Due to the nature of the medal, it is necessary to unlock this in order to unlock the Gold: Dusted medal.
Its name is a pun of the slang "no problemo," that is used and popularized in North American English to indicate that a given situation does not pose a problem, and "gnome."
Chip stands amongst the great gnomish artists of all time: Gneognardo da Gnomi. Gnablo Gnocasso. Gnida Gnahlo. The only difference? Chip's name doesn't start with "Gn."
- Chip: A Chisel's Life: A Biography