FOMO (Fear Of Missing Out) is never a good idea in any market. However, it is especially true in cryptocurrency.
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Right now we see a lot of people who are upset they missed the boat on @splinterlands. With prices running and a lot of excitement around the game, many fear they missed out.
To start, that is not likely the case. The game is still in the early stages. We know the road map includes a great deal more development. The airdrop just started and is going to last another 51+ weeks.
Hence it is not likely that this is anywhere near maxing out.
Even if it is though, so what? The idea behind FOMO is that you are missing something. While this might be true, there is always another bus coming to the station.
Cryptocurrency: Still A Baby
There was a report released that claims that the number of cryptocurrency users globally is now around 225 million people. That is a healthy number.
However, when you compare it to the global population of 7.5 billion people, it is not such a large penetration rate. Even when looking at it through the eyes of Internet users, the 5 billion online means there is still a great deal more before mass adoption is even close.
That aside, we are still looking at a lot more development taking place. The entire industry is very young. In fact, a case could be made it is still a baby. Sure, Bitcoin is 12 years old yet most development took place in the last 4.
Think back to the Internet in 1999. How advanced was it then? Do you think all the opportunities were gone?
Consider the fact that Facebook was not around. Apple was 8 years away from releasing the IPhone. Google had just gotten started. Amazon was not even 5 years old yet.
Plus we were still a couple years from the DotCom bubble popping.
That is the point we are at now. According to the Internetwordstats website, we reached 225 million Internet users in 1999.
It is safe to say there were plenty of investment opportunities related to the Internet in the last 22 years. We did not run out of them in 1999.
Cryptocurrency is at the same point. There is still a lot of growth left to achieve. Perhaps a game like Splinterlands does have a great deal more upside. If not, there will be other games that will richly reward early adopters.
Opportunities Everywhere
The key is not to look at a game like Splinterlands on its own. Instead, focus upon the Play2Earm market. Gaming is the next phase of cryptocurrency. Just like the other phases before it, there is a time factor before we even get deeply into it.
Decentralized Finance (DeFi) is an example of another phase of cryptocurrency that is just coming to fruition. While it really started to explode in early 2020, there is still a long way to go. That sector is far from mature. We are just starting to see Venture Capital money flow in. This will accelerate development, pushing the industry that much further along.
With Blockchain Gaming we have not even started to scratch the surface. Ultimately, we will have the opportunity to get into a game like Splinterlands 10 times. There will be hundreds of them rolling out over the next few years. It is likely that we see a number of them appearing on Hive.
With an abundance of opportunities likely to emerge, there is no reason to FOMO. If one is missed, that is alright; there will be others. This much we know.
Again, there is an amazing parallel between what we are discussing here and the evolution of the Internet. Think of all the successful companies that relate to this which did not exist in 1999. We mentioned Facebook yet we could easily add Snapchat, Zoom, and Netflix (they were around but not with the distribution model of today).
Do you think it would have been nice to get into those companies early? Well 1999 was too early.
Over the next decade, there will be thousands of opportunities in cryptocurrency. That means we are going to pass on a lot more successful ventures that we get into. In fact, for most, it is going to be impossible to get into many. We simply lack the time and money to do everything.
That does not mean grand success will not be achieved. As many over the years proved, you only need one breakout asset and it can present life-changing money.
With cryptocurrency, we see dozens of them before us on a daily basis. For this reason, never FOMO in cryptocurrency.
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Q: What is the most valuable resource humans have?
A: Time. (It's limited to everyone. Like BTC)
Q: What is the worst, most terrible way to waste Time?
A: Playing games.
That is my whole philosophy.
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It's the best explanation for ignoring the games I've heard and I totally agree with it! Thank you!
Even if you make money?
I think it is presented in the form of games to people to attract even more to the crypto sphere, but in the end it is all the same, to know and use cryptocurrencies.
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I didn't have Splinterlands FOMO as I didn't know anything about it and have never played. Since reading this post I've smoke 29 cigs, dunk 3 cups of black coffee and bitten my nails down and Splinterlands FOMO has taken over my body!
Thanks for that. Ignorance is definitely is bliss!!
I now feel some kind of way(not sad) for missing out on Splinterstands hahaha.
I was actually beating myself for not participating in Splinterstands for the 3 years I have seen it grow!!
Knowing that you are not alone that missed out is kinda refreshing hahaha, so I am at peace now!
Anyway, I am not a gamer so it was natural I couldn't participate in the game.
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Lol don't worry mate! These things come and go . There will be other opportunities that come your way!
Hope you're well mate, we didn't chat for a long time but I'm sure you'll still be drinking too much beer and doing too many steps lol ;)
You are right, we shall find more opportunities hehe.
I drink beer these days on only weekends hehe, the steps are coming in obviously.
Let me hope Actifit will also do a Splinterstands haha
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You don't have to play to participate. You can just buy/sell/hold assets. Every in game asset earns a piece of the airdrop.
And I agree with @taskmaster4450 here. This is still early stages. We just caught that special someone's eye. We haven't spoken or dated or done any of the fun stuff yet. 👊
I will get some assets and hold them for future Airdrops.
I appreciate the vote of confidence but I wasn't trying to advise, just sharing my 2¢.
If you're seriously considering investing, but not playing I think I would consider waiting until Chaos Legion drops. Card packs that have sold out and are now only available on 3rd apartheid markets are very expensive comparatively speaking and he price will likely plummet temporarily with the influx of new and cheap cards. However, having said that, if you don’t mind sitting in them a while (a couple of years) I have no doubt you’ll profit, but I obviously can’t say anything for certain.
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I have seen people buying in now to catch up, I've learned it isn't always the best. If you've missed something, don't buy into it.
The boom is getting closer with all the development currently occuring. Even Spain has submitted a bill to enable Crypto currency as a means of payment.
Once use cases start building more and more people will be joining in hordes.
HODL and BUIDL is the way.
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Aye, sometimes emotions are just that difficult to control
That's very true. I used to beat myself up because I missed the opportunity of getting in crypto very early but I know better now.
We're still very early in the game and there is much more to come.
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Sometimes emotions are so strong that you fail to control them all the time hahaha.
I have actually been feeling bad because I missed the Splinterstands train!
This post now puts me at peace especially with the examples you have given in regards to the internet boom.
I was almost FOMOed into SPS staking just to feel not to have missed!
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I agree that Splinterlands is just developing, and each time it achieves something it represents a growth phase with many new entrants. It’s nice that it’s on Hive, but it’s nit the only game based on a blockchains. I also think we are at the beginning, and the future holds many more games and earning opportunities.
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As I was saying a few days ago: being an early adopter is not a thing anymore. There are newcomers and there will come fresh new one who will outperform some early adopters in this vast space. This thing is just getting roots.
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This happens to me, since the axie infinity boom made me think that I missed a huge opportunity, but as you say something better will come, since the play2earn model is proving to be successful and obviously many games like this will come.
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I turned in my notice last week so I can devote full time to Splinterlands and Hive. I’m projecting to make more than 3x my current income over the next year without doing anything extra. I suspect I can kick that up a bit with a little devotion.