If you are new to the NFTs and don’t know what is FOMO in NFTs and How to avoid it. In this post, I will solely discuss this. FOMO means “fear of missing out” and it is not new in this world. It was always here in trading no matter is crypto, finance, or NFT. In this post, I will solely discuss what is FOMO in NFTs. NFTs changed the life of many in the previous years. People have made a lot of wealth from it and now everybody wants to become an NFT geek. You know other technical terms of NFT but you should know the FOMO side of NFTs as well.
What is FOMO in NFTs?
As you can understand it is the acronym for “Fear of missing out”. It’s the emotion that makes people excited about an NFTs event or opportunity and does not want to miss the opportunity to jump regardless of the facts. If you are feeling something like this you may be suffering from FOMO.
If you are experienced in the NFT world, you may have suffered this emotion but if you are a newbie you must have heard this term before. To understand this emotion in the detail let’s dive into it.
Here are 3 types of FOMO you may encounter in NFT space.
For better understanding, I break down the NFT FOMO into three categories.
FOMO of NFTs Seller:
If you are selling your NFT and feel that it’s the right time to sell or the price may go down. Then you have FOMO. A lot of NFT day traders feel this FOMO because of extra proactiveness and continuously checking the floor prices, charts, trends, and popular projects.
The FOMO happens when you don’t consider facts and question yourself about what if this or that happens, this makes sellers uncomfortable and isolated.
FOMO of NFTs Buyer:
Buyer FOMO happens and it’s real. Let’s suppose you see a popular or shining project and you want to jump in before it’s too late. Or you find a project and decide not to buy this, But later some thoughts pop up into your mind that you are going to miss a good opportunity. Both feelings as a buyer become exhausting and force the buyer to take emotional action in NFT trades.
FOMO of NFTs Holder:
If you purchased an NFT, you are a holder. If you are feeling confused and nervous about your NFT, should you sell this or hold it? You are the victim of FOMO.
There are two types of holders in the NFT space.
First, Holders who hold NFTs for a longer period and stand by their decision, are Golden handed holders. These are the most profitable holders most of the time.
Second, Who just buys the NFT and sells instantly to gain little profit or to avoid the loss. These are called paper-handed holders and face a lot of FOMO.
This FOMO can lead one to depression or anxiety. It should be noted that this type of FOMO can be very constant. This type of FOMO can be a result of not resolving emotions that inspire you to buy the asset in the first place.
Procrastination, anxiety, or even depression can result from a fast reaction and a snap decision without thinking it through. It is applicable to NFTs as well as real-life situations.
The FOMO phenomenon: How to Identify it while trading in NFTs?
If you are a seller, buyer, or trader in the NFT space, you must have faced FOMO at least once in your NFTs journey. We are educating people about NFT and found some initial signs of FOMO that you can identify at the beginning of your FOMO.
- Taking action without considering the consequences
- Fear of missing out on a better opportunity
- Feeling low about yourself without any reason
- An opportunity missed leads to depression
- A surplus of opportunities can cause anxiety
- The inability to motivate oneself to follow a passion due to exhaustion
- Sleeping problems
- Following the trends blindly
- An obsession with shiny things
- Choosing an unhealthy lifestyle
- The pace of life is too fast and we don’t live in the present
How FOMO may affect a person’s thinking?
An individual’s thinking can be manipulated by FOMO, and this can negatively affect the outcome of actions. I will give you some examples so you can better understand if you have similar thoughts.
You have applied for a whitelist, but you have limited chances of being accepted. The opportunity seems to be slipping away from you, and you get anxious.
You are about to sell your NFT and think that now is the best time, because the price may go down in the future.
After watching a post from an influencer, you want to get involved.
Having no investment, you start thinking about getting a loan and making an investment.
Having FOMO can cause severe mental and physical health issues and cannot be ignored. Here are some tips for overcoming this emotional state.
Here are a few tips to help you cope with FOMO:
The Anxiety and Depression Association of America (ADAA) recommends the following steps for overcoming FOMO:
Someone who is FOMO can not overcome it in a few days, It takes time but it’s curable. Because the complete mindset has to be changed.
Accept the FOMO:
Getting rid of this anxious FOMO starts with accepting that you have it. FOMO cannot be cured unless you accept it or any feelings associated with it. When you think you don’t have FOMO, how can you cure it?
Get educated to avoid FOMO in NFTs:
A person should educate himself before jumping into the NFTs space blindly. Nothing can make you a billionaire over the night. You may have heard some inspiring stories from 2021 that changed your perspective. Trust me, it is FOMO. Taking risks without understanding the methodologies and consequences is FOMO. If you have listened to the fancy stories about beeple, cryptopunks, and bored apes. You should also read the stories of big projects that failed drastically.
You should educate yourself before you start working with NFTs. Any field without education can lead one to waste time and finances.
Take time to practice mindfulness:
It is possible to experience mindfulness by enjoying the present moment rather than wishing for the future.
Keep a written record of your working rules so you remember to be thorough. Rules are for breaking but don’t always break. The effects of FOMO can be strong if your work ethics and rules are solely based on the standards of influencers and celebrities.
Don’t let your fear of missing out on something cause you to lose your health. Take your time and do things according to your own pace.
Don’t care what others think about your work:
If you rely more often on others’ decisions than your own and do not give importance to your own decisions. Stop thinking about other people’s decisions if you are unable to make your own. It’s important to focus more on yourself.
Final thoughts on FOMO in NFTs:
If you are new to NFTs you might face some difficulties to tackle this emotional state but it’s possible. Every experienced person in the NFTs world might face this feeling in their career. So you will also learn how to overcome FOMO in NFTs as I have mentioned how you can determine this in the initial state and some tips above that can help you with this. If you need my help or have any suggestions further you can comment below.