What Is NGMI and WAGMI In NFT? In the crypto and NFT worlds, NGMI and WAGMI are extensively employed. Find out what they imply and how to put them to use.
Key Points In What Is NGMI and WAGMI In NFT | NFT Terminologies 101
- “Not Going to Make It” is an acronym for “NGMI”. NGMI denotes that you will not succeed as a result of a poor decision or judgment. If someone sells an NFT at a loss while others believe in the project’s long-term viability, the seller may be considered NGMI.
- “We’re All Going to Make It” is the acronym for “We’re All Going to Make It.” WAGMI denotes that the group (or the NFT community as a whole) is likely to succeed. WAGMI is frequently stated in response to good news or after performing steps that are expected to result in positive outcomes.
- Both NGMI and WAGMI are used in the crypto trading world, but they’re more popular in the NFT world, especially on Twitter and in NFT-related Discord groups.
NGMI – What It is Stand For
NGMI stands for “Not Going to Make It“.
If a person (or entity) is classified as NGMI, it signifies that the in-group believes the individual has done something wrong, made a bad judgement, or has an opinion that differs from the in- group’s.
NGMI is a forecast of future failure (or lack of success), usually in a financial sense, based on an action, decision, or opinion that, in the view of those judging, would result in negative consequences.
The term “NGMI” has a negative connotation and is practically synonymous with the term “loser” (or at least a future loser).
How You Can Use It – The Term ‘NGMI’
In retrospect, NGMI can be used to mock oneself after making a poor judgement or committing a bad action.
Members of an in-group, on the other hand, are more likely to designate members of an out-group (such as those who do not believe in the future of NFTs) as NGMI.
Members or holders of NFTs in a collection who, for example, price their NFTs below the floor price (below the lowest priced NFT in the collection), continuously modify their selling price, or flip NFTs mindlessly without much regard to profits and losses might be labelled.
However, you should be cautious while using NGMI because it has a strong negative connotation. Labeling someone in your group as NGMI could be interpreted as a threat.
Many people are struggling with personal problems. People have their own motives for performing the activities that they do because life events can change quickly.
Some are NGMI, while others are simply struggling with life’s challenges.
NGMI in a Context – Example
JRNY Crypto, a crypto and NFT influencer with a famous Youtube channel, is the first example of NGMI.
JRNY references the “tulip frenzy” in his tweet below, which was a speculative craze for tulip bulbs in the Dutch Republic during the 1600s. Tulip prices reached absurdly high levels at this time but were quickly followed by an epic crash.
This tulip bubble is frequently referenced by mainstream pundits who argue that cryptocurrency and NFT prices are purely speculative and have no actual worth.
Such pundits, in JRNY’s opinion, are NGMI.
People that compare NFTs to the tulip mania are NGMI and will cry later— JRNY Crypto 🧪 (@JRNYcrypto) October 27, 2021
NFT enthusiasts designate pundits who feel NFTs have little genuine utility as NGMIs.
Dangiuz (Leopoldo D’Angelo) is a New York Times (NFT)-based artist. Dangiuz mentions the enormous number of “over-hyped” (or even scam) initiatives that are sadly common in the NFT sector in the tweet below.
Members of the NFT community can name problematic individuals inside the community as NGMI in this example.
It's easy to distinguish between genuine projects and scams in the NFT space. Genuines don't shill unsolicited links, they don't buy Twitter followers, Discord members, paid-promotions or spambots. Most projects who overhype and overpromise are NGMI. Build more, tweet less.— Dangiuz (@dangiuz) October 22, 2021
NGMI is a term used to describe bad actors in the NFT community.
The final application of NGMI is in the field of cryptography.
Ran Neuner is the host of the popular Crypto Banter YouTube show.
In the tweet below, Ran essentially states that Solana will outperform Ethereum in the crypto bull market of 2021, and he identifies a Solana seller as NGMI.
While I wouldn’t call someone NGMI for adopting such a tactic, the tweet does demonstrate that there are many different points of view within a community and that these points of view can be vehemently stated at times.
I met a guy today that sold all his Solana and bought ETH! NGMI— Ran NeuNer (@cryptomanran) October 24, 2021
Differing viewpoints within a community can occasionally result in NGMI labelling.
WAGMI – NFT Terminologies 101
WAGMI – What does it stand for
WAGMI stands for “We’re All Going to Make It”.
WAGMI denotes that an action has been taken, a decision has been made, or news has been announced that will benefit the in-group as a whole in the future.
WAGMI is a symbol of friendship as well as a prognosis of future prosperity.
WAGMI has a very positive connotation and gives the impression that “we’re all gonna make it,” which is especially important when strong conviction is required in the face of what others might consider high-risk or counter-intuitive choices.
The following are some other expressions with comparable meanings:
- WGMI: stands for “We’re Going to Make It”
- GMI: stands for “Going to Make It”
- YGMI: stands for “You’re Going to Make It”
How you can use this WAGMI
When you wish to communicate your common belief in a group’s or project’s future success, utilise WAGMI (or with the NFT community as a whole).
For example, if you acquired an NFT early in a project’s existence and the collection’s floor price starts climbing significantly weeks later, you might spread the good news in the project’s Discord group and post “WAGMI.”
Using WAGMI in this manner demonstrates that you trust in the project’s long-term success and have proved that belief by holding your NFT when few others appeared to be interested.
Examples for WAGMI in context
The year 2021 began with a lot of scepticism from the traditional crypto community toward NFTs.
The “right, click save” argument was frequently used to mock NFTs, implying that they were worthless because anyone could just save the NFT image to their computer (by right-clicking on the imaging and saving it to their computer).
As the year progressed and the costs of numerous NFT projects rose, the general criticism faded (although is still quite prevalent).
As the popularity of NFTs grew, especially in the summer of 2021, many in the NFT space appropriated the following quote:
“They ignore you at first, then laugh at you, then fight you, and finally you win” (which is quote that is often wrongly attributed to Mahatma Gandhi).
The comment served as a sort of vindication for early NFT enthusiasts.
In his tweet below, NFT artist PIXELOR utilises this quotation (with a twist) and ends it with the hashtag “WAGMI.”
The usage of WAGMI to demonstrate support in the face of mockery from non-believers in the NFT.
He addressed the frantic FOMO (Fear Of Missing Out) that is rampant in the NFT space in his tweet.
Some people in the NFT sector are so anxious to rush into every project that they lose sight of the big picture: that NFTs are a new and expanding industry with plenty of time to study and learn.
We can be successful if we have enough time and experience – ergo “WAGMI.”
You don't need to mint every project. You don't need to listen to NFT influencers. You don't have to buy on secondary if you missed the mint. You don't have to overexpose yourself to NFTs. You don't have to be in every community.— COLΞ (@ColeThereum) October 17, 2021
You just have to observe and learn. WAGMI.
We’re still early in the game, therefore there’s still time for us all to succeed – WAGMI
The final WAGMI example comes from the area of cryptocurrency trading.
In the tweet below, Will Clemente, who is known for his on-chain bitcoin research, expresses his gratitude to his followers.
It happened after bitcoin had been trading below its all-time highs for months. Many people thought the crypto bull market was over at this point, but Will’s on-chain analysis during this time period showed otherwise.
When bitcoin eventually broke its all-time highs, Will expressed his gratitude and camaraderie to everyone who had stood by him throughout these months by ending his tweet with “WAGMI.”
Yoo I love you all, you’re so awesome. Shoutout to those who stuck by me these last few months. We are truly blessed to be in this space. WAGMI!— Will Clemente (@WClementeIII) October 21, 2021
Will Clemente expresses togetherness with his fans by closing his tweet with WAGMI as bitcoin broke its all-time high after an extended bearish stretch.
Final Understandings on What Is NGMI and WAGMI In NFT
The NFT community’s Yin and Yang can appear to be NGMI and WAGMI.
WAGMI is strongly positive where NGMI is extremely negative; where NGMI is exclusionary, WAGMI is inclusionary.
These sentiments mirror the current status of the NFT industry, which requires a high level of conviction to participate in, where success is not guaranteed, but where the rewards might be substantial.
In such an environment, emotions run high, and there is a propensity to exclude people who do not share your values or viewpoints (NGMI) while embracing those who do (WAGMI).
I believe in the future of NFTs, and I hope you do as well, but I recognise that it is a risky area to be in.
As a result, I hope… I believe….