FOMO (Fear Of Missing Out) is never a good idea in any market. However, it is especially true in cryptocurrency.
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.
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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