Mental health, digital burnout and digital addiction in the NFT space



NFT projects are on the rise and we come across many stories about quick success and high earnings. The thought of financial opportunity that can change life for the better is appealing to many and it’s often the reason why one enters the web3 or the metaverse and becomes part of a project or owner of an NFT in a from of NFT collection or 1/1 artwork.

To be a part of a particular NFT project means being present in its community. Individuals join various Discord servers, where they can monitor the news, development and progress of a particular project. When someone becomes an owner of a certain NFT, he acquires the holder status which opens the door to closed groups and channels. This brings certain advantages in the project over other stakeholders. There are also various sweepstakes on social networks, especially on Discord and Twitter, in which new NFTs or add-ons can be hit. Members of the NFT community are expected to be involved in those activities, otherwise they can quickly fall behind others and lose opportunities.

Expectations to be constantly present in the NFT space often have consequences such as anxiety, depression, frustration, burnout, digital addiction, insomnia and unhealthy coping strategies.

Among the phenomena that result from excessive presence in the NFT space and affect an individual's well-being are FOMO (Fear of missing out), FUD (Fear, uncertainty and doubt) and paper hands (when people sell out of fear at the first sign of falling prices or at the smallest earnings).

Financial investment also contributes to the risk of developing addiction. The idea of ​​financial independence with the help of NFTs is, of course, very attractive, but this area still poses a financial risk. It is especially dangerous for those who do not have enough knowledge and are not financially literate enough to make right or safe decisions. NFT markets are not so liquid. It is harder to sell NFT then crypto especially in times where there is no volume and you need to cash out instantly. Sellers are puting orders way bellow current floor and undercutting each other into the death spiral. Trading with NFT's is like trading with leverage. When markets are on the rise you get more for your NFT in terms of base crypto currency value, combined with NFT collection value. In times of bear markets you are losing much more as well. Frauds are very common - e.g. some projects don’t even exist at all, we could get rugged, scammers can empty our online wallets if we’re not careful and most scams happen when trading NFTs.

It is necessary to make sure every purchase and exchange is legit, check credibility of the project and the links through which we trade. If we detect anything suspicious, it is better to withdraw from purchase/trade.

In addition, people build their identity around NFTs and its communities. They often present themselves with their NFT in the online environment, use them as profile pictures, build their personality and their story around it. NFTs become part of identity. If fraud occurs and our collection is stolen, we lose much more than just a large sum of money - we lose part of our identity. This type of loss has serious psychological consequences such as low self-esteem, anxiety, loneliness, feelings of loss and depression. 

It is necessary to build our identity in different areas. NFTs can represent our beliefs and values, but it is important that we shape our personalities in other areas as well (hobbies, knowledge, relationships, achievements and values).

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Guidelines for preventing burnout and digital addiction:

  • Pick a few projects that resonate with you and stick with them. Don't follow too many projects because it will become impossible to keep up. Don't flip from project to project and try to avoid speculations - doing that puts you at a smaller risk of buying high and selling low.
  • Take time to unplug. For at least part of the day put your phone away and do it fully at least once a week. Take a planned break from social media, checking floor prices etc. Use it for other pleasant activities such as spending time with friends and family, doing hobbies and spending time in nature.
  • Deal with your FOMO - by setting and reevaluating your priorities. What is really important to you? Remove false urgencies. Money is important, but there are things that are even more important - your physical and mental health, your relationships, your family…
  • Seek social support. Essentially, social support involves having a network of family and friends that you can turn to in times of need. It means having people that you can talk to, that can support you, give advice and listen to you, and it means to belong somewhere - to belong to the community, to the family, to be a part of a relationship. So spend time with people you love and talk with them, if you’re not feeling well.
  • Sleep and physical activity. Sleep is the foundation of health. And on this foundation, you have two pillars that are diet and physical activity.To take care of yourself and of your health, you should start by giving yourself a full 8 hours of sleep. Lack of sleep has an impact on how you feel, it can make you feel moody and you are more likely to have conflicts with others.
  • Invest only as much as you are willing to lose. Crypto, NFT or metaverse space is full of opportunities that could change one's life for the better, but investing in crypto space is still considered a high risk investment.

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At Logout, we actively work in NFT communities from abroad and promote mental health care in a digital environment. We are involved in the NFT communities through various activities:

  • We offer help and the opportunity to talk to individuals in need on Discord servers in ‘emotional support’ channels.

  • We publish topics on Discord servers weekly in order to raise awareness about how to take care of mental health and how to disconnect from the constant monitoring of the projects.

  • We participate in Twitter Spaces on the topic of digital burnout and addiction, where we discuss how to recognize symptoms and how to prevent it.

If you feel that you’re being consumed by the pace of the NFT world and can already feel negative consequences on your health or well-being, we invite you to visit us. Fill out the online form for the first appointment and together we will find the right path to an effective change.


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