📖 Guide to NFT terms: an NFT glossary.
NFT lingo can be overwhelming. As the NFT market matures and expands so does its own jargon, slang, colloquialisms or acronyms.
This ever-growing NFT glossary goal is to unpack key NFT terms to help you better understand the NFT market or at least not feel like a total n00b in a conversation about NFTs on Reddit, Discord or Twitter.
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1:1 Art
Art where each piece is one of a kind (1 of 1). Unlike 10K projects, PFP or Generative Art collections have a cap of NFTs released that can range from a few hundreds to 10K.
1/1 of X
Contrary to 1:1 Art, 1/1 of X means each NFT is unique, but part of a large and cohesive collection. E.g: Fidenzas by Tyler Hobbs or Crypto Punks (each Punk is 1/1 of 10,000).
10K Project
A type of NFT collection that consists of approximately 10,000 NFTs (but not strictly).
A
AB
ArtBlocks, the most important platform for generative art currently.
AFAIK
As Far As I Know.
Airdrop
Distribution of an NFT token directly into a crypto wallet for free. Can be used as a marketing campaign or as scam by airdropping fake tokens to empty someone’s wallet.
Alpha
The first or very primitive release of a project. Or Investment term to track how a certain investment outdoes the market. E.g: Alpha of 1.0 = 1% improvement or Alpha of 20.0 = 20% improvement.
Altcoin
Any other crypto that is not Bitcoin. Bitcoin Maximalists can also refer to them as shitcoins.
AMA
Ask Me Anything. NFT creators or artists do sessions where anyone can ask questions about the NFT project, team, vision, etc. Usually hosted on Discord, but also on Reddit or even Youtube.
Ape
Someone can be aping, ape in or aped on an NFT meaning someone is taking a large position relative to its own portfolio size. Some argue that when someone apes can mean that they're following the hype, out of FOMO or without due diligence. Not related directly to the Bored Ape Yatch Club.
ATH
All-Time High. When a NFT project or token reaches the highest price to date.
Avatar project
An NFT collection that consists of avatars that people can use as their profile picture (see PFP) in social media to show they are part of an NFT community like Crypto Punks.
Axie Infinity
ETH blockchain-based game where players battle and trade Axies (digital pets). The main ERC-20 tokens used are Axie Infinity Shards (AXS) and Smooth Love Potions (formerly Small Love Potion) (SLP).
Axie Infinity Shards
AXS is an Eth token that powers the Axie Infinity game.
B
Bag Holder
Someone who holds its position in a crypto or keeps an NFT until it's worthless.
BAYC
Bored Ape Yacht Club. A very successful PFP 1/1 of 10,000 individual ape characters collection. People use BAYC as a Twitter profile picture to brag about being part of this NFT community.
Bearish
Borrowed finance slang meaning someone is doubtful about the current market and that it will crash.
Bear Market
When the Crypto or NFT market is going down in value.
Bitcoin (BTC)
First and original cryptocurrency as outlined in a whitepaper by the anonymous creator(s) Satoshi Nakamoto.
Bitcoin Maximalist
Believer that Bitcoin is the only cryptocurrency needed. All other cryptocurrencies are altcoins or shitcoins.
Blockchain
Distributed, decentralized, immutable database that is the basis of trust in Web 3.0 technology.
Bluechip
When an NFT project has a long track record of success and its value is sustained over time, therefore considered a solid investment.
BTD
Buy The Dip. A bear market can be an opportunity for crypto investors to buy a crypto or NFT at a lower price.
Bullish
Borrowed finance slang meaning someone is optimistic that a market will increase in value aka moon.
Bull market
When the Crypto or NFT market is going up and up in value.
Burn
Common crypto strategy to destroy or delete tokens from the circulation supply intentionally and permanently in order to limit supply and increase the value.
Buying on secondary
Whenever you don’t mint an NFT directly from the project, you can always buy it in secondary NFT marketplaces like OpenSea. Most NFT sales are secondary market sales.
C
Cappin or Capping
Slang for lying or faking. Opposed to no cap which means “no lie”.
Coinbase
Nasdaq listed US cryptocurrency exchange. Coinbase Wallet is one of Coinbase’s products where users can use a Chrome extension or app hot wallet to store crypto and NFTs.
Cold wallet
Otherwise called hardware wallet or cold storage. It’s a physical device to store your cryptocurrencies and/or NFTs offline. They are not connected to the Internet so are at less risk of being compromised.
Collection
A set of NFTs under a common theme as part of a NFT drop or an auction sale in marketplaces like OpenSea or Rarible.
Collectible
A collectible is an NFT that is a part of a wider NFT collection, usually part of a 10k project, PFP project or NFT Game.
Collector
Someone who buys NFTs to build an NFT collection, be part of a NFT community or for speculative purposes to make a profit.
Cope
The opposite of FOMO. When someone doesn’t buy an NFT because one is still dealing with a previous mistake of not FOMOing at a fraction of the price. So choosing to stay out.
Consensus mechanism
Method of authenticating and validating a transaction on a blockchain without the need to trust or rely on a central authority. Examples of consensus mechanisms are Proof of Work (PoW) or Proof of Stake (PoS).
Cozomo de’ Medici
Twitter alias used by Snoop Dogg for crypto and NFT chat.
Creator
An NFT creator is a person that creates the asset for the NFT idea, vision and in many cases the art (e.g. a jpeg, audio file, video file).
Crowsale
Where a crowdsale is the sale of a token that will be used in the business, an Initial Coin Offering (ICO) is the sale of a token that’s linked to the value of the business. Buying an ICO token is akin to buying stock in the company because it entitles you a share of the earnings and profits. Also, some tokens give you voting rights similar to holding stock in the business. The US Securities and Exchange Commission recently ruled that ICOs, but not crowdselling, will be treated as the sale of a security. This basically means that all ICOs must be registered like IPOs and offered only to accredited investors. This dramatically increases the costs and limits the pool of potential buyers.
Crypto Bags/Bags
Refers to how much cryptocurrencies someone holds, as in their bag of coins.
Cryptocurrency
The native coin of a blockchain (or protocol coin), secured by cryptography to be exchanged within a Peer 2 Peer economic system. E.g: Bitcoin (BTC) for the Bitcoin blockchain, Ether (ETH) for the Ethereum blockchain, etc.
Crypto community
The community of a specific crypto or NFT project. NFT communities use Twitter and Discord as their primary social media to hang out.
Crypto exchange
Where someone can buy, sell or trade cryptocurrencies and tokens.
Cryptography
The foundation of blockchain technology. The use of mathematical theory and computer science to encrypt or decrypt information.
CryptoKitties
One of the first and most popular NFT based blockchain games. In 2017, the NFT project almost broke the Ethereum blockchain and increased the gas prices dramatically.
CryptoPunk
Currently one of the most valuable blue chip NFT projects. It was created by Larva Labs. Crypto Punk holders flex their NFT as their profile picture on Twitter.
CT
Crypto Twitter, the crypto-community on Twitter.
Cypherpunks
Movement in the 1980s, advocating for the use of strong cryptography and privacy-enhancing technologies as a route to social and political change. The movement contributed and shaped blockchain tech as we know today.
D
DAO
Stands for Decentralized Autonomous Organization. When a NFT project is structured like a DAO, it grants all the NFT holders voting rights, control over future actions and the NFT’s project direction and vision. Many NFT projects are also organized as DAO to be a community-driven project.
Dapp
Mobile or web based decentralized application that interacts on a blockchain via smart contracts. E.g: Dapp is the frontend and the smart contract is the backend.
DCA
Acronym for Dollar Cost Averaging. An investment strategy to reduce the impact of crypto market volatility. E.g: buying into a crypto asset on a regular monthly basis rather than a big one time purchase.
Ded
Abbreviation for dead like "I sold my Punk for 90 ETH. I am ded."
DeFi
Short for Decentralized Finance. Blockchain alternative for traditional finance, where intermediaries like banks or brokerages are replaced by smart contracts to offer financial services like trading, lending, earning interest, insure, etc.
Degen
Short for degenerate, a gambler who buys into unaudited or unknown NFT or DeFi projects, without proper research hoping to chase high profits.
Delist
No longer offer an NFT for sale on a secondary market like Opensea. NFT Marketplaces can delist an NFT that infringes their rules. Or NFT owners can choose to delist their NFTs (has long as they have sufficient funds for the gas fees) due to price surges to avoid their NFT being bought or sold for a higher price.
Derivative
Projects derived from the original project that reinforces the value and importance of the original NFT. E.g: "alternative" punks.
Dev
A skilled professional who can build NFT projects using smart contracts and blockchain technology.
Dex
Decentralised Exchange that allows for peer-to-peer trustless transactions that don’t rely on a centralized authority to take place. E.g: Uniswap, PancakeSwap, dYdX, Curve Finance, SushiSwap, 1inch, etc.
Diamond Hands
Someone who believes and holds a cryptocurrency or NFT regardless of the crypto or NFT market fluctuations.
Discord
Chat app heavily used by crypto and NFT communities for knowledge sharing and shilling.
DLT
Acronym for Distributed Ledger Technology. It’s a protocol that allows the secure functioning of a decentralized database, through cryptography. This technological infrastructure scraps the need for a central authority to keep in check manipulation or exploitation of the network.
Dog coin
It’s a memecoin based on the Japanese dog breed, Shiba Inu, first popularised by Dogecoin. Other notable coins are Shiba Inu or Floki Inu. These dog coins are frequently subjected to pump and dumps and are extremely volatile. The original dog coin DOGE was created as a joke in 2013. Elon Musk is one of Dogecoin's most famous supporters.
Doxxed/Doxed
When the identity of an NFT team member, dev or creator is public, known or verifiable. In the NFT market, when a NFT team is doxed it’s a usually sign of confidence and transparency for NFT collectors to ensure they will not be scammed for an anonymous creator.
Drop
The release of an NFT (single or collection) into the NFT market.
DYOR
Acronym for Do Your Own Research. A common expression used in the crypto or NFT community to disclaim responsibility for the financial/strategy advice someone is providing the community and to avoid being called out by others in theNFT or crypto community.
E
EIP-1559 EIP
Referring to Ethereum Improvement Proposal 1559, commonly known as the London Fork. It’s an upgrade to the Ethereum protocol code to improve the blockchain security and scalability. The major change consists in shifting from a proof-of-work consensus mechanism (PoW) to a low energy and lower gas fees proof-of-stake system (PoS).
ERC-1155
Stands for Ethereum Request for Comment-1155. A multi-token standard that can represent any number of fungible (ERC-20) and non-fungible tokens (ERC-721).
ERC-20
Ethereum Request for Comment-20 is a standard defining a fungible token like a cryptocurrency.
ERC-721
Ethereum Request for Comment-721 is a standard defining a non-fungible token (NFT).
ETH
Aka Ether, the currency symbol for the native cryptocurrency of the Ethereum blockchain.
ETH2.0
Also known as the London Fork or EIP-1559 EIP. It’s an upgrade to the Ethereum network to improve the network’s security and scalability. The most dramatic change is the shift from the proof-of-work consensus mechanism (PoW) to proof-of-stake system (PoS).
Ether
Or ETH, the native cryptocurrency of the Ethereum blockchain.
Ethereum
Network protocol that allows users to create and run smart contracts over a decentralized network.
F
FCFS
Acronym for First Come First Served. Commonly used strategy in a NFT collection drop when the demand surpasses the supply.
Few
Short for "few understand". Similar to the irony behind the "probably nothing" expression. Like X person bought into a popular NFT, because it understands its long term value.
Fiat Currencies or Money
National government-issued currencies like the US Dollar (USD), Euro (EUR) or Great British Pound (GBP) that are not backed by a commodity like silver or gold. FIAT means an authoritative or arbitrary order like a government decree.
Flex
Slang for showing off. In the crypto community, it’s a Lamborghini or a gold Rolex. In the NFT world, it’s a CryptoPunk or BAYC PFP on Twitter.
Flip
Quickly buying and selling crypto or NFTs to make a profit.
Flippening
Colloquial expression coined in 2017 for when Ethereum’s market capitalisation surpasses Bitcoin’s.
Floor Price
It means the lowest asking price for an NFT collection or subset of a collection on a secondary market like OpenSea.
Floor Sweep
Refers when a NFT collector or investor buys all the lowest listed NFTs on a secondary NFT marketplace.
FOMO
Acronym for Fear Of Missing Out. Buying a crypto or NFT out of fear of missing out on the next big thing.
FOMO-in
Buying a crypto or NFT regardless if it's at the top of the market for FOMO.
Fractionalize
Turning one NFT like a Crypto Punk into X number of fractions ERC-20 tokens that prove ownership of that Punk. This allows for i) collective ownership of an NFT, ii) making an expensive NFT affordable for the common NFT collector and iii) adds more liquidity to a very illiquid NFT market.
FR
Abbreviation for For Real?
Fren
Means Friend and what people in the NFT community call each other in an endearing and positive way.
Foundation
An exclusive, by invitation only, NFT marketplace that specializes in NFT art.
Fungible
Means X can be traded for another X and still hold the same value. E.g: My dollars = your dollars. My 1 ether = your 1 ether. My casino chip = your casino chip. On Ethereum, fungible tokens are defined by the ERC-20 standard.
FUD
Acronym for Fear Uncertainty Doubt. It can be a) when someone spreads negative and sometimes false news to discredit a certain crypto or NFT project. Or b) the overall negative feeling regarding the future of the NFT/Crypto project or market, especially when going through a bear market.
Fudder
Someone who has FUD or engages in FUD about a NFT project.
Fudding your own bags
When an NFT collector or crypto investor speaks negatively about an NFT or crypto project he/she has invested in or has a stake in. Usually negative comments about the team or vision.
G
G
Means Gangster. A term of endearment used amongst the NFT Community.
Gas/Gas fees/Gas prices
The fee charged to complete a transaction in a blockchain. These gas prices vary tremendously between the blockchains, the consensus mechanism used to validate transactions or the number of transactions being made at a specific time.
Gas war
When a lot of NFT collectors (or bots) are trying to mint an NFT at once and therefore resulting in gas price surge.
Generative art
Artwork that is algorithmically created by code with unique traits and rarity.
Genesis drop
It refers to the first NFT drop a creator makes on an NFT auction platform.
GG
Interjection for Good Game.
GM
Interjection for Good Morning.
GMI
Acronym for Going to Make It. Opposite of NGMI (NOT Going to Make It).
GOAT
Acronym for Greatest Of All Time.
GTD
Acronym for Going To Dust. When a token or NFT project turns out to be a bad investment.
GTFO
Get The F*ck Out, as in “gtfo with that fud dude” if someone is talking bull.
GWEI
One billionth of an Ether (ETH) also known as a Shannon / Nanoether / Nano — unit of account used to price Ethereum gas transactions.
H
HEN (Hic Et Nunc)
A popular NFT art marketplace for art built on the Tezos blockchain. Big NFT marketplace for inexpensive NFTs but not a very user-friendly UI/website.
HODL
Misspelling of HOLD coined in an old Reddit post. Synonym with “Hold On for Dear Life” meaning hold your coin or NFT until the end, whether that they’ll moon or dust.
Hot wallet
Wallets connected to the Internet, less secure than cold wallet because they’re more susceptible to hacks.
Hype
Term used to show excitement or anticipation about an upcoming crypto project or NFT.
I
ICO
Acronym for Initial Coin Offering. It’s the crypto equivalent to a stocks’ IPO (Initial Public Offering) but with far less scrutiny or regulation (leading to a lot of scams). ICO’s are a popular way for crypto projects to raise funds.
IDO
Acronym for Initial Dex Offering. To put it simply it means to launch NFTs or tokens via a decentralized liquidity exchange. It’s a common fundraising method used by upcoming crypto or NFT projects. Many consider IDOs a far better fundraising alternative to ICOs.
IDK
Acronym for I Don’t Know.
IDEK
Acronym for I Don’t Even Know.
Imma
Short for I’m going to be.
IRL
Acronym for In Real Life. Refers to the physical world outside of the online/virtual world of crypto, NFTs, gaming or social media.
IPFS
Acronym for Interplanetary File System. A peer-to-peer file storage system using hashes to recall and preserve the integrity of the file, commonly used to store NFTs outside of the blockchain.
It’s Money Laundering
Someone can use this expression to suggest that NFT prices aren’t real and that actually people are using NFTs to launder money, without providing much proof or explanation on how it works.
IYKYK
Stands for If You Know, You Know This. Similar to the expression "few", used when someone buys into a popular crypto or NFT project, slightly because of FOMO but also because it believes in its long term value.
J
JPEG/JPG
File format typically used to encode NFT art. Some people also use Jpeg to mock people buying NFTs as in “All that money for a jpeg”.
K
KMS
Short for Kill MySelf.
L
Larva Labs/ LL
NFT Creators behind the popular NFT projects like Cryptopunks,Meebits or Autoglyphs.
Laser eyes
Bitcoin meme signalling support for BTC and/or it will break the $100k per coin valuation.
LFG
Acronym for Let’s F*cking Go! A common rallying call used in the crypto or NFT community to lead people into buying an NFT or a crypto.
Liquidity
Term that means that a token or NFT has a high volume activity in the crypto/NFT market. It’s easily sold and resold. But usually the NFT market it’s illiquid when compared to the general crypto market, due to the non-fungibility nature of an NFT (there are less buyers for every NFTs out there).
LMFAO
Stands for Laughing My F*cking Ass Off.
Looks Rare
Ironic expression commonly used in the NFT Community. Rarity is a driver of an NFT’s value.
London Hard Fork
Known as EIP-1559, was an Ethereum code upgrade proposal designed to improve the blockchain security and scalability. It’s major change is to shift from PoW to PoS consensus mechanism.
Long run
Means someone is committed to the NFT market or an NFT project in the long term.
M
Maximalist
Typically refers to Bitcoin Maximalists. People who only believe that Bitcoin is the most secure and resilient blockchain. For Maximalists, all other cryptocurrencies are shitcoins therefore a waste of time, development and money.
McDonald's
Common and ironic expression amongst the crypto community. It means that Mcdonald’s is always a valid backup plan or career in the case all cryptocurrencies crash and disappear.
Meatspace
Synonymous with IRL - In Real Life.
Memecoin
Cryptocurrency like Dogecoin that is based on an internet joke or meme.
Metamask
Popular crypto hot wallet platform to store crypto and NFTs.
Metaverse
Term was coined by writer Neal Stephenson in the 1992 dystopian novel “Snow Crash”. It’s an immersive and digital place where people interact via their avatars. Big tech players like Meta (formerly known as Facebook) and other independent players have been designing their own version of a metaverse. NFTs can have utility for users like buying, trading, winning, accessing, experiencing or interacting with things inside a metaverse.
Mfer
Short for “mother fker”.
Miners
Single person or company that mines one or more cryptocurrencies like Bitcoin or Ethereum. Both blockchains need computing power for their Proof of Work consensus mechanism. Miners provide the computing power and receive coins/tokens in return as payment.
Mining
Mining is the process by which new tokens enter in circulation as for example in the Bitcoin blockchain. Also, mining ensures the validity of new transactions happening in a given blockchain that uses the PoW consensus mechanism. Therefore, the ones who mine are rewarded by ensuring the validity of a blockchain.
Mint/Minting
Mint an NFT is the act of publishing your unique instance to a specific blockchain like Ethereum or Tezos blockchain. In simpler terms, a creator is adding a one-of-kind token (NFT) into circulation in a specific blockchain.
Once the NFT is minted - aka created - NFT collectors can i) direct mint, therefore purchase the NFT by paying the specified amount directly into the project’s wallet. Or ii) buy it via an intermediary like an NFT marketplace (e.g: OpenSea, Foundation, Rarible, etc.). Later, the NFT owner can choose to resell the NFT, most NFT creators set up a royalty for every time their NFT is resold.
Minting interval
How often an NFT creator can mint or create tokens.
MOAR
A misspelling that means “more”.
Moon/Mooning
When a coin (e.g. ETH), or token, like an NFT goes exponential in price and the price graph sees a vertical climb. Crypto or NFT users then use the expression that “X token is going to the moon!”.
Moon boys
Slang for crypto or NFT holders who are looking to pump the price dramatically - taking a token to the moon - for short term gains and with no real long term vision or commitment.
N
Never trust, always verify
Treat everyone or every project like something potentially malicious.
New coiner
Crypto slang for someone new to the cryptocurrency space. Usually newcomers can be more susceptible to FUD or scammers.
NFA
Acronym for Not Financial Advice.
NFT
Acronym for Non-Fungible Token. The type of token that can be created, bought, sold, resold and viewed in different dapps. The ERC-721 smart contract standard (Ethereum blockchain) is the most popular amongst NFTs.
NFT Marketplace / NFT Auction platform
Platforms where people can sell and buy NFTs, either via an auction or pay the seller’s price. The largest NFT marketplace is OpenSea. But there are other popular NFT marketplace examples like Foundation, SuperRare, Nifty Gateway, Rarible, Hic et Nunc (HeN), etc.
NFT Whale
A NFT collector or investor who buys a large amount of NFTs.
NGMI
Acronym for Not Going to Make It. For example, something said to someone who has paper hands.
NMP
Acronym for Not My Problem.
Nocoiner
It can be someone who simply doesn’t hold cryptocurrencies, mistrust the crypto market or believes that crypto is either a scam or a ponzi scheme.
Noob/N00b/Newbie
Slang for someone new or not experienced in cryptocurrency or NFTs. These people are more susceptible to scams, drawn into pump and dumps or getting rekt on bad coins.
Normie/Normy
Similar expression for a nocoiner.
NSFW
Acronym for Not Suitable For Work. Referring to online content inappropriate for viewing in public or at work. It began as mostly a tag for sexual content, nudity, or violence, but it has envolved to range a number of other topics that might be delicate or trigger viewers.
Nuclear NFTs
An NFT or collectible with more than 1,000 owners. For the NFT to be sold or resold, every co-owners must give their permission beforehand. Otherwise, the NFT transaction can’t be made.
O
OG
Acronym for Original Gangster and it popularized by 90s Hip Hop culture. It means the first, the original or the person who has been around since the very start and earned respect in the community. In NFT terms, Cryptopunks are the OG of NFTs.
On-chain vs Off-chain
An on-chain NFT is when the artwork (like a jpeg, video or music file) is stored directly into the blockchain making it more secure and less susceptible to being stolen. But, note that most blockchains can only store small amounts of data.
Off-chain NFTs means that the high quality image, music or video file is not stored in the blockchain. But, the NFT data is stored on an external party like a) a centralized server, highly vulnerable to the server being shut down/exploited. Or b) an InterPlanetary File System (IPFS), also an external party but more secure way of finding data because it utilizes a distributed, decentralized system.
OpenSea
By far the largest NFT marketplace in the world, currently.
P
Paper Hands
A crypto or NFT holder who is permeable to negative market sentiment or FUD. And does not hold their crypto or NFT for long. Expression used to describe someone who sells as soon as NFTs enter a bear market.
PFP
Stands for Picture For Profile. Twitter users who hold popular NFTs like Crypto Punk or BAYC use their punk or monkey avatar as their profile picture.
POAP NFT
Stands for Proof of Attendance Protocol. These types of NFTs are awarded to attendees of events, regardless if they’re physical or virtual, as proof you attended.
PoS
Stands for Proof of Stake. A consensus mechanism used by blockchains like Bitcoin or Ethereum to achieve agreement, trust and security in every transaction and keep the integrity of the blockchain intact. PoS mechanisms are considered more environmentally friendly than PoW as they’re lower energy and in emissions.
PoW
Stands for Proof of Work. A consensus mechanism used by blockchains like Bitcoin to achieve agreement, trust and security and keep the transactional integrity of the blockchain intact. PoW mechanism requires a lot of computational power, therefore uses more energy resources and higher CO2 emissions than the PoS mechanism.
Private Key
It can be similar to a password. It’s a secret number that allows users to access their cold or hot wallet funds, prove ownership of a certain address and sign transactions on the blockchain.
It’s not advisable to share a private key with anyone as it makes a person vulnerable to thefts. In case someone loses or forgets its private key, it can use a recovery phrase to restore access to a crypto or NFT wallet.
Pre-mine
A term used in crypto to refer to the act of creating a set amount of tokens before their public launch. It can also be known as a Genesis Sale and is usually associated with Initial Coin Offerings (ICOs) in order to compensate founders, developers or early investors.
Probably nothing
It’s an ironic expression used by NFT enthusiasts to refer to an important or soon to be big news, project or person in the NFT space. Meaning when someone says probably nothing it actually means that it is probably something.
Protocol Coin
Stands for the native coin of a blockchain. As in Ether for the Ethereum blockchain or BTC on the Bitcoin blockchain.
Pump & Dump
The term pump means when a person or a group of people buy or convince others to buy large quantities of a crypto or an NFT with the single goal to drive the price to a peak. When the price peaks, these people sell their position high and for a hefty profit, therefore dumping the price and leaving other slower investors or newbies rekt or at a loss.
R
Rarity
Rarity in NFT terms refers to how rare an NFT is. The rarity can be defined by the number of traits, scarcity or properties of an NFT.
Reaching
Slang for an exaggeration over something to make it sound worse than what it actually is or to take a point/scenario too far.
Recovery phrase
A 12-word phrase that acts like backup for your crypto private keys. A person can recover all of the crypto wallet accounts’ private keys from the recovery phrase. Is not advisable to share the recovery phrase with anyone.
Rekt
Slang for wrecked. When a crypto or NFT project goes wrong or down in value sharply. Or more broadly, when something goes wrong like a person is price out by the gas surge or an NFT floor price goes down.
Right Click Save As
An Ironic expression used by people who don’t understand the value or potential unlocked by NFTs. Person who makes fun that she/he can easily get a digital artwork by Right Click Save As and mock the NFT space and its hype.
Roadmap
The strategy outlined by an NFT project. A way to explain to the NFT community or a potential NFT investor, the different stages, value and the long term vision of the NFT project.
Royalties
NFT creators can set up their NFT so each time their NFT is resold, the creator gets paid a percentage of the sale price.
RN
Acronym for Right Now.
Rug Pull/Rugged
Slang for a scam when the founders, team or developers suddenly leave a crypto project and run away with all the investors’ funds leaving them with nothing.
S
Satoshi Nakamoto
The anonymous creator of the Bitcoin whitepaper and whose identity has never been verified.
Scammer
Someone actively trying to steal other people’s crypto or NFTs.
Secondary
Secondary refers to secondary NFT marketplaces, where NFT collectors or investors can resell NFTs after they’ve been minted. The price of an NFT or NFT collection is determined by those who list them.
Seed phrase
Another name for recovery phrase is the 12-word phrase that allows you to recover all of the crypto wallet accounts’ private keys and regain control of the wallet. Is not advisable to share the seed phrase with anyone.
Seems legit
When an NFT project or a person in the NFT community looks promising and the real deal, meaning seems legitimate. Depending on the context can also be used ironically.
Seems rare
An ironic expression or dismissive comment used by the NFT community. For example, It can be used sarcastically when someone asks for feedback on an NFT they own or created.
Ser
Slang for sir and a polite way of addressing others in an NFT community.
Shill
Expression when someone wants to promote or get exposure to an NFT they own or created.
Shill Thread
It’s a common Twitter strategy to gain traction by encouraging NFT creators to share a link to their NFT project in the hopes of getting bought or noticed by the NFT Community and potential buyers.
Simp/Simping
A NFT holder or creator who comes off as trying to hard impress an NFT whale or investor.
Sh*tposter
A person who mostly posts meme content on Twitter for fun.
SLP
Acronym for Smooth Love Potion. It’s a token players can earn as a reward in the NFT game Axie Infinity.
Smart Contract
A self-executing contract where the terms of the agreement between buyer and seller are directly written into the code and without third party or human intervention. Ethereum is a blockchain that can execute smart contracts, on the contrary to Bitcoin which does not have that capability.
SMFH
Acronym for Shaking My F*cking Head. Common reply to a person showing unbelievable idiocy.
Sock Puppet
Scam account used to lure noob investors into fake investment services.
Snag
It means to buy an NFT quickly and for a very low price. Can also be known as sniping.
Sotheby’s
Very famous auction house that has recently auctioned Beeple’s NFTs or Bored Ape Yacht Club and Crypto Punks’ NFT collections.
Stake
Crypto term for locking up a certain amount of crypto tokens for a set period of time to earn interest. In the NFT space, there are popping up a lot of projects or services that allow NFT holders to earn interest for holding a certain NFT.
Szn
Stands for season referring to crypto or NFT market cycles.
T
TINA
Acronym for There Is No Alternative. Example: someone asks “why are you investing in BTC?”, to which the reply is “TINA”.
TINA RIF
Acronym for There Is No Alternative Resistance Is Futile.
This is the way
A commendation for positive behavior by someone in the NFT Community.
Tokenomics
Referring to the economics of cryptocurrencies, DeFi or NFT projects.
V
Valhalla
Ironic use of the Viking “heaven”. Meaning someone’s NFT collection is either going to be a profitable and blue chip project, therefore they can ascend to Valhalla or is going to tank and that person will have to work at a Mcdonald’s.
Vibe
Term used to express a positive emotional state.
Volatile/Volatility
Term used to describe rapid market fluctuations and crypto or NFT prices go up and down quickly in a short period.
W
WAGMI
Acronym for We Are Going to Make It. Rally cry to build momentum for a crypto or NFT project and lead even more people into buying, shilling or supporting a specific project.
Wallet
There can be a hot or cold wallet, but both are a place where someone can store their cryptocurrency and tokens. Hot wallets are always connected to the Internet like MetaMask, Trust wallet or Phantom. On the contrary cold wallets are hardware wallets to store crypto or NFTs offline like Nano Ledger.
Weak Hands
Synonymous with Paper Hands. Someone who immediately sells their crypto or NFT because of a bear market, FUD or any other negative sentiment.
Web 1.0
Refers to the beginning of the Web. A period from around 1990 to 2005, also known as the read-only web.
Web 2.0
Refers to an iteration of Web 1.0. From 2005 to the present moment, where social media platforms like Facebook, Instagram, TikTok, Google, Twitter, etc reshaped the web, therefore becoming the read-write web.
Web 3.0
A term coined by Ethereum co-founder Gavin Wood and it’s an idea of what the future of the web could look like. Most peoples’ data, info or content would no longer be centralized in Web 2.0 giants - the Big Tech - but decentralized, mostly thanks to blockchain technology. Web 3.0 could be known as read-write-trust web.
Wen
As in When.
Wen Moon
Popular expression from crypto Twitter not so much in the NFT space. Refers to the still distant future when a token will moon.
Whitepaper
Document released by a crypto or NFT project where it lays the technical information behind the concept, vision, roadmap and plans to grow a certain project.
Whale
Someone who owns a large position on a specific or many cryptos or NFTs.
Y
Yodo
Acronym for You Only Die Once. The opposite of Yolo.
Yolo
Acronym for You Only Live Once. A person can use this when they just realized they bought a shitcoin or crap NFT and they’re getting rekt.
Original post
More on NFTs & Art
Web3Lunch
4 years ago
An employee of OpenSea might get a 40-year prison sentence for insider trading using NFTs.
The space had better days. Those greenish spikes...oh wow, haven't felt that in ages. Cryptocurrencies and NFTs have lost popularity. Google agrees. Both are declining.
As seen below, crypto interest spiked in May because of the Luna fall. NFT interest is similar to early October last year.
This makes me think NFTs are mostly hype and FOMO. No art or community. I've seen enough initiatives to know that communities stick around if they're profitable. Once it starts falling, they move on to the next project. The space has no long-term investments. Flip everything.
OpenSea trading volume has stayed steady for months. May's volume is 1.8 million ETH ($3.3 billion).
Despite this, I think NFTs and crypto will stick around. In bad markets, builders gain most.
Only 4k developers are active on Ethereum blockchain. It's low. A great chance for the space enthusiasts.
An employee of OpenSea might get a 40-year prison sentence for insider trading using NFTs.
Nathaniel Chastian, an OpenSea employee, traded on insider knowledge. He'll serve 40 years for that.
Here's what happened if you're unfamiliar.
OpenSea is a secondary NFT marketplace. Their homepage featured remarkable drops. Whatever gets featured there, NFT prices will rise 5x.
Chastian was at OpenSea. He chose forthcoming NFTs for OpenSeas' webpage.
Using anonymous digital currency wallets and OpenSea accounts, he would buy NFTs before promoting them on the homepage, showcase them, and then sell them for at least 25 times the price he paid.
From June through September 2021, this happened. Later caught, fired. He's charged with wire fraud and money laundering, each carrying a 20-year maximum penalty.
Although web3 space is all about decentralization, a step like this is welcomed since it restores faith in the area. We hope to see more similar examples soon.
Here's the press release.
Understanding smart contracts
@cantino.eth has a Twitter thread on smart contracts. Must-read. Also, he appears educated about the space, so follow him.
nft now
4 years ago
A Guide to VeeFriends and Series 2
VeeFriends is one of the most popular and unique NFT collections. VeeFriends launched around the same time as other PFP NFTs like Bored Ape Yacht Club.
Vaynerchuk (GaryVee) took a unique approach to his large-scale project, which has influenced the NFT ecosystem. GaryVee's VeeFriends is one of the most successful NFT membership use-cases, allowing him to build a community around his creative and business passions.
What is VeeFriends?
GaryVee's NFT collection, VeeFriends, was released on May 11, 2021. VeeFriends [Mini Drops], Book Games, and a forthcoming large-scale "Series 2" collection all stem from the initial drop of 10,255 tokens.
In "Series 1," there are G.O.O. tokens (Gary Originally Owned). GaryVee reserved 1,242 NFTs (over 12% of the supply) for his own collection, so only 9,013 were available at the Series 1 launch.
Each Series 1 token represents one of 268 human traits hand-drawn by Vaynerchuk. Gary Vee's NFTs offer owners incentives.
Who made VeeFriends?
Gary Vaynerchuk, AKA GaryVee, is influential in NFT. Vaynerchuk is the chairman of New York-based communications company VaynerX. Gary Vee, CEO of VaynerMedia, VaynerSports, and bestselling author, is worth $200 million.
GaryVee went from NFT collector to creator, launching VaynerNFT to help celebrities and brands.
Vaynerchuk's influence spans the NFT ecosystem as one of its most prolific voices. He's one of the most influential NFT figures, and his VeeFriends ecosystem keeps growing.
Vaynerchuk, a trend expert, thinks NFTs will be around for the rest of his life and VeeFriends will be a landmark project.
Why use VeeFriends NFTs?
The first VeeFriends collection has sold nearly $160 million via OpenSea. GaryVee insisted that the first 10,255 VeeFriends were just the beginning.
Book Games were announced to the VeeFriends community in August 2021. Mini Drops joined VeeFriends two months later.
Book Games
GaryVee's book "Twelve and a Half: Leveraging the Emotional Ingredients for Business Success" inspired Book Games. Even prior to the announcement Vaynerchuk had mapped out the utility of the book on an NFT scale. Book Games tied his book to the VeeFriends ecosystem and solidified its place in the collection.
GaryVee says Book Games is a layer 2 NFT project with 125,000 burnable tokens. Vaynerchuk's NFT fans were incentivized to buy as many copies of his new book as possible to receive NFT rewards later.
First, a bit about “layer 2.”
Layer 2 blockchain solutions help scale applications by routing transactions away from Ethereum Mainnet (layer 1). These solutions benefit from Mainnet's decentralized security model but increase transaction speed and reduce gas fees.
Polygon (integrated into OpenSea) and Immutable X are popular Ethereum layer 2 solutions. GaryVee chose Immutable X to reduce gas costs (transaction fees). Given the large supply of Book Games tokens, this decision will likely benefit the VeeFriends community, especially if the games run forever.
What's the strategy?
The VeeFriends patriarch announced on Aug. 27, 2021, that for every 12 books ordered during the Book Games promotion, customers would receive one NFT via airdrop. After nearly 100 days, GV sold over a million copies and announced that Book Games would go gamified on Jan. 10, 2022.
Immutable X's trading options make Book Games a "game." Book Games players can trade NFTs for other NFTs, sports cards, VeeCon tickets, and other prizes. Book Games can also whitelist other VeeFirends projects, which we'll cover in Series 2.
VeeFriends Mini Drops
GaryVee launched VeeFriends Mini Drops two months after Book Games, focusing on collaboration, scarcity, and the characters' "cultural longevity."
Spooky Vees, a collection of 31 1/1 Halloween-themed VeeFriends, was released on Halloween. First-come, first-served VeeFriend owners could claim these NFTs.
Mini Drops includes Gift Goat NFTs. By holding the Gift Goat VeeFriends character, collectors will receive 18 exclusive gifts curated by GaryVee and the team. Each gifting experience includes one physical gift and one NFT out of 555, to match the 555 Gift Goat tokens.
Gift Goat holders have gotten NFTs from Danny Cole (Creature World), Isaac "Drift" Wright (Where My Vans Go), Pop Wonder, and more.
GaryVee is poised to release the largest expansion of the VeeFriends and VaynerNFT ecosystem to date with VeeFriends Series 2.
VeeCon 101
By owning VeeFriends NFTs, collectors can join the VeeFriends community and attend VeeCon in 2022. The conference is only open to VeeCon NFT ticket holders (VeeFreinds + possibly more TBA) and will feature Beeple, Steve Aoki, and even Snoop Dogg.
The VeeFreinds floor in 2022 Q1 has remained at 16 ETH ($52,000), making VeeCon unattainable for most NFT enthusiasts. Why would someone spend that much crypto on a Minneapolis "superconference" ticket? Because of Gary Vaynerchuk.
Everything to know about VeeFriends Series 2
Vaynerchuk revealed in April 2022 that the VeeFriends ecosystem will grow by 55,555 NFTs after months of teasing.
With VeeFriends Series 2, each token will cost $995 USD in ETH, allowing NFT enthusiasts to join at a lower cost. The new series will be released on multiple dates in April.
Book Games NFT holders on the Friends List (whitelist) can mint Series 2 NFTs on April 12. Book Games holders have 32,000 NFTs.
VeeFriends Series 1 NFT holders can claim Series 2 NFTs on April 12. This allotment's supply is 10,255, like Series 1's.
On April 25, the public can buy 10,000 Series 2 NFTs. Unminted Friends List NFTs will be sold on this date, so this number may change.
The VeeFriends ecosystem will add 15 new characters (220 tokens each) on April 27. One character will be released per day for 15 days, and the only way to get one is to enter a daily raffle with Book Games tokens.
Series 2 NFTs won't give owners VeeCon access, but they will offer other benefits within the VaynerNFT ecosystem. Book Games and Series 2 will get new token burn mechanics in the upcoming drop.
Visit the VeeFriends blog for the latest collection info.
Where can you buy Gary Vee’s NFTs?
Need a VeeFriend NFT? Gary Vee recommends doing "50 hours of homework" before buying. OpenSea sells VeeFriends NFTs.
nft now
4 years ago
Instagram NFTs Are Here… How does this affect artists?
Instagram (IG) is officially joining NFT. With the debut of new in-app NFT functionalities, influential producers can interact with blockchain tech on the social media platform.
Meta unveiled intentions for an Instagram NFT marketplace in March, but these latest capabilities focus more on content sharing than commerce. And why shouldn’t they? IG's entry into the NFT market is overdue, given that Twitter and Discord are NFT hotspots.
The NFT marketplace/Web3 social media race has continued to expand, with the expected Coinbase NFT Beta now live and blazing a trail through the NFT ecosystem.
IG's focus is on visual art. It's unlike any NFT marketplace or platform. IG NFTs and artists: what's the deal? Let’s take a look.
What are Instagram’s NFT features anyways?
As said, not everyone has Instagram's new features. 16 artists, NFT makers, and collectors can now post NFTs on IG by integrating third-party digital wallets (like Rainbow or MetaMask) in-app. IG doesn't charge to publish or share digital collectibles.
NFTs displayed on the app have a "shimmer" aesthetic effect. NFT posts also have a "digital collectable" badge that lists metadata such as the creator and/or owner, the platform it was created on, a brief description, and a blockchain identification.
Meta's social media NFTs have launched on Instagram, but the company is also preparing to roll out digital collectibles on Facebook, with more on the way for IG. Currently, only Ethereum and Polygon are supported, but Flow and Solana will be added soon.
How will artists use these new features?
Artists are publishing NFTs they developed or own on IG by linking third-party digital wallets. These features have no NFT trading aspects built-in, but are aimed to let authors share NFTs with IG audiences.
Creators, like IG-native aerial/street photographer Natalie Amrossi (@misshattan), are discovering novel uses for IG NFTs.
Amrossi chose to not only upload his own NFTs but also encourage other artists in the field. "That's the beauty of connecting your wallet and sharing NFTs. It's not just what you make, but also what you accumulate."
Amrossi has been producing and posting Instagram art for years. With IG's NFT features, she can understand Instagram's importance in supporting artists.
Web2 offered Amrossi the tools to become an artist and make a life. "Before 'influencer' existed, I was just making art. Instagram helped me reach so many individuals and brands, giving me a living.
Even artists without millions of viewers are encouraged to share NFTs on IG. Wilson, a relatively new name in the NFT space, seems to have already gone above and beyond the scope of these new IG features. By releasing "Losing My Mind" via IG NFT posts, she has evaded the lack of IG NFT commerce by using her network to market her multi-piece collection.
"'Losing My Mind' is a long-running photo series. Wilson was preparing to release it as NFTs before IG approached him, so it was a perfect match.
Wilson says the series is about Black feminine figures and media depiction. Respectable effort, given POC artists have been underrepresented in NFT so far.
“Over the past year, I've had mental health concerns that made my emotions so severe it was impossible to function in daily life, therefore that prompted this photo series. Every Wednesday and Friday for three weeks, I'll release a new Meta photo for sale.
Wilson hopes these new IG capabilities will help develop a connection between the NFT community and other internet subcultures that thrive on Instagram.
“NFTs can look scary as an outsider, but seeing them on your daily IG feed makes it less foreign,” adds Wilson. I think Instagram might become a hub for NFT aficionados, making them more accessible to artists and collectors.
What does it all mean for the NFT space?
Meta's NFT and metaverse activities will continue to impact Instagram's NFT ecosystem. Many think it will be for the better, as IG NFT frauds are another problem hurting the NFT industry.
IG's new NFT features seem similar to Twitter's PFP NFT verifications, but Instagram's tools should help cut down on scams as users can now verify the creation and ownership of whole NFT collections included in IG posts.
Given the number of visual artists and NFT creators on IG, it might become another hub for NFT fans, as Wilson noted. If this happens, it raises questions about Instagram success. Will artists be incentivized to distribute NFTs? Or will those with a large fanbase dominate?
Elise Swopes (@swopes) believes these new features should benefit smaller artists. Swopes was one of the first profiles placed to Instagram's original suggested user list in 2012.
Swopes says she wants IG to be a magnet for discovery and understands the value of NFT artists and producers.
"I'd love to see IG become a focus of discovery for everyone, not just the Beeples and Apes and PFPs. That's terrific for them, but [IG NFT features] are more about using new technology to promote emerging artists, Swopes added.
“Especially music artists. It's everywhere. Dancers, writers, painters, sculptors, musicians. My element isn't just for digital artists; it can be anything. I'm delighted to witness people's creativity."
Swopes, Wilson, and Amrossi all believe IG's new features can help smaller artists. It remains to be seen how these new features will effect the NFT ecosystem once unlocked for the rest of the IG NFT community, but we will likely see more social media NFT integrations in the months and years ahead.
Read the full article here
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Katrina Paulson
4 years ago
Dehumanization Against Anthropomorphization
We've fought for humanity's sake. We need equilibrium.
We live in a world of opposites (black/white, up/down, love/hate), thus life is a game of achieving equilibrium. We have a universe of paradoxes within ourselves, not just in physics.
Individually, you balance your intellect and heart, but as a species, we're full of polarities. They might be gentle and compassionate, then ruthless and unsympathetic.
We desire for connection so much that we personify non-human beings and objects while turning to violence and hatred toward others. These contrasts baffle me. Will we find balance?
Anthropomorphization
Assigning human-like features or bonding with objects is common throughout childhood. Cartoons often give non-humans human traits. Adults still anthropomorphize this trait. Researchers agree we start doing it as infants and continue throughout life.
Humans of all ages are good at humanizing stuff. We build emotional attachments to weather events, inanimate objects, animals, plants, and locales. Gods, goddesses, and fictitious figures are anthropomorphized.
Cast Away, starring Tom Hanks, features anthropization. Hanks is left on an island, where he builds an emotional bond with a volleyball he calls Wilson.
We became emotionally invested in Wilson, including myself.
Why do we do it, though?
Our instincts and traits helped us survive and thrive. Our brain is alert to other people's thoughts, feelings, and intentions to assist us to determine who is safe or hazardous. We can think about others and our own mental states, or about thinking. This is the Theory of Mind.
Neurologically, specialists believe the Theory of Mind has to do with our mirror neurons, which exhibit the same activity while executing or witnessing an action.
Mirror neurons may contribute to anthropization, but they're not the only ones. In 2021, Harvard Medical School researchers at MGH and MIT colleagues published a study on the brain's notion of mind.
“Our study provides evidence to support theory of mind by individual neurons. Until now, it wasn’t clear whether or how neurons were able to perform these social cognitive computations.”
Neurons have particular functions, researchers found. Others encode information that differentiates one person's beliefs from another's. Some neurons reflect tale pieces, whereas others aren't directly involved in social reasoning but may multitask contributing factors.
Combining neuronal data gives a precise portrait of another's beliefs and comprehension. The theory of mind describes how we judge and understand each other in our species, and it likely led to anthropomorphism. Neuroscience indicates identical brain regions react to human or non-human behavior, like mirror neurons.
Some academics believe we're wired for connection, which explains why we anthropomorphize. When we're alone, we may anthropomorphize non-humans.
Humanizing non-human entities may make them deserving of moral care, according to another theory. Animamorphizing something makes it responsible for its actions and deserves punishments or rewards. This mental shift is typically apparent in our connections with pets and leads to deanthropomorphization.
Dehumanization
Dehumanizing involves denying someone or anything ethical regard, the opposite of anthropomorphizing.
Dehumanization occurs throughout history. We do it to everything in nature, including ourselves. We experiment on and torture animals. We enslave, hate, and harm other groups of people.
Race, immigrant status, dress choices, sexual orientation, social class, religion, gender, politics, need I go on? Our degrading behavior is promoting fascism and division everywhere.
Dehumanizing someone or anything reduces their agency and value. Many assume they're immune to this feature, but tests disagree.
It's inevitable. Humans are wired to have knee-jerk reactions to differences. We are programmed to dehumanize others, and it's easier than we'd like to admit.
Why do we do it, though?
Dehumanizing others is simpler than humanizing things for several reasons. First, we consider everything unusual as harmful, which has helped our species survive for hundreds of millions of years. Our propensity to be distrustful of others, like our fear of the unknown, promotes an us-vs.-them mentality.
Since WWII, various studies have been done to explain how or why the holocaust happened. How did so many individuals become radicalized to commit such awful actions and feel morally justified? Researchers quickly showed how easily the mind can turn gloomy.
Stanley Milgram's 1960s electroshock experiment highlighted how quickly people bow to authority to injure others. Philip Zimbardo's 1971 Stanford Prison Experiment revealed how power may be abused.
The us-versus-them attitude is natural and even young toddlers act on it. Without a relationship, empathy is more difficult.
It's terrifying how quickly dehumanizing behavior becomes commonplace. The current pandemic is an example. Most countries no longer count deaths. Long Covid is a major issue, with predictions of a handicapped tsunami in the future years. Mostly, we shrug.
In 2020, we panicked. Remember everyone's caution? Now Long Covid is ruining more lives, threatening to disable an insane amount of our population for months or their entire lives.
There's little research. Experts can't even classify or cure it. The people should be outraged, but most have ceased caring. They're over covid.
We're encouraged to find a method to live with a terrible pandemic that will cause years of damage. People aren't worried about infection anymore. They shrug and say, "We'll all get it eventually," then hope they're not one of the 30% who develops Long Covid.
We can correct course before further damage. Because we can recognize our urges and biases, we're not captives to them. We can think critically about our thoughts and behaviors, then attempt to improve. We can recognize our deficiencies and work to attain balance.
Changing perspectives
We're currently attempting to find equilibrium between opposites. It's superficial to defend extremes by stating we're only human or wired this way because both imply we have no control.
Being human involves having self-awareness, and by being careful of our thoughts and acts, we can find balance and recognize opposites' purpose.
Extreme anthropomorphizing and dehumanizing isolate and imperil us. We anthropomorphize because we desire connection and dehumanize because we're terrified, frequently of the connection we crave. Will we find balance?
Katrina Paulson ponders humanity, unanswered questions, and discoveries. Please check out her newsletters, Curious Adventure and Curious Life.
Nick Nolan
4 years ago
In five years, starting a business won't be hip.
People are slowly recognizing entrepreneurship's downside.
Growing up, entrepreneurship wasn't common. High school class of 2012 had no entrepreneurs.
Businesses were different.
They had staff and a lengthy history of achievement.
I never wanted a business. It felt unattainable. My friends didn't care.
Weird.
People desired degrees to attain good jobs at big companies.
When graduated high school:
9 out of 10 people attend college
Earn minimum wage (7%) working in a restaurant or retail establishment
Or join the military (3%)
Later, entrepreneurship became a thing.
2014-ish
I was in the military and most of my high school friends were in college, so I didn't hear anything.
Entrepreneurship soared in 2015, according to Google Trends.
Then more individuals were interested. Entrepreneurship went from unusual to cool.
In 2015, it was easier than ever to build a website, run Facebook advertisements, and achieve organic social media reach.
There were several online business tools.
You didn't need to spend years or money figuring it out. Most entry barriers were gone.
Everyone wanted a side gig to escape the 95.
Small company applications have increased during the previous 10 years.
2011-2014 trend continues.
2015 adds 150,000 applications. 2016 adds 200,000. Plus 300,000 in 2017.
The graph makes it look little, but that's a considerable annual spike with no indications of stopping.
By 2021, new business apps had doubled.
Entrepreneurship will return to its early 2010s level.
I think we'll go backward in 5 years.
Entrepreneurship is half as popular as it was in 2015.
In the late 2020s and 30s, entrepreneurship will again be obscure.
Entrepreneurship's decade-long splendor is fading. People will cease escaping 9-5 and launch fewer companies.
That’s not a bad thing.
I think people have a rose-colored vision of entrepreneurship. It's fashionable. People feel that they're missing out if they're not entrepreneurial.
Reality is showing up.
People say on social media, "I knew starting a business would be hard, but not this hard."
More negative posts on entrepreneurship:
Luke adds:
Is being an entrepreneur ‘healthy’? I don’t really think so. Many like Gary V, are not role models for a well-balanced life. Despite what feel-good LinkedIn tells you the odds are against you as an entrepreneur. You have to work your face off. It’s a tough but rewarding lifestyle. So maybe let’s stop glorifying it because it takes a lot of (bleepin) work to survive a pandemic, mental health battles, and a competitive market.
Entrepreneurship is no longer a pipe dream.
It’s hard.
I went full-time in March 2020. I was done by April 2021. I had a good-paying job with perks.
When that fell through (on my start date), I had to continue my entrepreneurial path. I needed money by May 1 to pay rent.
Entrepreneurship isn't as great as many think.
Entrepreneurship is a serious business.
If you have a 9-5, the grass isn't greener here. Most people aren't telling the whole story when they post on social media or quote successful entrepreneurs.
People prefer to communicate their victories than their defeats.
Is this a bad thing?
I don’t think so.
Over the previous decade, entrepreneurship went from impossible to the finest thing ever.
It peaked in 2020-21 and is returning to reality.
Startups aren't for everyone.
If you like your job, don't quit.
Entrepreneurship won't amaze people if you quit your job.
It's irrelevant.
You're doomed.
And you'll probably make less money.
If you hate your job, quit. Change jobs and bosses. Changing jobs could net you a greater pay or better perks.
When you go solo, your paycheck and perks vanish. Did I mention you'll fail, sleep less, and stress more?
Nobody will stop you from pursuing entrepreneurship. You'll face several challenges.
Possibly.
Entrepreneurship may be romanticized for years.
Based on what I see from entrepreneurs on social media and trends, entrepreneurship is challenging and few will succeed.
Hannah Elliott
4 years ago
Pebble Beach Auto Auctions Set $469M Record
The world's most prestigious vintage vehicle show included amazing autos and record-breaking sums.
This 1932 Duesenberg J Figoni Sports Torpedo earned Best of Show in 2022.
David Paul Morris (DPM)/Bloomberg
2022 Pebble Beach Concours d'Elegance winner was a pre-war roadster.
Lee Anderson's 1932 Duesenberg J Figoni Sports Torpedo won Best of Show at Pebble Beach Golf Links near Carmel, Calif., on Sunday. First American win since 2013.
Sandra Button, chairperson of the annual concours, said the car, whose chassis and body had been separated for years, "marries American force with European style." "Its resurrection story is passionate."
Pebble Beach Concours d'Elegance Auction
Since 1950, the Pebble Beach Concours d'Elegance has welcomed the world's most costly collectable vehicles for a week of parties, auctions, rallies, and high-roller meetings. The cold, dreary weather highlighted the automobiles' stunning lines and hues.
DPM/Bloomberg
A visitor photographs a 1948 Ferrari 166 MM Touring Barchetta. This is one of 25 Ferraris manufactured in the years after World War II. First shown at the 1948 Turin Salon. Others finished Mille Miglia and Le Mans, which set the tone for Ferrari racing for years.
DPM/Bloomberg
This year's frontrunners were ultra-rare pre-war and post-war automobiles with long and difficult titles, such a 1937 Talbot-Lago T150C-SS Figoni & Falaschi Teardrop Coupe and a 1951 Talbot-Lago T26 Grand Sport Stabilimenti Farina Cabriolet.
The hefty, enormous coaches inspire visions of golden pasts when mysterious saloons swept over the road with otherworldly style, speed, and grace. Only the richest and most powerful people, like Indian maharaja and Hollywood stars, owned such vehicles.
Antonio Chopitea, a Peruvian sugar tycoon, ordered a new Duesenberg in Paris. Hemmings says the two-tone blue beauty was moved to the US and dismantled in the 1960s. Body and chassis were sold separately and rejoined decades later in a three-year, prize-winning restoration.
The concours is the highlight of Monterey Car Week, a five-day Super Bowl for car enthusiasts. Early events included Porsche and Ferrari displays, antique automobile races, and new-vehicle debuts. Many auto executives call Monterey Car Week the "new auto show."
Many visitors were drawn to the record-breaking auctions.
A 1969 Porsche 908/02 auctioned for $4.185 million. Flat-eight air-cooled engine, 90.6-inch wheelbase, 1,320-pound weight. Vic Elford, Richard Attwood, Rudi Lins, Gérard Larrousse, Kurt Ahrens Jr., Masten Gregory, and Pedro Rodriguez drove it, according to Gooding.
DPM/Bloomberg
The 1931 Bentley Eight Liter Sports Tourer doesn't meet its reserve. Gooding & Co., the official auction house of the concours, made more than $105 million and had an 82% sell-through rate. This powerful open-top tourer is one of W.O. Bentley's 100 automobiles. Only 80 remain.
DPM/Bloomberg
The final auction on Aug. 21 brought in $456.1 million, breaking the previous high of $394.48 million established in 2015 in Monterey. “The week put an exclamation point on what has been an exceptional year for the collector automobile market,” Hagerty analyst John Wiley said.
Many cars that go unsold at public auction are sold privately in the days after. After-sales pushed the week's haul to $469 million on Aug. 22, up 18.9% from 2015's record.
In today's currencies, 2015's record sales amount to $490 million, Wiley noted. The dollar is degrading faster than old autos.
Still, 113 million-dollar automobiles sold. The average car sale price was $583,211, up from $446,042 last year, while multimillion-dollar hammer prices made up around 75% of total sales.
Industry insiders and market gurus expected that stock market volatility, the crisis in Ukraine, and the dollar-euro exchange rate wouldn't influence the world's biggest spenders.
Classic.com's CEO said there's no hint of a recession in an e-mail. Big sales and crowds.
Ticket-holders wore huge hats, flowery skirts, and other Kentucky Derby-esque attire. Coffee, beverages, and food are extra.
DPM/Bloomberg
Mercedes-Benz 300 SL Gullwing, 1955. Mercedes produced the two-seat gullwing coupe from 1954–1957 and the roadster from 1957–1963. It was once West Germany's fastest and most powerful automobile. You'd be hard-pressed to locate one for less $1 million.
DPM/Bloomberg
1955 Ferrari 410 Sport sold for $22 million at RM Sotheby's. It sold a 1937 Mercedes-Benz 540K Sindelfingen Roadster for $9.9 million and a 1924 Hispano-Suiza H6C Transformable Torpedo for $9.245 million. The family-run mansion sold $221.7 million with a 90% sell-through rate, up from $147 million in 2021. This year, RM Sotheby's cars averaged $1.3 million.
Not everyone saw such great benefits.
Gooding & Co., the official auction house of the concours, made more than $105 million and had an 82% sell-through rate. 1937 Bugatti Type 57SC Atalante, 1990 Ferrari F40, and 1994 Bugatti EB110 Super Sport were top sellers.
The 1969 Autobianchi A112 Bertone. This idea two-seater became a Hot Wheels toy but was never produced. It has a four-speed manual drive and an inline-four mid-engine arrangement like the Lamborghini Miura.
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1956 Porsche 356 A Speedster at Gooding & Co. The Porsche 356 is a lightweight, rear-engine, rear-wheel drive vehicle that lacks driving power but is loved for its rounded, Beetle-like hardtop coupé and open-top versions.
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Mecum sold $50.8 million with a 64% sell-through rate, down from $53.8 million and 77% in 2021. Its top lot, a 1958 Ferrari 250 GT 'Tour de France' Alloy Coupe, sold for $2.86 million, but its average price was $174,016.
Bonhams had $27.8 million in sales with an 88% sell-through rate. The same sell-through generated $35.9 million in 2021.
Gooding & Co. and RM Sotheby's posted all 10 top sales, leaving Bonhams, Mecum, and Hagerty-owned Broad Arrow fighting for leftovers. Six of the top 10 sellers were Ferraris, which remain the gold standard for collectable automobiles. Their prices have grown over decades.
Classic.com's Calle claimed RM Sotheby's "stole the show," but "BroadArrow will be a force to reckon with."
Although pre-war cars were hot, '80s and '90s cars showed the most appreciation and attention. Generational transition and new buyer profile."
2022 Pebble Beach Concours d'Elegance judges inspect 1953 Siata 208. The rounded coupe was introduced at the 1952 Turin Auto Show in Italy and is one of 18 ever produced. It sports a 120hp Fiat engine, five-speed manual transmission, and alloy drum brakes. Owners liked their style, but not their reliability.
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The Czinger 21 CV Max at Pebble Beach. Monterey Car Week concentrates on historic and classic automobiles, but modern versions like this Czinger hypercar also showed.
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The 1932 Duesenberg J Figoni Sports Torpedo won Best in Show in 2022. Lee and Penny Anderson of Naples, Fla., own the once-separate-chassis-from-body automobile.
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