Forget FOMO—JOMO Effect The NFT project aims to increase mental health in Web3

“FOMO” or “fear of missing out” can stress NFT and crypto traders looking for the next big thing – but a new NFT project is trying to spread “JOMO” in Web3 instead while raising money for charity.

With Mental Health Awareness Month underway, the JOMO Effect NFT project looks to spread positivity throughout society and counteract the anxiety that can come from keeping up with the fast-moving space. JOMO is short for “joy of missing out”, a completely different sensation from FOMO.

The JOMO Effect NFT Collection is the brainchild of Peace Inside Live, a collective of content creators, digital artists and mental health and wellness advocates. Peace Inside Live began its journey during the height of the COVID-19 pandemic, which is also when the NFT space first rose to great heights.

Launching on May 10, JOMO Effect is a collection of 40 unique digital art collectibles by various artists with a focus on wellness and mental health. The project will be accessible via the Magic Eden marketplace and minted on the Ethereum scaling network, Polygon.

Artists and partners joining the collection include spiritual thinker Deepak Chopra’s Seva Love Project, Time magazine’s TimePieces, House of First, Jeremy Fall, Jana Stern, Brittany Pierre, Coco Stardust, Dr. Lemny Perez, Jimena Buena Vida, Kira Bursky and Kristina Flynn.

Minting a JOMO Effect NFT will cost 24 MATIC (about $23 today) in the public sale, and proceeds from the drop will benefit five mental health charities: Aakoma Project, Half The Story, The MINDS Foundation, LOVELOUD Foundation and American Foundation for Suicide Prevention.

Collectors who purchase at least five JOMO Effect NFTs will receive a special edition Adam Bomb Squad NFT for every set of five, and those who collect all 40 unique NFTs will receive additional benefits, including tickets to TimePieces and House of First events .

“Web3 can be a lonely space as much as it preaches community, because our entire worlds live online disconnected from other people,” said artist Fall Decrypt. “I’ve been a keen advocate for mental health awareness over the past few years and think it’s something that needs to be more prominent in Web3. ‘JOMO’ is an interesting new way to help get a message across by bringing artists together. »

Contributing artist Pierre told in the meantime Decrypt that she has “experienced FOMO to the nth degree” during her two years in the room. “It’s important to stand back and see the bigger picture,” she added.

Why JOMO?

FOMO gripped the NFT market in the midst of the 2021 rally, as traders pounced on artworks and collectibles that often yielded substantial returns when sold — what traders sometimes jokingly called “generational wealth” from flipping JPEGs.

As the market has struggled and become increasingly volatile over the past year, traders have struggled amid declining demand as fewer bets on NFTs have panned out in terms of returns – not to mention a proliferation of scams, hacks and exploits that make collectors part with NFTs and/or money.

“FOMO is a pretty unique flavor of anxiety,” said Peace Inside Live co-founder Jordana Reim Decrypt. “We’ve been very focused on supporting mental wellbeing, and one of the mental ailments that we’ve felt very deeply – particularly in technology and Web3 – is anxiety.”

Another term has also become synonymous with crypto: “FUD” or “fear, uncertainty and doubt.” Last summer, the Bear Market Screaming Therapy Group was formed on Telegram to give crypto traders a place to voice (or shout) their feelings about the state of the market. November’s collapse of FTX only added to the broader anxiety in the crypto world, along with other notable platform outages. Events like these helped inspire the JOMO Effect initiative.

“I’ve spent a lifetime advocating for mental health and wellness, and the JOMO Effect has been an incredible opportunity to make an impact on a large scale in this way,” Peace Inside Live Web3 CEO Jana Stern told Decrypt.

“I hope that on the other side of this coin that we change – even a little bit – the way we build Web3, with a focus on well-being,” she continued. “Because if the people building Web3 and the new world are not OK, nothing will be built.”

Peace Inside Live co-founder Shira Lazar said that in addition to using the Polygon blockchain to mint the NFTs, Polygon Labs also worked closely with the group and supported the JOMO Effect project with Twitter Spaces and promotion.

The JOMO Effect was also created in partnership with Deepak Chopra’s Seva Love and the Chopra Foundation to offer mental health-focused benefits for NFT holders, including an exclusive online meditation with Chopra.

Other benefits include access to Peace Inside Live’s library of classes and meditations, plus discounts on metaphysical and wellness services that the group hopes will raise awareness for a movement around improving personal health and creating joy from within through art, conversation and community.

“We want people to understand the impact of supporting a project like this,” Lazar added. “Not only do you get a beautiful piece of art that is usually worth probably 1 ETH+ for some of our artists, but you give back – and then you get something back for yourself.”