It’s really easy to get obsessed with whatever is going on in discord/twitter if you’re really into the crypto/NFT space, particularly it’s hard to remove yourself from the constant pressure to mint and then get liquid again for the next mint — always hoping for the next big thing. This is a cycle that can easily create a lot of stress and anxiety. I sometimes look at my NFTs and feel pretty down about the whole thing because I can see in front of me the result of bad decisions. Aping in where i should have realised that it wasn’t going to be a good idea. Other times, i’ve bought because i just liked the project, or felt sorry for the the project team. In some cases there’s stuff that was a rug.
You’re not alone, and nor am I.
So, how do i deal with it? Here’s a few thoughts.
1. I try to do fewer mints.
In these days where mints are slow or not selling out, you can fairly quickly tell if something is GMI or not. A really slow mint doesn’t mean a bad project, but it does give you time to think about the fundamentals. Does this project look like it has a long term plan, is there some reason I would like to stay in the community post mint, do i think holding it will give me long term gains over staying liquid. So, in a way, slow mints are better because you don’t have to ape in and you can think about it for a minute. If it does sell out and you can see that it was a good one, you can always buy from secondary — see point 2
2. I try to buy from secondary when I can
In contrast with minting, secondary markets give you the ability to chase certain traits or aesthetics, as well as take advantage of the usual pattern of below mint paperhanding that goes on (not always, but often). You can pick up what you want, you can really see the quality of the whole collection (or not in some cases). Then you can also enjoy trying to find something that is a little undervalued. Long term low floor projects can give you opportunities to dig around in the discord, and to look at the ideas the team has. Like with slow mints, low floor doesn’t mean it’s a bad project. NFTs in general (at least on Solana) are in a slump right now. So, buying from secondary gives less anxiety because you can see what you’re getting, you have time to research and you can make better decisions. Minting will 99% of the time result in commons that you’re going to find hard to sell.
3. Take breaks
I try to go for a walk every day. I am lucky to live where it’s safe to go out at night and I am surrounded by beautiful nature spots where I can go and relax, taking walks helps to clear my head. I listen to podcasts or just walk without any interference, and I try not to check my phone when i do it. Usually i come back feeling calmer. It also is just good for your health, you will feel better, and that reduces anxiety. I also try to take breaks away from discord/twitter. It’s too easy to spend hours with my head glued to the screen, absorbing all the alpha I can or trying to find the next big thing, but having a break can help you clear your head and think more rationally. I can list at least 10 occasions in the last month where taking a break and deliberately missing out on a mint or something has actually saved me a lot of money, because the space gave me time to think and to reconsider. See Point 2 :)
4. Talk to others
There are a lot of really nice people in this space, and you can start chats in discord with people, or engage with them on twitter, and then just ask questions. In my experience people are willing to help and to explain things. I find I can’t talk to ‘real life’ friends about these issues because they’re not into crypto, so they have limited understanding of why i would be anxious about a mint or some decision. You can talk to people who are in the same situation, and although you shouldn’t take financial advice from others (we’re all in the same boat), you can at least talk to people who likely understand where you’re coming from.
5. Be kind to yourself
A bad decision doesn’t make you a loser. Losing money on a mint doesn’t make you a loser, getting over tired or anxious or overwhelmed doesn’t make you a loser. Everyone who wins in this space has simply been lucky, and it doesn’t make them better than you, it doesn’t make them smarter, and it doesn’t mean that they have more value or worth than you. Try to recognise in yourself the traits that you like to see in others — kindness, helpfulness, positivity, openness, and focus on growing those. These are more valuable to others. Sometimes just saying a kind word to someone will help them more than if you sent them $1000. When you see people acting well, follow their example. I have found that by trying to emulate the traits i see in people I respect — people who treat others well, who share info, who are kind, who are positive etc — it makes me feel better about myself. I try not to see my self in terms of what I’ve achieved monetarily or influence or even career, but rather in terms of how I’ve tried to help others, or if I’ve made someone else feel better, or happier. You’re worth the investment you need to put into yourself — your diet, sleep, exercise and personal relationships. Be kind to yourself.
6. Don’t let others get you down
I have a pretty low tolerance for dishonesty and lying — for instance getting scammed or rugged — it makes me super angry and then i get into a cycle of depression about why I constantly get fooled, or why I’m too naive and trusting. But the reality is that it’s not me. Just let it go. It’s not your fault you got scammed or that someone lied to you and you believed. I’d rather live my life trying to trust others and welcoming them with openness and kindness than the alternative, which is to be suspicious of everyone. Not saying blindly trust, but don’t let the actions of others affect who you are and how you act. You’re the one in the right, and no need to change for the negative if someone else did something wrong.
7. DON’T BE AFRAID TO SEEK PROFESSIONAL HELP.
This is the most important one, and I probably should have put it first, but it’s also one that sometimes feels like a last resort, and it shouldn’t. Depression and anxiety are medical conditions, just like you’d go to the doctor if you got a bronchitis or found a lump in your breast, you shouldn’t be embarrassed to go to a professional because you have a mental health issue. For some people it will just be a passing thing, you might have a crisis and need some help, for others (like me) it might be long term, you might have to take medication, but that’s also ok. Don’t live with mental health issues by thinking you can just power through, it’s not only OK to seek professional help (therapy, medical psychiatry etc), it’s essential. Your mental health affects everything, and if you’re struggling and having difficulties with anxiety, sleep disturbance, physical symptoms like racing heart or panic attacks, or you’re just really down — get help. It’s important. You can even find help online if you find personal interaction difficult — sites like betterhelp.com are really good. Similarly, if you’re struggling because you’re over stretched financially or you’re struggling academically or professionally because you’re over invested or over obsessed with the crypto space, then you can seek help, there are professionals out there who can help with all of these things. Debt counsellors, and in fact, general therapists can help to recommend someone to talk to.
I hope those fairly scattergun thoughts can help, I sometimes post things to re-read them myself, because all to often I need to remind myself to take my own advice.
First published on my Zoints space : Some thoughts on things that help with anxiety & stress — feel free to join me over there.
