Several months ago, I became really active on Discord in order to further immerse myself into the NFT space. At first, Discord seemed like a strange new universe with confusing channels and initials and weird jargon. Then I suddenly started getting DMs (direct messages) from many people offering me everything from free Bitcoin to amazing server promotions. I also got many invites to join “promising” NFT projects.
Some of you may have been on Discord for years because of gaming. Now, NFT projects are taking over Discord. I have learned a lot in the past few months. I am now a moderator on several giant servers and I have my own little friendly server that is ever-evolving.
I will share some things that will be helpful to those of you who are just now dipping your toes into the Discord waters. Let's look at some jargon first. Then I will share some valuable insights I have learned that can help you avoid losses as well as point you to ways to profit.
A lot of the jargon is similar to the rest of the crypto world shorthand way of communicating. Nonetheless, some has found a unique place on Discord. Here are a few things I have picked up here and there:
1:1 or 1/1: This just means that each NFT is unique. I personally will not buy an NFT that is not 1:1. They rarely go up much in value if they are not 1:1.
Floor: This is a simple reference to the lowest priced NFTs currently for sale on the marketplace, like Open Sea. This can change within minutes up or down. This is valuable, because it is an indicator for how much your NFT can be quickly sold. The phrase “sweep the floor” relates to buying the lowest priced NFTs in order to push the floor price higher.
Rarity: Most large NFT collections have a variety of rarities within their collection. While one NFT can be sold for .5 Ethereum on the floor, another one might be sold for 20 Ethereum, because it is so rare. Rarity Sniffer and Rarity Sniper have websites where you can check out the rarity of an NFT you own or before you choose to buy.
Servers and Channels: You will join a Discord server. Each one is unique and run by different people. You can create your own if you want. Within each server are channels where information is organized, or chat rooms can be set up.
Roles: Within servers, different members will have different roles that will allow them certain privileges or access to specific channels.
Paperhands: People that panic and sell early. This is usually a derogatory term. However, sometimes it is smart to sell quickly, especially if the project has peaked or is failing.
Diamondhands: People that do not sell quickly. They hold long-term for higher profits.
Roadmap: The long-term plan of an NFT project.
Whitelist: a group of wallet addresses that are selected to mint early.
FOMO: fear of missing out
FUD: fear, uncertainty, doubt. Spreading negativity that will hurt a project’s momentum or push it to failure.
PFP: profile picture. Many NFTs choose pfps as their main design theme
WGMI: We’re gonna make it.
LFG! is short for “Let’s freaking (or F&*$ing) go!” and is used to indicate hype or excitement.
Most DM offers are scams. For this reason, many people disable their DMS (direct messaging) on Discord. It is probably smart to do this. I leave mine on, but I am very cautious. Here are some examples of scams on Discord, the first three of which rely on direct messages:
- Free Crypto. If they tell you won Bitcoin, I am sorry to tell you this, but you didn’t. No one is out there giving away free BTC, but plenty of scammers are creating fake exchanges and swaps. They will tell you to claim your free BTC, you have to have a minimum balance in their account. Then they take your BTC and run.
- False Promoters. These guys either do not deliver what they promise or they only deliver a small percentage. Here is a common one: You pay me .5 Ethereum, and I will send out 100,000 DMs using a spam bot to promote your server. Your server will blow up! Then then take your .5 Ethereum and you get nothing, or maybe they send a couple of hundred DMs. There are some legit promoters, but they come with references and have a level of transparency. They do not simply hide behind some fake name on Discord.
- False Mints. Large NFT projects will have mints on a site for a reduced rate for people in their community before they end up on a marketplace like Open Sea. When the big projects get ready to mint, the scammers start sending DMs to people in that server’s community telling them they can start minting now. They might even say something like they were selected for a special reduced rate. Their pitches look real and professional. They use official graphics. They point you to a fake mint site and where if you connect your Metamask wallet, they empty your wallet and your NFT collection. I have seen this happen to new and naïve people. It is really frustrating and sad. If you find a good server that you trust, they will have links to their official sites. They will rarely if ever try to send you a DM.
- Rug Pulls: There are different kinds of rug pulls, but here is an example: A community builds, grows, and hypes like crazy, but the developers have a sinister plan behind the scenes. Their plan is to pull the rug. This may happen at the time of a mint. They get their crypto, shut down all social media accounts, and disappear. This is devastating to the entire community. These happen fairly often. I would never put all my crypto in one project, not matter how good it seems.
The above scams are reasons why many people just avoid NFTs and Discord altogether. I understand. It can be quite scary out there. But Discord also has amazing and legitimate opportunities. I have personally sold more than 4K in NFTs in the past week alone. I have several more lined up and ready to go. I am just waiting on the floor price to rise even more.
If you can find the right communities on Discord, you can benefit greatly. Here are my favorite things about Discord:
- Make new friends. I have found some great communities and people on Discord that I will keep in touch with for a long time. Some I have even had video chats with or spoken with on the phone. I have also formed some important networking connections that will help me with business or other ventures.
- Discover fun and supportive communities. I may write an entire article later just to highlight the Noodles. They are a derivative NFT project of the Doodles, one of the most successful NFT projects ever. Their group is kind, supportive, and fun. I actually won .1 in ETH through an art contest with them. They have a channel that is similar to a support group where you can just open up, relax, and not be judged. They do not allow bullying or shaming on their server. They are just awesome. There are other servers like theirs. You just have to find them. If you are in a server that seems toxic, get out. There are plenty of good ones.
- Make huge profits. If you can get in an NFT project early, you can earn a whitelist spot and be able to mint at a greatly reduced rate (in comparison with what the NFT might sell for later on a secondary market like Open Sea). For example, I will point to the Noodles again. I minted a handful at .055 Ether. I have sold a couple of them: I sold one at .5 and another at .75 Ether. I have a couple of more and plan to hold them long-term. Holding gives me benefits in the community. Plus, they may increase in value over time. Even if not, I already won by making new friends, finding a supportive community, and earning a great profit.
- Get Inside Information. I will probably never buy another NFT without having connected with the creator or community on Twitter or Discord. Discord is by far the best place to go to get inside scoop. I look for a community that is warm and positive, with admins that are transparent to some degree. I look for projects with a solid road map and interesting art.
You really do have to spend time to get the feel of what works and what doesn't with these things. As always, DYOR, and have fun. Do not invest what you cannot afford to lose. Be careful, but do not be afraid to try. From time to time, I will point people to projects that I believe can be trusted. Follow me here and on Twitter to keep up. Also, I welcome you to my friendly little server. I am planning a big project later this year.
Feel free to share some things you have learned or questions you may have in the comment section below!