Does NFT industry FOMO negatively impact our mental health?

by Mora

By @Mora_3802

I find it difficult to decide how to approach this subject since there are many factors which my thoughts can become derived since it comes from personal experience. This led me to start by asking myself the following question; Does NFT industry FOMO negatively impact our mental health? 

I first decided to bring this question up a few days ago, after having a conversation in discord discussing FOMO and its participation in the space created by social media, which brings me now to present my observations within the Web3 space. 

I have been a contributor and part of the web3 ecosystem for a time now and what mainly caught my attention are repeated and similar comments from individuals around the inability to get enough sleep, the stress of not being part of the next bluechip, the fear of not being able to be active enough and the anxiety from the fear of missing out when making decisions, which collective have a large impact on our ability to make good investment decisions.

As we know the space is a very dynamic environment, in which Web3 projects are often based on the promise of big profits this naturally is both exaggerated & accelerated across social media. Not only that but social platforms are designed to get someone to spend as much time as possible online, combine this with FOMO it contributes to impulsive actions and emotions that can then easily take over reasoning. This can become deeply problematic. Which led me to define the need to balance the responsibilities and the interests of my personal life with the NFT space. Regretting spending ETH on undelivered promises becomes as stressful as missing out on the next blue-chip. It’s important to remember that spending time with your friends & family is just as valuable as flipping a high profit.  

Simple rumors & hearsay implied by leading crypto bloggers and influencers who benefit themselves by pumping their own bags are contributing to the hype and FOMO. As discussed, this rapidly spreads, and fear can drive price either up in one instance & or down in another resulting in investors diving in without checking the depth or detail of the project. That is precisely why I believe that we must give importance to the role that FOMO plays in our mental health. Since it happens so fast, even the best and most seasoned investors can find themselves in stressful or anxious situations. 

Since we are immersed in the crypto & NFT space where we are often disconnected from the real world, it is essential to define boundaries and limits and be aware of how easily we can be or are being manipulated. Carrying out a process of self-reflection helps us to develop a mindset that allows us to establish whether we are making a calculated investment decision or we are in fact blinded by emotion & FOMO.

Follow her on Twitter @Mora_3802