MANAGING FOMO
THE ONLINE ART MARKET IS STILL GROWING:
The online art market has become an entrance into the art world for new art buyers who have never ventured into a gallery or an auction. As the traditional art market and the NFT market begin to converge it is becoming more apparent that the art market’s move online is for good. There is a growing interest in digital art among existing collectors which suggests that NFTs are kickstarting a demand for digital art. Buyer confidence is rising, and more people are investing in procuring art as well as collectibles.
WHAT IS FOMO?
FOMO (Fear of Missing Out) is the desire to stay continually connected with what others are doing and a reflection of a negative emotional state resulting from a lack of feeling intimately connected to people, like the negative emotional effects that come with social exclusion (being left out). With an increase in social media platforms to network, engage, market, and sell on, the constant upward social comparisons and unreasonable expectations can have a negative impact on one’s confidence in their abilities or self-worth, sometimes both! It may exist as a temporary feeling that occurs in mid-conversation, as a long-term disposition, or as a state of mind that leads the individual to feel a deeper sense of social inferiority, loneliness, or intense rage.
HOW CAN WE DISTINGUISH OUR NEGATIVE THOUGHTS
AND WHAT ACTIONS CAN WE TAKE?
Polarized Thinking (All or Nothing): Seeing things in black-or-white. No shades of grey. If things are not perfect, you see them as a failure.
For example, you started a new routine to be more productive and for the first few days, you are working according to plan. Then, one day, you get up later and start berating yourself for being lazy; as a result, you feel as though your entire day has been wasted and do nothing.
Mental Filtering: You single out one flaw among all the positives and give it your whole attention.
For example, you received 20 comments on a post about a project you are launching, and 19 of them are supportive or encouraging. One commenter, however, claimed they did not recognize the worth of your labor. You pay no attention to the other great comments and are now only concerned with the one “bad” one.
Discounting the Positive: Can be frequently accompanied by thoughts of inadequacy or under-appreciation since you downplay favorable events.
For example, even if your launch went according to plan and you made sales, you continue to criticize yourself thinking, “it was not good enough.”
Personalization: Is the idea that something is totally your fault even when you had little to no influence on the outcome. In actuality, the circumstance can have absolutely nothing to do with you. It may also include holding someone else accountable for an error for which they are not responsible.
For example, your artwork is not selling as well as you thought so you blame yourself for being a terrible artist. Or you blame the platform for not offering more exposure and support.
Emotional Reasoning: Makes you think that whatever you are feeling must be the truth.
For example, you are anxious about joining the NFT market, so you have concluded that there are just too many risks involved.
Try to remember that it is not the events but your thoughts that upset you in most instances. You might not be able to change the events, but you can redirect your distorted thoughts, beginning with slight changes that can be helpful.
TRACK YOUR NEGATIVE THOUGHTS:
Keeping a thought journal will allow you to observe just how often negativity creeps up on you. Anytime you have a negative thought, take note and break down why or how this thought may be limiting you.
REPLACE NEGATIVE THOUGHTS WITH MORE REASONABLE/COMPASSIONATE ONES:
Use gentle wording during your thought process, ask yourself "what can I learn from this," and challenge your assumptions to determine what the frame behind your thought is. It is possible you have a limiting belief that could be holding you back!
You can determine if it is worthwhile to keep or change your perspective by asking yourself to weigh the advantages and disadvantages of doing so.
THESE QUESTIONS CAN BE HELPFUL:
How will accepting this distortion benefit or harm me?
Will it take me one step further or one step closer to becoming the person I want to be?
How will my relationship(s) be affected if I stick to my convictions and keep thinking this?
What do I think of myself?
Does my despair, confidence, sense of worth, or worry improve or worsen if I believe this distortion?
Another approach to breaking the FOMO cycle is practicing mindfulness, which is a therapeutic technique that refers to nonjudgmental observation or awareness with a focus on the present experience so you can find joy in the here and now. Meditation practice can not only sharpen your brain but also increase your happiness, as can keeping a gratitude journal.
Practicing gratitude cultivates emotions that allow us to be grateful for the things we have presently rather than focusing on what we do not have. You may also make a list of your life priorities, things like continuing to learn, working towards your goals, and nurturing your inspiration.
