Over the last few months, I’ve been exploring the NFT Space. For those who don’t know – NFT stands for Non-Fungible Token. They use the blockchain to allow for ownership of digital assets. Let’s take a concert ticket as an example. These days, they often come in electronic form, and you print off your ticket or show it on your phone. If the concert sold out quickly and you didn’t manage to get a ticket, you might try to buy one off a secondary seller. With e-tickets, there’s not much to stop someone printing off 50 copies of the same ticket, and selling it to 50 different people – but of course only the first person to the door will actually get in to the concert. The other 49 will have lost their money.
With an NFT, when someone sells it, it leaves the wallet of the seller and moves to the wallet of the buyer. They can’t be duplicated, and all transactions are registered on the blockchain. This is a very simplified example, and there are a huge number of potential uses for NFTs.
So, what does that have to do with mental health?
We’ve all seen the impact that technology and social media have had on mental health over the last 15 years, both good and bad. The upside of having access to information, and the downside of being bombarded with it. Any new technology has the potential to have an impact on us, and we are in the midst of huge changes and advancements.
The NFT and cryptocurrency spaces are growing and evolving at a rapid pace. The markets are volatile, and there are new project launches and updates constantly. Time moves differently, and a day feels like a month. The floor (or minimum) price on a project can suddenly shoot up by thousands of dollars in value, and it can drop back down again just as quickly.
With so much going on, many people in the space are experiencing FOMO (Fear Of Missing Out). No one wants to miss the next project that will 100x in value. This fear of missing an opportunity can create a lot of anxiety. The volatility in the markets can cause feelings of excitement and euphoria when things are going well, and anger and disappointment when they’re not. It can be a very addictive and unhealthy cycle. Many people are missing out on sleep, their other hobbies and time with their loved ones. This can be detrimental to mental health.
Does that mean NFTs are all bad?
Absolutely not. There are NFT play to earn games helping people out of poverty. Artists and poets getting recognition for their work that they may never have had otherwise. Friendships being formed around the world, and money being raised and donated to charitable organisations. There are even projects donating a share of profits to mental health organisations.
It’s just important to remember that it’s okay to take a break. Missing something doesn’t mean you’ll miss everything – but you’ll miss out on a whole lot more if you burn out or become unwell because you forgot to take care of yourself along the way. Most of all – it’s supposed to be fun. If the time comes that it’s causing you more stress than enjoyment, then it’s time to step away.
I hope you all make it, but don’t sacrifice your wellbeing to get there.
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