and interact with other people. NFT based Metaverses often allow you to use the NFT you own as your avatar in their world or to represent the land and buildings that you own.
Minting is the word used to describe the action of buying an NFT directly from the project's creator. Often times when you mint an NFT you don't immediately know all the traits of your NFT or how rare it will be. This adds an element of chance to the process where you might mint something very rare, or something quite common. Rareboard has had a Minting Launchpad since March 2022 with more than 5600 BNB in volume.
Mint Passes are a way to get access to minting other NFTs. Sometimes a Mint Pass is an NFT itself that gives you free and discounted NFTs in the future - like the Gooodfellas Mint Pass. Sometimes its more conceptual like the Rareboard Mint Pass that gets you access to future mints and airdrops simply by climbing the Rareboard Leaderboard.
Mods are often volunteers who help out in the community chats of projects on Telegram and Discord. They are usually collectors themselves who are happy to support the project and onboard new users. Some Mods eventually graduate into paid positions or Community Manager roles.
When a project Moons, it means that the value has increased significantly. With NFTs this usually means that the floor price has gone up, and everybody's NFTs are now worth more than they were before. You will see people asking questions like "Wen Moon?" and they are enthusiastically wishing for the project to increase in value.
Move to Earn is a genre of DApps where you can earn rewards for doing certain healthy activities such as walking and running. Usually you need to own an NFT from the collection of the M2E project in order to qualify for the rewards.
Mystery Boxes are a way to launch a project that has NFTs in it. The boxes usually give you an NFT and sometimes some of the project's tokens when you mint them. With Mystery Boxes you won't know exactly what you will receive - sometimes after you open the Mystery Box you end up with very valuable items, and sometimes with lower value items.
NFTs are a record of your ownership of digital and physical goods. Usually they have a unique image that you can see either on Rareboard, or in your crypto wallet. People trade them, and the more rare they are usually the more valuable they become.
One of One NFTs are NFTs that are completely unique within a collection. Some projects specifically design some 1/1 NFTs in order to have some special items that are more desirable. Depending on the project these 1/1 NFTs might have extra utility or they might be attractive purely because they are more rare.
An OG is someone who has been in a project or the NFT space itself for a very long time. It's a casual term with no direct rules for why you might be called an OG, however it usually indicates that you are trustworthy and helpful to the community.
Play to Earn is a genre of DApps where you can earn rewards for playing the game of the project. Usually you need to own an NFT from the collection of the P2E project in order to qualify for the rewards.
POAPs are a specific type of NFT that shows you have attended an event or experience. POAPs are given out by projects if you take part in a special event or if you use their platform in some specific way. They sometimes lead to additional rewards in the future.
Ponzinomics is a play on word between the well known term Ponzi and the word Tokenomics. Tokenomics is the economic mechanism of an NFT collection, and someone might label a project as having Ponzinomics if they believe the project is set up in a way where it will only succeed if new money comes in to be used to reward the early investors - like a traditional Ponzi scheme.
The Pre-sale period of an NFT Mint is a set number of hours where only those who are Whitelisted are able to mint the NFTs. Usually this is for 24 hours or less before the Public Sale begins, and sometimes the NFT mint is at a discount during the Pre-sale. The Public Sale is when anybody with a crypto wallet can mint the NFTs.
Your PFP is the profile picture that you use on Social Media and Communication Channels like Twitter, Telegram and Discord. Many NFT collections are made up of attractive looking PFP characters and people will use the NFT they own on their social channels to indicate they are part of the community.
P/L is a measure of whether you have made money trading NFTs or whether you have lost money. In basic terms, if you sell your NFTs for more than you bought them for then you will be in Profit. However, some people measure their profits in dollar value, while others measure their profits in the crypto token they bought the NFT with, such as BNB. So you can be in profit with dollars but in loss in BNB, or vice versa.
Rekt is a slang term for when you lose a lot of money. If you invest in something and the value goes down a lot, then people might say you were Rekt.
Reveal is the process where you find out which exact NFT you received in the Mint. Sometimes the projects will reveal on Mint, meaning as soon as you Mint the item you will see all of its characteristics. Other projects might do the reveal at a certain milestone such as after a set period of time or when the entire collection is fully Minted.
A Roadmap is a list of future features for an NFT project. Some projects, like the PixelSweeper collection didn't need a Roadmap, as all of their features were ready from the start - while other projects might communicate a detailed Roadmap of all the future features they will introduce.
A Rug Pull is when a project raises money and then closes down the project or abandons it. Rug Pulls can be very bad for NFT collectors because you might mint some of the NFTs and then the developers simply walk away with your money. Rareboard works hard to try and identify projects that might Rug, and not allow them onto the site. However, even when a project founder presents themselves professionally there is still a small risk they might Rug. This is why we recommend every Rareboard user to do their own research on a project before they start collecting its NFTs.
A scam is any sort of activity that intentionally deceives collectors. This might be a full out Rug Pull, or it might be as simple as a project founder over promising on their Roadmap with no intention of building the features they have communicated to potential collectors.
You Seed Phrase is the 12, 24 or 36 words that you get from your crypto wallet in order to always have access to your NFTs and crypto tokens. It's extremely important that you keep your Seed Phrase somewhere safe and never share it to anyone who asks for it. If you give your Seed Phrase to someone they will have access to all of your crypto and could easily steal it from you. Rareboard Community Managers and Mods will never ask for your Seed Phrase, so be vigilant of anyone who tries to get you to send it to them, or tries to make you fill out a form asking for it - they are guaranteed to be a scammer.
Ser is a slang term from the original word sir. Usually someone uses the word Ser when they are suprised by your actions or doubt your intentions.
Some NFTs have traits that work well together such as a matching hat and outfit. An NFT that has a matching hat and outfit may be referred to as a Set. Rareboard treats NFTs where the label of the traits are identical as Sets. So for example in the PixelSweeper collection the NFTs that have Alien Eyes and Alien Skin are Alien Sets.
Shilling is the action of overly promoting a project or an individual NFT you are trying to sell. Shilling is usually discouraged in NFT communities as it becomes tiresome to see this kind of promotion when trying to have productive conversations.
Smart Contracts are the code that powers blockchain interactions. Smart Contracts allow for NFT collectors to interact with each other in a trustless manner. Meaning, I don't need to trust that when I stake my NFT into a contract that I will be able to get it back, I can actually look at the code - or have an expert look at the code - who can verify that the Smart Contract will act as it is supposed to.
Staking means sending your NFT to specific Smart Contract in order to earn some sort of reward, be able to vote or in the case of PixelSweeper be in with the chance to win a prize. When you stake an NFT it is no longer in your crypto wallet, but if the Smart Contract is coded correctly it will be quite simple for you to remove it when you want to.
The Supply of an NFT project tells you how many NFTs are in the collection. Most NFT collections have a fixed Supply, meaning that after the Mint is finished there will be no more NFTs added to the collection. This is what leads to scarcity for collectors, and can increase the value of your own NFT. A lot of the most popular collections like PancakeSquad and PixelSweeper have a fixed supply of 10,000 NFTs. However, many collections have much fewer NFTs in their collection.
Sweeping means to buy several NFTs from the same collection at once. Usually this means the buyer is Sweeping the floor, in that they are buying several of the cheapest NFTs in that collection at once. When a project is swept in this way, it often raises the Floor of the collection and makes everyone's NFTs more valuable.
Traits are the individual characteristics of an NFT. A lot of NFTs are cartoon characters so the typical traits will be things like Skin, Eyes, Outfit etc. Some Traits are rarer than others, and thats what leads to variations and desirability in each collection.
A Transaction is an action you take with your crypto wallet such as Buying, Staking or Bidding on an NFT. Every Transaction has a Transaction Fee which goes to the operators of that Blockchain. On BNB Chain the Transaction Fees are quite low and it should only cost you a few cents to transact.
Utility means the actions you can take with the NFT you own. Some NFT collections are simply collectible pieces of art, while other collections have unique Utilities such as the ability to earn rewards, get access to special offers or in the case of PixelSweeper to win other valuable items.
Volume is an important indicator of the health of an NFT collection. When NFTs are bought and sold, this is recorded as trading Volume. The more Volume there is for a collection the more likely it is to be Liquid and therefore easier for you to sell your NFT if you wish to. You can see the Volume of every collection Rareboard at the top of its collection page.
Crypto Wallets are the software (and sometimes hardware) that you use to interact with blockchains. You access your Wallet by knowing your Seed Phrase, and its very important that you keep your Seed Phrase somewhere safe and private and never share it with anyone.
The most popular Browser Wallet is Meta Mask. Meta Mask can be added to web browsers like Brave and Chrome and allow you to buy and sell NFTs on Rareboard without needing any additional software or Hardware. Make sure to be very careful to download the Meta Mask wallet from the official website: metamask.io, as you will need to enter your Seed Phrase or make a new Seed Phrase when you start using it. If you enter your Seed Phrase into a fraudulent version of Meta Mask you could quite easily lose your crypto and NFTs to a scammer.
Hardware Wallets are additional pieces of hardware that look a little like USB sticks. You connect your Hardware Wallet to your mobile phone or desktop computer in order to interact with a site like Rareboard. Hardware Wallets are more secure than Browser and Mobile Wallets because when they are not connected to your device they are not online - making it a lot harder for people to try and steal your crypto. SafePal and Ledger are good Hardware Wallet providers, but just like all other wallets make sure you are getting your wallet directly from the official provider.
Mobile Wallets are apps that you can download from the Apple Store or Google Play in order to interact with sites like Rareboard directly from your mobile phone. We would recommend SafePal as a mobile wallet as its good an excellent reputation for safety, and it works very smoothly with Dapps on BNB Chain such as Rareboard.
We're All Gonna Make It and Not Gonna Make It are slang acronyms used to either encourage community members or highlight negative behaviour. WAGMI is a very friendly term that indicates not only the individual collector will succeed, but the entire community.
Whitelist is the most popular term used to indicate who has been selected to be eligible for the Pre-Sale of an NFT collection. You can often join the Whitelist of a project by interacting with the social media channels of the project prior to launch, by holding certain NFTs from other collections or by being on the Rareboard Leaderboard where you could be eligible for a Mint Pass.
WBNB is a version of the BNB Crypto Token. BNB is the token of the Binance Smart Chain, which is the chain that Rareboard currently operates on. Wrapped BNB is used for actions such as bidding on NFTs, because its more programmable than regular BNB. When you bid on an item via Rareboard we wrap the BNB for you. One important thing to note is that if you sell an item via Rareboard by accepting a bid, you will receive WBNB instead of BNB into your crypto wallet - you can easily find it by making sure your wallet recognises WBNB, and you can swap it to BNB on PancakeSwap without any trading fees.