{"id":315162,"date":"2021-01-04T13:18:10","date_gmt":"2021-01-04T18:18:10","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=315162"},"modified":"2022-02-15T15:08:49","modified_gmt":"2022-02-15T20:08:49","slug":"nft-fomo-factors-should-consider","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/nft-fomo-factors-should-consider","title":{"rendered":"NFT FOMO: What Are The Factors You Should Consider?"},"content":{"rendered":"

NFT sales had surged to $12 billion, as of 7th December 2021. However, NFTs are often correlated with FOMO-investing. NFT FOMO is real and it exists.<\/span><\/p>\n

FOMO simply is an abbreviation for \u2018Fear of missing out.<\/span><\/p>\n

To give you context, FOMO originally refers to a feeling of worry or a sense of anxiety that someone might face after witnessing something fun and exciting and not being a part of it.<\/span><\/p>\n

So, how does a term used by millennials and Gen Z get so regularly attached with something like NFTs?<\/span><\/p>\n

As the NFT industry grows, the newer and better and the artworks churn out bigger sales records with every sale, the people who haven\u2019t explored the industry, decide to peek into it. This is what leads to a sense of missing out on gains after they see an unprecedented spike.<\/span><\/p>\n

Let\u2019s look at how does FOMO works in NFT, what are the things you need to keep in mind and other factors that are important to consider.<\/span><\/p>\n

What is NFT FOMO?<\/span><\/h2>\n

For instance, say an NFT just got sold for $50 million.<\/span><\/p>\n

While someone who has been in the NFT or the crypto space might comprehend that it\u2019s just a peak for one of many NFTs that are sold every day.<\/span><\/p>\n

However, for someone who just read a headline about the same on their mobile, this might seem like an opportunity. As the mainstream adoption of NFTs (and cryptocurrencies) is still at a very nascent stage, it might seem like an opportunity that might be missed, if not grabbed at the earliest.<\/span><\/p>\n

This might induce a person who\u2019s not deeply aware of cryptocurrencies and NFTs to invest in them, without giving it a second thought.<\/span><\/p>\n

The entire phenomenon can be called FOMO or FOMO investing in NFTs. Although, many times a FOMO might even be created with the help of speculations or manipulations.\u00a0<\/span><\/p>\n

Types of NFT FOMOs<\/span><\/h3>\n

Buyer FOMO<\/strong><\/p>\n

Buyer FOMO is when you see a new, much-hyped NFT project that is going to be live in a few days. This is experienced mostly by paper hand NFT investors who seem to be a little underconfident with their picks.<\/span><\/p>\n

Seller FOMO<\/strong><\/p>\n

Seller FOMO happens when you decide to sell your NFTs on speculations or some minor falls. A seller FOMO might also kick in when you see an opportunity to sell and make profits, instead of holding onto your pick for a little longer.<\/span><\/p>\n

Holder FOMO<\/strong><\/p>\n

Holder FOMO, simply like a seller or a buyer FOMO is something that you might HODL an NFT, but are skeptical about the decision you make.<\/span><\/p>\n

Holding onto an NFT is a decision that you might make after thorough deliberation and a lot of thought. Hence, questioning your decision based on a few speculations isn\u2019t the most suitable move.<\/span><\/p>\n

Things To Consider Before You NFT FOMO Invest<\/span><\/h3>\n