The term "ggwtfpwnt" is derived from 3 popular gaming terms. (GG) stand for (Good Game). (WTF) stands for (What The Fuck). And (PWNT) is a popular mis-spelling for the word "Owned." These words are combined, to say that someone just got beaten badly.
Player 1: Dude, in that last game we got ggwtfpwnt!
Player 2: I Know! It was Terribad!
Person 1: Dude, I just got dumped by my girlfriend. :(
Person 2: HAHA GGWTFPWNT.