No Mo' FOMO
Embracing the joy of missing out for a more healthy approach to web3.
There’s a lot of anxiety around web3 and security right now — which makes sense when every other day a new article comes out about drained cryptowallets, Discord hacks, or stolen NFTs. We’re here early which is great, but it also means that there is still a lot of work to be done and that is going to take time. While we wait, we want to help more people feel safe and confident to participate in the space, so we’ve put together a PSA on one of the most widely used tools in the scammers toolkit: our emotions.
Emotions give color to life so that we don’t have to live in boring black and white. Do you remember the amazing feeling of falling in love for the first time or winning the big game? It’s natural to seek out and participate in activities that make us feel good. And that is how we can so easily get caught up in FOMO - the infamous ‘fear of missing out.’ We understandably chase the exhilarating highs of being in the right place at the right time… in the room where it happens… part of the in-crowd!
However, emotions can also be tricky when it comes to the decision-making process. Especially those emotions associated with our survival instincts. There’s a phenomenon called “amygdala hijacking” — if our thalamus relays any sensory information associated with being at risk to our amygdala (the emotional part of the brain) it can step in and initiate a fight-or-flight response. This overrules the regularly scheduled programming of the neocortex (the thinking brain). To help us get out of this perceived danger, the brain releases stress hormones for a burst of adrenaline and cortisol, which temporarily unlocks hidden superpowers like strength to fight or stamina to flee. Humans have come a long way and we don’t face a lot of threats to survival in modern life, but our brains are still hardwired to function this way. By now it should come as no surprise that FOMO might trigger this emotional brain response (fear is in the name!) and scammers and other bad actors know how to take full advantage of this.
Travel back in time for a moment. All the way back to the late 90s and early 2000s. NSYNC’s “Bye Bye Bye” plays on the radio while we beat Legend of Zelda: Ocarina of Time on N64, wearing trucker hats and full denim. That’s right when we were all adorably innocent about the new-fangled technology of electronic mail. And just like we had to wrap our brains around phishing scams and learn to be cautious of every attachment or zip file then, we also need to train ourselves how to be more savvy now, as the internet reaches a new frontier.
FOMO is a tactic used to rapidly increase the urgency in a situation by adding extreme time and social pressures.
When we are faced with the stressful emotions that FOMO creates, the physiological response kicks in. We are at the start of a roller coaster ride, when the “click, click, click” of the climb to the top creates anticipation for what you know is coming. Your heart races, your pupils dilate and your brain quiets all non-survival related thinking in order to help you tap into the resources you need to beat the threat (in this case, the threat of missing out on something huge). But when dealing with problem-solving and decision making we need all of that creative thinking power. So we get sloppy. We overlook things that normally we would identify as serious red flags, or cut corners to save time and not miss whatever event is happening. If you have ever given in to FOMO, you probably recall feeling an oddly familiar sinking in your stomach, like the moment when the roller coaster reaches the top and drops you into free fall. It won’t always be a big scam or a horrible outcome, but putting ourselves through this can also cause long-term harm. Why risk it?
Defeat FOMO and make better decisions with S.A.F.E. -
STOP and check-in with yourself before making major decisions. (Anything financial should be considered major.)
Write down the top 3 emotions you are feeling in this moment.
ACKNOWLEDGE your feelings, especially the negative ones. We need to allow ourselves to be human, but also ask…
How could these feelings impact decision making?
FUTURE-PROOF by having plans and following routines. Some ideas:
Create a checklist to fill out so you slow down and don’t overlook any important details or miss any red flags before minting new NFTs.
Call a close friend or family member for a second opinion if you are feeling any FOMO or circular thinking.
Take the time to SETUP A LEDGER for safeguarding of your assets (a topic I promise to go into more detail about in a future post).
ENJOY the present. Create a daily routine to limit time in web3, then disconnect and use some of the time you get back practicing active appreciation.
Allow yourself 30 mins in the morning and up to 1 hr in the evening to check Discords, Twitter, grind for WLs, or scroll through Magic Eden.
Act on gratitude - we think you’ll find it super rewarding to reach out to someone who has made a positive impact and tell them you appreciate it.
In fact, active appreciation is proven to improve health, makes us better at dealing with adversity (plenty of that during a bear market), and even helps us build better relationships (IRL and virtual). Leaving FOMO behind and replacing it with JOMO — joy of missing out — encourages us to redirect our energy more intentionally into things that will enrich our lives. You can still participate in web3 and NFT culture, and we strongly encourage that you do. The hope is that this method will make it a more positive experience.
We are building NFTV because we saw an opportunity to help create a positive web3 experience for millions of people. We want more people to feel included. This means it’s part of our quest to demystify the confusion and fear in web3 to make it more accessible. Practicing JOMO, not FOMO. And most importantly, making this space MORE FUN! We believe there is no better time to build the metaverse we want to inhabit.
About the author:
As the Product Lead on NFTV, I was excited to be asked to share some insights and reflections of my journey into web3; not just as a teammate and builder, but also as an active participant in NFT culture. #LFG
I started my career in gaming as a moderator in customer support, which instilled a player-first mentality that I have carried with me all the way to becoming Director of Product Performance at Supersocial. No stranger to taking on the unknown; at Big Fish Games, I worked on several of the first casual mobile games in the industry including apps that launched with the Apple iPad and iWatch devices. Now, I go boldly into the Metaverse on a quest to create real change in the industry and representation in games for a whole new demographic of players.
To be successful in our quest we need to get to know you - our audience and future players. So if there are any burning questions or topics you would like to see covered about NFTV, web3, or even game making please drop them in the comments!
If you can relate to any of the stories above, or if you’re just looking for a fun way to engage with the world of web3 and NFTs, then you are ready to become a Tubehead like the rest of us! Stay tuned for more updates as we work to get NFTV on the air by subscribing to our Substack or following us on Twitter.