The sky is falling, nobody balling, they done gave back they guns
For some tickets to the playoffs, but the Hornets, they won
This is a reference to an actual event — the 1997-98 NBA playoffs — in which Big Boi’s Atlanta Hawks lost 3-1 to the Charlotte Hornets in the opening round. The “they done gave back they guns” part also connects to basketball, because it is probably a reference to Denver’s “Operation Ceasefire”, in which the Nuggets gave game tickets to urban youth willing to trade in their firearms. The Philadelphia 76ers imitated this idea years later.
As for the literal meaning of the line, it speaks to how most members of society would rather go on with everyday life and enjoy themselves (“go to a playoff game”) than face the impending doom around them. By giving back their guns, they have surrendered their will to fight for their environment.
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