NFTs

Mental Health in the NFT Market

Navigating the NFT space can be confusing, exciting, yet daunting, all at the same time, which can take a serious toll on your mental health.

Because the NFT market is one of, if not the fastest-paced markets in the world, FOMO kicks in, and everyone wants a piece of the action, a piece of the shiniest new asset to add to their collections.

Whitelist grinding, following trends, and jumping into new projects all at once? It’s simply exhausting.

Now let’s add the Twitter factor. 99% of our feeds are filled with success stories of “How I went from $0 to $1 million in a matter of months,” “OMG, I HIT A 1/1!”

Then we think to ourselves: Why couldn’t that be me? That’s life-changing money. I work so hard.

Yet we forget that success stories are anomalies. Most people don’t boast about their losses. Why should they?

I’ve said it before, and I’ll say it again: NFTs are a game of survival. Don’t expect instant gains or even an instant understanding of the space. It takes time, patience, and perseverance. If you’re still here, you should already be proud of yourself.

Stick to a plan.

I know the FOMO is real. I know how hard it is to feel like you’ve missed countless opportunities, but you don’t have to be involved in every project that appreciates in value… because the opportunities are endless.

You probably won’t get the next one, as your buddies mentioned when you express your frustrations…

Or the next one.

But if you stick to a plan and learn which type of investor you are, you’ll probably save yourself from making emotional decisions.

A general rule that I have learned to follow: only buy into a project that you have full conviction in, and make sure that you enjoy holding it in your wallet, regardless of its value.

If the art isn’t your style, the team is clearly lacking, and the community sentiment does not fit your personal preference, simply stay away. I can assure you there is, or will be, another project that fits said criteria.

Be proud of yourself.

You’re in an innovative space that feels foreign to most of the world. For some, it’s simply too complex to comprehend.

The underlying technology of NFTs is revolutionary. Be proud that you’re at the forefront of this digital revolution.

If you’re an artist, stick to your craft. Unleash your creativity, and be proud of the work you’ve done. Creatives are the reason why we are all united. You are the true community leaders.

Take breaks.

It goes hand-in-hand with what I’ve previously mentioned, but make sure you’re taking some time away from the market.

Shut down Twitter. Shut down Discord. Take some time for yourself. The screen-time strains the eyes, and the constant processing of information exhausts the mind.

We all need a refresh once in a while.

Find activities that stimulate the mind outside of NFTs. Whether that be going to the gym, going for a jog, reading, writing in a journal… It will allow for a healthy balance and influence sound decisions.

IRL problems > NFT problems.

Family, health, happiness. That’s what is truly important.

Tell people

Let’s face it, NFTwitter is loaded with influencers. Most of it is filled with either positivity, toxicity, or toxic positivity. It makes sense that we automatically repress negative emotions. None of us want to be the “downer” in a sea of euphoria.

However, we all need an outlet. Find someone to talk to. Find solace in your loved ones, and if you cannot, professional help is around the corner. Investing in oneself is the greatest investment of all.

Protect your assets

Yeah, I know this one seems a bit out of left field, but many newcomers are terrified of having their precious NFTs “stolen.” The first layer of protection is a hardware wallet. Ledgers and Trezors are the most popular, though I’m sure there are others.

Hardware wallets do not save your wallets from being compromised, they are simply a protective wall. Make sure you check every transaction before signing and every website you connect to. This can ultimately ease some mental pressure while navigating the market.

Lastly, internalize your successes, and learn from your losses. We are constantly progressing. Adapt to the changing market dynamics while adding to your artillery of existing knowledge.

If you’ve made it this far, I truly thank you.

I cannot express how much passion I have for this space, and my fellow community members fuel said passion. Feel free to give me a follow on my Medium page and @0xskittles if you enjoy my content!