NGMI is an acronym that stands for “Not Gonna Make It.” This term is used in the world of cryptocurrency and blockchain to refer to individuals or projects that are not going to be successful, often due to rash or uninformed decisions.
What’s NGMI?
In the world of cryptocurrency and blockchain, people who are NGMI are those who have made unwise investments in crypto schemes or non-fungible tokens (NFTs) without properly researching the projects or the market conditions. This term is often used on social media platforms like Twitter and Discord, particularly during bear markets when prices are falling and the risks of investment are higher.
Example sentence: We invested millions in a bad project without thinking and the way the market is going, I’m thinking we’re NGMI 😟
Celebrities labelled as NGMI
There are many examples of individuals who have been labeled as NGMI due to their investments in crypto or NFTs. One such example is Brazilian footballer Neymar Jr., who purchased two NFTs from the Bored Ape Yacht Club collection for around $1 million. However, the value of these NFTs has since plummeted, and they are now worth less than $350,000 combined.
Other celebrities who have been labeled as NGMI include Logan Paul, who lost around $622,000 on an Azuki NFT, and Eminem, who purchased an ape NFT from the Bored Ape Yacht Club for $140,000 and has since seen the value of his investment decrease significantly.
The high-profile losses of these individuals have contributed to skepticism about the value of NFTs and the volatility of the crypto market. Some have compared the popularity of NFTs to the tulip mania of the 16th century, when the prices of tulips soared before crashing soon after.
The term has some positive effects
NGMI is not necessarily a philosophy but something that can have a positive impact on a crypto user and motivate them to do more. If NGMI is used in a right way, it can have far-reaching effects on your growth in crypto. NGMI can be used for positivity in following ways:
- If you have been following crypto trading and the market as a whole, you would know that the market can be extremely volatile at times. Rushing in to grab that much sought-after crypto deal may not always be a good idea. Therefore, NGMI serves as a reminder for you to make future projections and see for yourself whether your investment will be worth it.
- If you are someone who has ever lost value of their investment, you would know how heartbreaking that could be. The tag of NGMI, in a way, motivates you to be more specific in decision-making and manage the risks rather than being risk-averse.
- The NGMI tag also shows you how you can be more mindful of your decisions, what lessons you can extract from your investment losses and how you can adjust your strategies so that you do not end up making the same mistakes.
The popularity of NGMI
However, not everyone is pessimistic about the potential of NFTs. Crypto influencer JRNY Crypto has criticized those who dismiss NFTs as a passing fad and compare them to the tulip mania. In a tweet, JRNY Crypto wrote, “People that compare NFTs to the tulip mania are NGMI and will cry later.”
The popularity of the term NGMI has even led to the creation of a cryptocurrency token on the Avalanche network, with a total supply of 1 billion. The token has gained a following among “degens,” slang for those who are heavily invested in the crypto world.
For beginner investors in the crypto and NFT space, it is always important to carefully research the market and individual projects before making any investments. It is also crucial to understand the risks involved and to never invest more than you can afford to lose. As JRNY Crypto says, “You will make it, in fact, WAGMI!” (a play on the acronym NGMI, with “WAGMI” standing for “We Are Gonna Make It”).