NFT
“FOMO,” or the “fear of missing out,” can stress NFT and crypto traders looking for the next big thing – but a new NFT project is instead trying to spread “JOMO” in Web3 while also raising funds. to collect for charities.
With Mental Health Awareness Month underway, the JOMO Effect NFT project seeks to spread positivity throughout the community and counter the anxiety that can come from keeping up with the fast-paced space. JOMO is an abbreviation of ‘joy of missing out’, a distinctly different sensation than 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, when the NFT space first rose to sky-high peaks.
In honor of #MentalHealthAwarenessMonth, my team and I at @sevaislove have joined @peaceinsidelive and @TIMEPieces and others in the web3 & wellness space to launch the #JOMOeffect art collection in support of 5 amazing nonprofits. pic.twitter.com/WrL2xvi8op
— Deepak Chopra (@DeepakChopra) May 3, 2023
Released on May 10, JOMO Effect is a collection of 40 unique digital art collectibles from various artists with a focus on wellness and mental health. The project will be available through the Magic Eden marketplace and minted on the Ethereum scaling network, Polygon.
Artists and partners participating in the collection include spiritual thinker Deepak Chopra’s Seva Love project, Time TimePieces magazine, House of First, Jeremy Fall, Jana Stern, Brittany Pierre, Coco Stardust, Dr. Lemny Perez, Jimena Buena Vida, Kira Bursky, and Kristina Flynn.
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Minting a JOMO Effect NFT costs 24 MATIC (about $23 today) in the public sale, and proceeds from the drop benefit five mental health charities: Aakoma Project, Half The Story, The MINDS Foundation, LOVELOUD Foundation and the American Foundation for Suicide Prevention.
Collectors who purchase at least five JOMO Effect NFTs will receive a special edition Adam Bomb Squad NFT for each 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 whole world lives online, disconnected from other people,” artist Fall told Decrypt. “I have been a staunch advocate for mental health awareness over the past few years, and I think this is something that needs to be more prominent in Web3. ‘JOMO’ is an interesting new way to get a message across by bringing artists together.”
Fellow artist Pierre told us in the meantime Decrypt that she “experienced FOMO to the core” during her two years in space. “It’s important to step back and see the bigger picture,” she added.
Why JOMO?
FOMO took the NFT market by storm amid the surge of 2021, as traders scrambled to hit artwork and collectibles that often yielded significant returns when sold – what traders sometimes jokingly referred to as “generational richness” by flipping JPEGs.
As the market struggled over the past year and became increasingly volatile, traders struggled amid declining demand as fewer bets on NFTs have come out in terms of returns – not to mention the prevalence of scams, hacks and exploits that seeing collectors break up with their NFTs and/or money.
💛 5 DAYS TO JOMO💛
The Ascendant @TheAscendant3 Gate 49 The Rebel
The goal of their piece: “Creating safer spaces for BIPOC+ LGBTQIA identities. Creating a radical revolution to empower and individualize.”
[1/2] pic.twitter.com/suS6sVqSAP— PeaceInsideLive #JomoEffect (@peaceinsidelive) May 5, 2023
“FOMO is a pretty unique flavor of fear,” Jordana Reim, co-founder of Peace Inside Live, told me Decrypt. “We’re really focused on supporting mental well-being, and one of the mental plagues we’ve felt very deeply — especially 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 founded on Telegram to give crypto traders a place to express (or shout) their feelings about the state of the market. The collapse of FTX in November only added to broader fears in the crypto world, among other notable platform stops. Events like this have contributed to the inspiration for the JOMO Effect initiative.
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“I have advocated for mental health and wellness all my life, and the JOMO effect was an incredible opportunity to make an impact at scale in this way,” Peace Inside Live Web3 Manager Jana Stern told me. Decrypt.
“I hope on the other side of this coin we change the way we build Web3, even a little bit, with an emphasis on wellness,” she continued. “Because if the people building Web3 and the new world aren’t OK, nothing gets built.”
As a special thanks to #JOMOeffect collectors, everyone will have the opportunity to participate in our upcoming @ChopraFNDN #SoulofLeadership program launching later in 2023 ❤️
Collect all 40 pieces and join me for a special video call meditation and Q&A pic.twitter.com/NjO9wagYzW— Deepak Chopra (@DeepakChopra) May 3, 2023
Peace Inside Live co-founder Shira Lazar said that Polygon Labs not only used the Polygon blockchain to mint the NFTs, but also worked closely with the group and supported the JOMO Effect project with Twitter Spaces and promotion.
The JOMO Effect has also been created in collaboration with Deepak Chopra’s Seva Love and the Chopra Foundation to provide mental health-focused benefits to NFT holders, including an exclusive online meditation with Chopra.
Other perks include access to Peace Inside Live’s library of classes and meditations, plus discounts on metaphysical and wellness services that the group hopes will bring awareness to a movement around improving personal health and creating joy from within through through art, conversation and community.
“We want people to understand the impact of supporting a project like this,” Lazar added. “Not only are you getting a beautiful piece of art that is normally probably worth 1 ETH+ for some of our artists, but you’re also giving something back – and then you’re getting something back for yourself.”