We need to talk about the mental health crisis in the NFT community
All the good comes with the bad, and the rise of web3 has brought a tsunami of both. In many ways, the last two years of Web 3 have been incredible. We have stories of wealth rising out of wonderful rags, people pulling themselves and their families out of crippled debt, and others making a significant impact on their community. Most importantly, we have seen a major shift in power between individuals and centralized corporations, leaving more wealth and freedom in the hands of talented manufacturers than ever before.
But there is also a dark side that we will leave to be neglected. The NFT industry is facing a mental health crisis.
Whether you’re a seasoned businessman, project founder, artist, or a novice in rope learning, you’ve probably experienced a wave of stress at some point in your Web 3 experience. If you can have a relationship, don’t worry. You are not alone.
In an industry driven by FOMO, FUD, luck and deep emotion, web3 can be taxing. Life-changing assets can be created, lost or stolen overnight. In any other environment, this would be first page news. Web3 is ideal. This abundance of opportunities attracts new entrants at a rapid pace, many with good intentions. At the same time, many will succumb to their emotions, make FOMO-induced rash decisions, and invest money that they cannot afford to lose.
“My journey was mostly in a vertical line, very lucky and quickly climbed to the top. I started making a good amount of money and spent most of my time looking for big home runs. At my peak I felt the most pressure and emotion about losing profit without focusing on wealth. The more money I made, the more pressure I had, ”he said Jay KingstonAn experienced NFT trader now to nft.
There is an ongoing joke in the industry that the days of Web3 are like months in the world of Web2. As much as it seems exaggerated, it is also true. No matter how hard you try, it is impossible to keep up with all the information. Anyone who has started from nothing on web3 will tell you their first mistake, feeling overwhelmed by the information and the first hand story of the painful UX learning curve. Without setting the right boundaries, the desire to learn and open doors can lead to fatigue, over-extension and burnout.
Author and NFT investor, Tom White This first hand felt: “In many ways, I think NFTs make the best and worst use of our cognitive bias and hardware. Due to the cultural tendency towards ‘flexing’, people share big wins and hide big losses. The victory of all these masses leads to a vicious cycle accelerated by FOMO. Poor decision making leads to loss, loss results in tension, tension fatigue, fatigue monitoring, FOMO monitoring, and so on. It’s really tiring. ”
For this article, we spoke with the founders, artists and investors of the NFT community to hear their own mental health experiences and bring their education to you.
From selling and scaling their vision, to asking for brand new deals and partnerships, to building a team and interacting with the community, the work of an NFT founder never stops. Regardless of the size of the project, one thing is certain for the founders: the pressure is always on and without proper load management, burnout is inevitable.
Stacey Yale – Founder of Visible Female NFT
Stacey YaleIts founder Visible female NFTSpent less than a year in space, but immediately noticed a change in his daily life.
“There’s a big adjustment to entering NFT space because it’s a global community and it’s a bit like Vegas – since it’s running 24/7. While the ups and downs for engagement are amazing, it’s hard to find a balance between building and living IRL in the virtual world.
When I first entered space in December, I was shocked to hear how many members of the NFT community (especially women) focused on mental health and balance. Day by day, I realized how difficult it was for me to find a personal balance. The abundance of opportunities to connect with others was affecting my personal life. I’ve heard that early adopters can often burn out before they fully realize their potential, and it would be a shame for all of us to work so hard as founders and producers. “
Will Lee – Founder of Littles
Likes for others Will LeeFounder of The Littles, work pressure is controllable but influences outside the community.
“Community is a double-edged sword. There has never been a situation where the community has doubled as your investor and as an founder you have such close access. It allows you to get real-life feedback on what works and what doesn’t. If you do something great, you are a hero. If you create something that needs improvement, you will only hear the downside. Since you are trying to build a ship, sometimes it is very difficult to be able to deal with these unrealistic needs. Space never sleeps and our team is worldwide. At any time of the day, you are consumed by feedback, meetings, and endless work. This in itself blurs the line between your personal and professional life. This lack of boundaries leads to my own experience with burnout. “
“My number one piece of advice for aspiring founders is to be completely transparent with the community and set the right boundaries. Tell them clearly what you’re building and how you’re building it. That way, people like to travel with you. Do the extra hype, sell and then meet the expectations of other people. “
Alejandro Navia – now co-founder of nft
“Burning in one of my last startups helped me recognize the lack of mental health priorities. I was an executive instructor at COVID to help others make better decisions about freedom and fulfillment in their lives. When I got into the NFT industry, there were a lot of connections. And there was symbiosis. But because of the epidemic, most of it was via the Internet. I started seeing signs of extra extensions and overwork alerts until I first met everyone in person at Bitcoin Miami. Now at nft, our team prioritizes mental health. Considered and dedicated to helping others do the same হবে you need to promote what you practice.
The biggest part of my advice would be to set boundaries and speed yourself up. There will always be moments when you miss certain events. As a creator, check in with yourself and identify the purpose of your activity: what are you creating and why? “
Cooper Tarli – Operator Collector and Music NFT Investor
Cooper Turley, Music NFT projects like Audius, Catalog, Royal and Sound had similar suggestions for sharing by an operator, collector and investor.
“Come to peace that you cannot win every victory. It is impossible to get involved in every victory, so instead learn to recognize what is in your control and what you have to live without. Great habits lead to great mental health. I practice meditation every day and read every night before bed. Find small routines to focus on yourself and the results seem much more manageable.
But this is only the business side. Many creators of Web 3 space are artists at heart. Making comes naturally, but the business side is not that simple. Whether you are launching a complete project or working as a solo artist, you will always work as a business. Sales, marketing and administration are always at the top of my mind. “
KingPickle.ETH – Artist and co-creator of The Snack Shop
Managing the weight of this added business responsibility has been a learning experience KingPickle.EthCo-creator and artist behind The Snack Shop 7
“Overall, the NFT space has had a positive effect on my mental health. The real pressure comes when I have to start managing components outside of my area of expertise in our project, which unfortunately only comes with the area to start a business on a tight budget!
My biggest advice to other artists is to surround yourself with a team that supports you. Both work stress and mental / emotional. I have a partner who can do more for me to focus on the art, and he can make the process easier for me and give me realistic deadlines that give me time to breathe!
Web3 has given the creators tremendous power by allowing the platform to ultimately protect and distribute their work. But this power is not something that is given freely. It’s really hard to work at all the levels you need right now to succeed in space. “
Bachziti.eth – Member of the FRAKTHQ DAO Committee
Although everyone we’ve talked to above has dedicated their full-time lives to Web3, others like it bachziti.eth Double up on Web3 on a part-time basis. As a member of the FRAKT HQ DAO Committee, he engages with the community, listens to feedback, educates newcomers, attends DAO council meetings, and organizes events. Still, he warns of trying to do too much too soon.
“NFTs are addictive and enjoyable. It’s easy to spend countless hours on Twitter and Discord, but it can have an effect on your mental health. It’s easier said than done. It’s important to find projects with the parties you trust and bet on them with conviction. Spreading yourself very thin and trying to be everywhere at once is a quick way to burnout. “
With that, we ask you to do yourself a favor and evaluate how Web 3 is affecting your own mental health. Disconnect for days. Walk outside. Call your loved one. Reflect on how you can make your time on web3 the most productive and healthy experience. Remember, mental, physical and mental health are the foundation of success. Without them, web3 is just a pipe dream.
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