FOMO = Fear Of Missing Out
Exactly 4 months ago I was terrified. I told my boyfriend we were too late in the crypto game, “All the good projects are too expensive, it’s over.” All he kept repeating to me was “Baby, trust me. You’re not too late. We’re early. You have FOMO.”
Just like you, I started my crypto journey seeing NFT projects surface my social media pages. Images of Crypto Punks, Bored Ape Yacht Club, Cool Cats and World of Women kept popping up and people changing their profile pictures to them.
WTF is an NFT?
After hours of reading, I think I know. I also think I might cry… of excitement… so I thought I’d simplify it the best I can.
An NFT stands for a non-fungible token.
Umm still not clear?
I get it. Non-fungible means that it’s unique and can’t be replaced with something else. It’s like a one-of-a-kind trading card, however, it is non-fungible. Kinda like owning the Mona Lisa. Not a copy of it, but the real thing. And if someone wants to use your Mona Lisa on billboards or on a t-shirt, you could get royalties FO LIFE!
Yes, this is where you get excited!
NFTs can be anything digital such as drawings, music, collectibles, virtual avatars, but the current trend is using the technology to sell digital art.
Anyone can view the art or even the entire collection online for free. So why are people willing to spend millions on something they can screenshot and download?
Because an NFT allows the buyer to own the original. Not only that, but it is also recorded in a blockchain, which serves as proof of ownership. You might know Bitcoin as a currency, but it’s also a blockchain. Those buying want the “digital bragging rights” almost more than the item itself.
FYI. I have FOMO.
And still probably suffer from FOMO every 2-3 weeks as I scroll through my Twitter feed and learn about new projects.
I want everything, “What about this one.? I like the community and these people are talking about it. So, it must be the next best thing.”
After mindless hours of scrolling and checking out a project’s website, I then join their Discord and read more about the community and the people involved. You see, before buying any NFTs I suggest you do your own research or DYOR.
Like my boyfriend says, “Most of these projects will fail.” Don’t tell him I said this, but he’s right.
So why do the Punks, BAYC and WOW stand out?
Well, so many of the boys say that they got into BAYC because they saw an increasing number of accounts that they followed changing their profile pictures to cartoons of apes.
That fear of missing out quickly became a status symbol of sorts, kind of like wearing a brand name watch or sporting some rare sneakers.
Lessons I’ve learned from my first 3 months in the NFT space…
1- This community is more supportive than anything I’ve witnessed over the last 10 years of my television, content creator and video coach career. People are so generous with their time. Everyone is giving out free information. They’re willing to help you learn. Everyone wants to see you win. WAGMI.
2- You will fuck up. And it’s okay. There will always be projects you won’t vibe with and do incredibly well. There will be projects you mint that fizzle out. And there will be NFTs that you sold too early or bought too late. Accept it. That’s life!
3- FOMO is real. There will be some FOMO, but don’t let that cloud your judgement. Just because people are excited and the same people you follow on Twitter keep talking about it, does not mean it is the next “big thing.” Just because there is hype right now does not mean there will be hype later. Don’t be fooled by the noise and master self-control.
4- Women-led projects aren’t a fad. I’m excited to see a lot of them popping up. They should all make it. Girls should be in this space. Girls should take center stage. They are finally getting the attention they deserve… and they are here to stay!
5- Once you enter the space you will immediately feel behind. There is a lot to learn, and it seems like there is never enough time. You’re not behind and we are all still learning.
6- Don’t always follow the crowds and DYOR. Trust your gut. If it’s too good to be true, it probably is. Unfortunately, some people take advantage. Be careful!
7- There are A LOT of NFT projects. It’s like walking into Costco without a list and you end up spending way too much money at checkout. You cannot and will not be in the know for all of them. When picking projects, I focus on categories like women-led, fashion, utility IRL, the community and unique benefit to quiet out the noise.
8- Discord is possibly the worst app I have ever downloaded. The chats are overwhelming, and you cannot keep up. Figure out the channels that are most important to you and check those when you can. Silence the rest.
9- Only buy what you can afford to lose. Many NFT projects are all start-ups. It’s a HUGE risk! Nothing is guaranteed. Look for projects with long-term vision. Don’t think two months ahead. Think 10.
10- Enjoy the ride. Join some Twitter Spaces. Listen. Make connections. Patience is key.
Mistakes happen, we learn and come back stronger!
Tell me what you’ve learned in the comments below!
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