The fast-paced world of NFTs and cryptocurrencies is notorious for causing traders stress, particularly when it comes to the fear of missing out, or FOMO. However, a new NFT project aims to encourage a different mindset, harnessing the “joy of missing out” (JOMO) and raising money for charitable causes in the process. With Mental Health Awareness Month in full swing, the JOMO Effect NFT project aims to bring a touch of positivity to the community and counteract the anxiety that can arise from trying to keep up with this ever-changing market.
The JOMO Effect NFT collection is a creation of Peace Inside Live, a group of content creators, digital artists, and mental health advocates who came together during the height of the Covid-19 pandemic. This was a time when the NFT space first began to gain significant attention. The collection, set to launch on May 10, features 40 unique digital art pieces, with each piece having a focus on wellness and mental health. The project will be available through the Magic Eden marketplace and will be minted on the Ethereum scaling network, Polygon.
Notable artists and partners joining the collection include spiritual thinker Deepak Chopra and his Seva Love project, Time Magazine’s TimePieces, House of First, Jeremy Fall, Jana Stern, and more. The cost to mint a JOMO Effect NFT will be 24 MATIC (equivalent to about $23 today) in the public sale, and the proceeds will be donated to five mental health charities: Aakoma Project, Half The Story, The MINDS Foundation, LOVELOUD Foundation, and the American Foundation for Suicide Prevention.
Purchasing a minimum of five JOMO Effect NFTs will enable collectors to receive a special edition Adam Bomb Squad NFT for each set of five, while those who amass all 40 unique NFTs will enjoy additional perks, such as tickets to events hosted by TimePieces and House of First. According to contributing artist Fall, Web3 can be a lonely space despite its emphasis on community, and the introduction of JOMO serves as an inventive means of promoting mental health awareness amongst artists.
Amid the surge of the NFT market in 2021, FOMO gripped many traders, as minting artwork and collectibles often led to significant returns when sold. As the market has faced challenges and increasing volatility over the past year, traders have struggled due to dwindling demand, with fewer bets on NFTs proving fruitful in terms of returns. Moreover, an increased prevalence of scams, hacks, and exploits has resulted in many collectors losing their NFTs and money. The JOMO Effect seeks to shift the focus away from this negative spiral while supporting mental health charities, ultimately creating a safer and more positive space for all involved.