After the success of BAYC and Cryptopunks, the NFT market has witnessed a slew of projects turning its holders into overnight millionaires. If you’re just getting started with NFTs, you might at one point feel the need to jump into a project because almost everyone is talking about it. You may feel like if you don’t get in now, you might miss out on something big.
This feeling is called NFT FOMO. It is an important term and a rather delicate concept in the world of NFTs. This article will explain FOMO in NFT, the common types of FOMO, and how to identify and overcome it. This is important if you’re looking to make money off NFTs.
What is FOMO in NFT?
Everyone in the NFT space has probably experienced FOMO, newcomers and old hands alike. So, what is FOMO in NFT?
FOMO, or “fear of missing out,” is the apprehension you feel when something exciting happens elsewhere. You can describe it as a queasy feeling in your stomach when you feel you are missing out on something. In the NFT space, FOMO goes deeper.
Have you ever stayed up all night looking up the latest information on NFTs and thinking about the various opportunities out there? Did you develop some sort of anxiety or apprehension due to this? Then, you might just have developed NFT FOMO.
We would be taking a deep dive into this concept which would help you cope better with FOMO and understand the various types of FOMO that are out there.
Three common types of FOMO in NFT
FOMO in the NFT marketplace can be divided into three broad variants;
Buyer FOMO occurs before you decide to pass up on an NFT or before you decide to buy it. This means that a new NFT on the rise might pop out of the woodwork, and buyer FOMO would want you to own that NFT before it’s too late without proper research. You can choose not to buy, but FOMO keeps telling you that you’re missing out.
This internal conversation goes back and forth in your head, causing you to become tired mentally. It might even cause you to start hating the entire NFT scene because of the stress.
Have you wondered if you have been holding onto your assets for too long? Do you feel like you have got to sell it before it loses its value? Then, you might be experiencing Holder FOMO.
Holder FOMO occurs when you are worried about holding on to your assets. This can cause you to become a paper hand. Diamond hands are the other side of this equation; people who are confident in their choices.
Individuals who suffer Seller FOMO are on a buying spree, and they are scared of missing out on an opportunity. Crypto day-traders and NFT day-traders are the one class of people prone to experiencing seller FOMO. This is because they are always out, tracking potential blue-chip companies and floor prices.
Seller FOMO generally ends with the trader being completely unconfident and second-guessing their every move.
How to recognize NFT FOMO
Since most FOMO symptoms are common in the crypto space, many people are blissfully unaware that they are sufferers already. Nevertheless, you don’t need to wait for that Eureka moment or for someone to point it out to you. We have rounded up a few signs that can give you a heads up on this.
11 signs that you or someone you might know already experiences NFT FOMO;
- You feel anxiety when you face a lot of opportunities in the NFT market
- A lack of motivation for an NFT project that was initially your passion
- Feeling depressed when you miss any opportunity like failing to get an NFT whitelist.
- The shiny object syndrome.
- Going for an opportunity without stopping to think things through.
- When you become too fast-paced and can no longer live in the moment
- Low self-esteem or imposter syndrome
- An unwillingness to commit to anything because of a perceived ‘better opportunity.’
- That feeling that you need to catch up with the crowd.
- The Inability to sleep.
- Making terrible lifestyle decisions.
Sometimes, these symptoms don’t appear on their own; many of them may occur all at once. If you feel like these symptoms are too unbelievable, you can take a look at the thought process of someone that could be experiencing FOMO;
- This new NFT project is awesome, but my wallet is empty right now. No problem, I can just borrow money.
- I just got invited to a new NFT launch. This must mean the NFT is a good one; I’ve got to buy it.
- If I don’t sell my assets right away, I feel like I will become depressed.
FOMO is no joke. Its effects can lead to people making terrible decisions in the heat of the moment and ending up in debt later on. So, if you or someone that you know is experiencing FOMO, you can follow these tips to overcome the feeling.
Top Tips for overcoming FOMO
While overcoming NFT FOMO doesn’t occur overnight, taking a small step in the right direction would take you there. Following the excerpts of the ADAA (Anxiety and Depression Association of America), you can follow these steps to overcome your FOMO;
Stop caring about what others are doing online
If you can find time to think about your desires, you wouldn’t have time to worry about the thoughts of strangers online.
Face your FOMO head-on
Accepting that you’re anxious and apprehensive is a great way to confront your FOMO. You can start your recovery from there.
This therapeutic procedure would help you appreciate the present rather than long after an uncertain future. You can also write your standards down on a piece of paper. Whenever you feel the urge to change those standards, you can ensure that you take it easy.
However, writing down your standards would only be effective if you don’t model those standards after a celebrity or a social media personality.
Frequently Asked Questions for What is FOMO and why we need to discuss it
What does FOMO actually mean?
FOMO stands for fear of missing out, and it indicates an apprehension of being left out of an activity.
How does FUD relate to FOMO?
Unlike FOMO, which mainly stems from the apprehension of potentially missing out on a good deal, FUD is an apprehension that results from receiving bad news, hearing rumors, or negative market sentiment.
Why is FOMO a problem?
FOMO is a problem because it can affect an individual’s physical and mental health. It could lead to depression, anxiety, low self-esteem, and many other bad feelings.
What is the root cause of FOMO?
In the end, the root cause of FOMO is social media. This fear of missing out on opportunities is a result of seeing people (on social media) possessing those opportunities that we believe should have rightfully been ours.
FOMO in NFT not only happens to collectors and newbies; artists can also experience NFT FOMO. This occurs when you see other artists making it big in the space and you feel the need to also jump in. Note that to become a successful NFT artist, you need to conquer the fear of missing out, take your time to build a solid community, and go into NFTs with an open mind.