The NFT industry and mental health problems – Is there a correlation?

A valid concern was raised about the mental health of those working in the NFT industry. Those attending NFT.NYC and NFT.LDN  shared their observations and asked the question: Are we all taking care of ourselves?

In an emotional post, Alejandro Navia described his own experiences with burn-outs and expressed his concern over the NFT community as a whole. Firstly, he called the community his family as he pleaded with them to consider their mental health. Mainly, he focused on the susceptibility we all have to over-work and over-think. 

Does NFT industry FOMO negatively impact our mental health?

Well, in such a fast moving industry, FOMO is a huge factor. Naturally, some of us feel incredible pressure to be there first and on trend. Essentially, this involves scouring accounts on twitter and communities on Discord. Unfortunately, you sometimes miss things. 

Moreover, it’s not like working in the NFT industry puts your personal life on hold.Whether it’s a natural disaster, a family problem, a pandemic issue, or all three – The NFT industry keeps spinning without you. Being inactive for a week can feel like months went by. Clearly, that has not been good for anyone’s sleeping pattern or mental health.

Admittedly, as NFTevening’s content manager, I’ve not taken a single day off in 6 months. My boss is practically shoving me out of the metaphorical door to have some rest. Apparently, I’m not the only one.

A niche industry with a handful of influencers

An issue Alejandro didn’t mention is the NFT community’s new-found influence and Power. Just last week Lazy Lions were accused of market manipulation. Plus, influencers like Beanie are often accused of pumping projects (or dissing them) for their own gains.

 Deciding our content, I too worry my actions might influence people’s choices to invest in a project or not. What if it’s a rugpull? What if we seem biased? Responsibility also comes with its own strain on a person’s mental health.

Regarding the people in the industry, mainly everyone is fantastic. However, occasionally a writer or I will have an opinion that upsets a project. I’m sure we aren’t the only media outlet to have received messages like this:

Whilst we never intend to put down a project, we have a responsibility to give our readers all the information available about any NFT collection. And sometimes, not everything is positive. Actually, it’s often much harder to say how you truly feel rather than blind positivity.

The Elephant in the NFT Conference Room

Finally, let’s talk about Scams.

Daily, I am inundated with fake Cool Cats Discord invites, completely unofficial “CryptoPunk” minting links and more. Unfortunately, many of these scams are extremely successful. Just think of this NFT collector who lost 16 Cryptopunks and a “bunch of ETH”.

More intelligent scams, including Raccoon Secret Society, and more recently, Squid Game Token, are also rife. The mere existence of these scams rocks the mainstream’s confidence in our industry. Of course, these are the NFTs your parents hear about and the ones you have to explain – yet again! 

Metaverse VS the Universe

Speaking of family- How do you all explain to your family that you woke up at 2am to watch a Deadmau5 concert in Decentraland? Or how you stayed up all night to mint a new avatar collection? Often, the chance to talk about NFTs in real life is very limited. When NFTs control so many of our lives, it sometimes disconnects you from the real world.

Perhaps, the NFT scene is pushing some people to connect better in the metaverse than the actual universe. This may be a big reason for the toll on a person’s mental health.

Solution: Spend 20ETH on a coach, 2 therapists and a personal trainer.

I’m just kidding. Although I’m sure spending 20ETH on your mental health is likely to help, not everyone has that luxury. 

Essentially, these are all issues stemming from exploring previously undiscovered territory. Our industry moves fast because none of us know it’s true potential. Some of these mental health issues come from excitement as well as fear. I didn’t work every day for the last 6 months because I was forced to. Similarly, people aren’t losing sleep over NFTs because they hate doing it. We all choose to surround ourselves in this world.

That being said: Let’s give ourselves a break sometimes. There will be a new mint tomorrow, and the day after. Plus, despite their claims, not every new mint will be the next Bored Ape Yacht Club. Whilst the NFT industry moves quickly, we know it may not always move in your favour. Regretting spending that ETH on a rugpull is just as stressful as missing out on the next BAYC. 

In fact, spending time with your family is just as valuable as an Animeta. Sleeping 8 hours is just as satisfying as flipping a CyberKongz. Actually, a real party is just as fun as a metaverse party. 

Mental Health in the future of the NFT industry

In a time full of worldwide turmoil, it’s easy to get engulfed in the NFT scene.  Clearly, setting yourself boundaries is becoming more important than ever. Take it from the pros! 

Personally,  I don’t want to burn out in the meantime. Thus, forgive me for taking my own advice, but perhaps it’s finally time to book a day off!