The rise of the non-fungible token from a little-known digital item into a multi-million dollar market has created a unique community of adoptees that use social media sites and chat groups to interact and share ideas.
Because of the novelty of NFTs and the exclusivity of these groups, crypto enthusiasts have developed a vast number of acronyms, crypto slang, and abbreviations that outside investors often have trouble understanding.
Those new to the NFT space are usually confused by the frequent use of shorthand terms such as “GM,” “HODL,” and “DIAMOND HAND,” and have trouble catching the meaning of certain conversations.
Two of the most commonly used acronyms in the crypto world are “NGMI” and “WAGMI.” The terms are so widely used amongst NFT projects that understanding them is key for any beginner seeking to fit in with the community.
The two acronyms are related and broadly pertain to the future success of a cryptocurrency, NFT collection, or NFT community: NGMI stands for “Not going to make it” and WAGMI stands for “We are all going to make it.”
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History
While the origins of both slang words are difficult to determine, many trace each acronym to the Australian bodybuilder Aziz Sergeyevich Shavershian (Zyzz), who developed a cult following in the late 2000s after he began to post videos of himself on YouTube.
Zyzz would occasionally use the phrase We Are All Gonna Make It (Brah) in many of his videos, and the saying caught on among his audience. In March 2021, some of the bodybuilder’s inspirational speeches were uploaded to YouTube clearly showing the bodybuilder using the term.
While Zyzz sadly passed away in August 2011 from a heart attack, his words live on in the crypto community.
Understanding NGMI
NGMI means that a project or a group is “Not Going To Make It.” In its strictest sense, the acronym has a negative connotation and signifies that a crypto or NFT project is going to fail, or has a price that is trending downward.
When applied to a person, NGMI indicates that the investor in question has taken a foolish action or made a bad decision that will result in a financial loss.
Ultimately, the crypto community uses NGMI when they want to ridicule people with negative crypto opinions or who don’t understand the basics of NFTs.
How to Use NGMI
NGMI can sometimes be used in a self-deprecating way to highlight a missed opportunity in the NFT world.
However, the NGMI meaning is usually applied to investors outside the crypto community who hold negative opinions about the future of NFTs and cryptocurrency in general. It can also be applied to members of an NFT project that take foolish actions that undercut the long-term goals of the collection.
Common actions that elicit the use of the NGMI crypto slang include the following:
- Members of an NFT collection that price their NFTs below the floor price to make a quick profit.
- NFT holders who frequently change the selling price of their NFTs in an attempt to sell their crypto assets faster.
- NFT owners who rapidly flip NFTs without paying attention to the profits and losses they incur.
Using Caution
As NGMI is ultimately an insult that defines a group or a project as a future loser, it’s important to use discretion when directing the word at others. Because of its negative meaning, members of a group could construe the language as a sign of disrespect, leading to an awkward situation.
NGMI Examples
The recent week of May 9, 2022, has been referred to as the start of another “crypto winter.” During the week, Bitcoin prices plunged over 25% and several other cryptocurrencies and NFT collections shed value.
In the following tweet, one user ridicules investors for not taking advantage of the lower prices resulting from the crash and for losing confidence in the crypto space.
Understanding WAGMI
The corollary of NGMI, WAGMI stands for “We’re all gonna make it.” The word is an expression of confidence in the long-term future of a group of investors or an NFT project.
The use of WAGMI is also meant to elicit a feeling of camaraderie amongst a group and the language implies a sense of togetherness and belief in the face of risk or uncertainty.
How to Use WAGMI
The WAGMI crypto slang can be used in several different contexts, but the most common involves buying an NFT or cryptocurrency in the early days of its launch and holding it until the price surges.
Discord, Reddit, and Twitter groups are often filled with the WAGMI acronym after a project skyrockets as holders congratulate each other and show they believe in the long-term success of the project.
WAGMI Examples
In the following tweet, a Twitter user expresses his faith in the Wandering Nahavi NFT project recently created on the Solana blockchain. The user lauds the community surrounding the project and uses WAGMI to show that all holders are “in a good spot” and will receive positive future returns.
Alternative Terms
Below are slang terms similar to NGMI and WAGMI that can often be used interchangeably.
- 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”
Summary
Understanding the NGMI and WAGMI abbreviations will go a long way towards helping you communicate in crypto groups, which are extremely important in staying updated on a certain project and gauging the sentiment of the group.
More and more people are now using chat groups such as Discord to discuss upcoming NFT drops, as well as understand the pros and cons of certain projects. Many describe the process of engaging and interacting in such settings as almost like an education in itself.
Ultimately, WAGMI and NGMI stand for more than meaningless crypto slang. For many, they represent a way of life that embraces the risk inherent in NFTs and provide a sense of community in the face of those who doubt the viability of cryptocurrency.
