What is NGMI and WAGMI NFT Terminology?

For anyone who is new to the NFT space, there is a lot of new information and terminology to learn and get accustomed to. It includes terms such as GM (Good Morning), GN (Goodnight), SER (Sir), and others. While there is nothing fancy about these acronyms, people who don’t know these terms can often become confused or feel left out from the larger NFT Twitter community. This article will discuss two trending NFT terminologies- NGMI and WAGMI.

What does NGMI mean?

The term NGMI stands for ‘Not Going To Make It.’ The definition has a negative connotation, and it’s commonly used in a self-deprecating manner regarding one’s stupid mistakes or bad decisions. In the NFT community, it is used to describe individuals or projects that are likely to fail. Moreover, groups use the term dismissively to call out members who make poor decisions or go against the group’s shared opinions.

The moniker can also be applied to holders of fractionalized NFTs who tend to modify their selling price continuously, auction their NFTs below the floor price (below the lowest-priced NFT in the collection), or mindlessly flip NFTs with no regard for profits and losses. Due to the deep-seated negative meaning of the term, people should always be careful of how they use it in the NFT and crypto ecosystem.

The first example of NGMI can be traced back to JRNY Crypto, a prominent NFT and crypto influencer. JRNY references the “tulip mania” in his tweet, a speculative mania for tulip bulbs in the Dutch Republic during the 1600s. Tulip prices reached absurdly high levels during this time period but were quickly followed by an enormous crash. 

Mainstream economists and financiers frequently mention this tulip frenzy to describe a bubble. Many experts believe that cryptocurrency and NFT prices are speculative and have no actual worth. JRNY cites these pundits and experts in his tweet as the real NGMI.

Another example of the term NGMI being used is by Dangiuz (Leopoldo D’Angelo). Danguiz, a digital artist, is an active member of the NFT community who posted a tweet referencing overhyped and overpromised NFT projects as ‘NGMI.’ His tweet is an instance of a community member declaring creators and organizations responsible for NFT scams as unreliable, fraudulent elements.

What does WAGMI mean?

WAGMI is an acronym that stands for “We’re All Going to Make It.” WAGMI is used to denote an action that has been taken, a choice made, or a piece of news announced that will likely benefit the group or community collectively rather than individually.

The term has a positive connotation, and it’s used as an expression that commemorates camaraderie or predicts future success. It celebrates positive reinforcements such as “we’re all in this together”, particularly in situations that require strong convictions in the face of what others may consider the excessive risk or contrarian moves.

WAGMI can be used to show your common belief in the future success of a group or collaborative initiative. For example, suppose you purchased an NFT exceptionally early in a project’s life cycle, and the floor price of the collection begins to multiply shortly after. In that case, you may spread the good news in the project’s Discord or social media group and post “WAGMI.”

The term started trending in 2021 when NFTs faced public ridicule as an online gimmick. The criticism stemmed from the belief that anyone could right-click and save an NFT file, thus proving them to be worthless digital assets. As the year progressed and prices for many NFT projects rose, the general criticism faded. 

Many in the NFT space adopted the quote: “First they ignore you, then they mock you, then they fight you, and finally you win” (which is a famous quote that is often wrongly attributed to Mahatma Gandhi).

NFT artist, PIXELOR, used the quote above with #WAGMI in one of his tweets. Another example is Cole Thereum, co-founder of the Pudgy Penguins NFT collection. He used the term to describe the frantic FOMO vibes sweeping across the NFT and crypto space due to the growing floor prices and popularity of NFTs. Will Clemente, a well-known bitcoin analyst, also used WAGMI terminology to express his gratitude towards his followers.

Conclusion

The popular terminology NGMI and WAGMI have opposing meanings and connotations wherein NGMI is fundamentally exclusionary while WAGMI is inclusionary. These statements reflect the current sentiment within the NFT environment.

The NFT space has skeptics who believe it is merely a bubble, while its most ardent followers view it as the next generation of virtual asset ownership. This industry has often encountered criticism as a highly volatile and risky investment. However, people who have overwhelmingly believed and embraced the technology have reaped exponential benefits financially, as evidenced by the record-breaking sales of numerous NFTs.