The act of making something seem less important, serious, or noticeable than it actually is (present participle form).
From 'downplay' plus the progressive suffix '-ing' (from Old English '-ing', used for present participles and gerunds). Same root as 'downplayed'.
The continuous form '-ing' is fascinating because it can work as a verb, noun, or adjective—'I'm downplaying this' (verb) versus 'downplaying is unhelpful' (noun). English loves this flexibility!
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