Down Bad: My Top Web3 Lessons from 2022
New year, same me
I was going to do a web3 2023 predictions list, but I feel like there will be more than enough of those.
So for the final newsletter of the year, I'm going to deviate from talking about companies, and get a little more ✨personal.✨
Here are five "down bad" web3 lessons I learned in 2022.
1. LOG OFF AND TAKE A LAP, GIRL
Y'all don't even know how annoyed I was about the Otherdeed mint in April.
I was truly drinking all the Yuga Kool-Aid about this mint. Like many, I structured my dang Saturday around it. We were all strategizing days ahead of time, and I had my $APE ready. I gassed up to a wild amount and still wasn't able to mint mine. I watched many others mint theirs easily. I was actually mad.
We wanted to say a few words about the mint tonight. 🧵
— Yuga Labs (@yugalabs)
May 1, 2022
I kinda raged. I took a week off all Discords and Twitter, which is pretty unheard of for me. I really had to take a step back and acknowledge how ridiculous it was to be mad about this. Especially because I got gas refunded for my failed transaction in the end anyways.
This space can sometimes warp your perspective, and you can get caught up in the excitement. Now, when I feel like it's starting to detract from my life instead of adding to it, I just log off and don't participate for a bit. Remember: it's supposed to be fun. Try fx(hash); it's fun.
2. I'M NOT IMMUNE TO FOMO
I lost a good amount of ETH this year on a Beanz, an Azuki, a Moonbird, a Renga, Otherdeeds, and more.
The pattern? These purchases were based less on my primary research, data, and instincts, and more on Twitter, Discord, and friends' sentiments at the time. I know better than that.
This was me:
These purchases also each took up too much of my liquidity. Each one felt off to me, but I did it anyway. I wasn't buying them for the right reasons, plus the communities never felt like they resonated with me. So in the end, I felt like I needed to sell.
The moral of the story is that if you succumb to FOMO too often, just remember: you're probably gonna get rekt. For 2022, I'll just have to CITTG (charge it to the game).
3. GET UP AND GO TO IRL EVENTS
In Los Angeles, there is no shortage of IRL NFT and Web3 events and meetups. Many times, I see them on Twitter not far from where I live, and think "huh, looks cool, I should go to that." But I don't. Sure, I'd get on a plane and go to NFT NYC, but wasn't attending the weekly events in my own backyard.
When I finally went, I had a fantastic time and got to catch up with people and meet many more. While much time in this space is spent clicking away on your computer solo, IRL connections change the game.
In 2023, I'll continue to get up from my computer and chat more with fellow degens face-to-face. I'm also glad that the inaugural PROOF of Conference is going to be right here in LA!
Venice views at the meetup I’m normally too lazy to attend 🌅
— corporate trash ✨ (@corporatetrash1)
Dec 9, 2022
4. NO JOB IS FULLY SAFE
I was very happy to have several long-term freelance and contract jobs in the Web3 space in 2022. It was my first full year leaving my career behind to dive into this full-time. As a writer and project/partner manager, I learned more every day, met lots of people, and had a ton of fun.
But, of course, there were significant events that happened this year that left crypto investors nervous. The economy is also struggling. Unfortunately, I lost two of my great roles at the same time.
The good news is, there are always more opportunities in this space. Companies are hiring and building for the future every day if you look hard enough. One door closes, and another one opens.
If you've also found yourself laid off in this environment, keep creating, reading, listening, and moving forward. We got this.
5. ONLY YOU KNOW YOUR RISK TOLERANCE
I'm in a couple of Discords with some NFT whales and whales-to-be. They're running giant liquidity pools, dabbling in memecoins, sweeping floors with lots of ETH, and posting alpha alerts constantly.
Sometimes, seeing their ROI doing all of these things is tempting. Why don't I ape into more things at higher prices? Why isn't my risk tolerance high enough to secure a giant profit? Why don't I track new mints all the time in hopes of flipping?
I have to remind myself: because that's just not me. I know myself and my situation. I know what I feel comfortable spending, and when it feels right to sell. It doesn't mean I can't watch and learn, but you need to know your own limits and be okay with them.
hi im johnny knoxville and this is how to lose a million bucks
— natealex ᛩϾ⥿Ͽ⧽ (@natealexnft)
Aug 21, 2022
Plus, don't forget: most of the time, you're only seeing their wins...not their losses. Except NateAlex. God bless.
To all of my web3 family, happy holidays and happy new year!
I appreciate your ongoing support of the newsletter, and I have some big goals in 2023 to make it even better.
PS: If you do want some good web3 2023 predictions, check out PwC's.