The exchange of digital assets is booming, with cryptocurrency users reaching 221 million in June 2021 and new assets, such as NFTs, being created every day. “NFT” has become a buzzword since its explosive growth in 2020, and today, musicians, artists, and athletes are buying and selling these digital collectibles. While non-fungible tokens may be revolutionizing the digital and gaming industries, they do not come without their risks. People with a gambling problem may be especially vulnerable to the dangers of NFTs. Let’s take a closer look at what NFTs are and how buying them can cause people to exhibit problem gambling behavior.
What Are NFTs?
NFT stands for “non-fungible token” and represents digital assets verified and stored using blockchain technology. Each NFT carries a unique signature that makes it difficult to replicate. Because of this uniqueness, NFTs cannot be traded or exchanged at an equivalent price. NFTs can be used to purchase digital items, such as objects in video games, pieces of art, or even music. The blockchain technology signature proves who the owner is.
How Buying and Selling NFTs Resemble Gambling
With so much excitement surrounding NFTs, people jump feet first into buying these tokens. They fail to realize that these assets are still speculative and highly volatile. While investing in a relatively new digital asset class may be exciting, it does not come without its risks.
Just as gambling involves taking risks in hopes of a great reward, participating in NFT transactions is also characterized by taking risky actions with the hope that the result will be beneficial. Both gambling and purchasing NFTs can trigger the brain’s reward system, and if these behaviors are not regulated, a person could fall into trouble — whether a financial crisis or a victim of theft or fraud.
Buying NFTs requires people to be thoughtful about their actions. To avoid some of the same behaviors of problem gamblers, investors must reduce their risk of loss by never investing more than they can afford to lose, diversifying their investments, and doing thorough research rather than buying based on hype.
Signs of an NFT Problem
An issue with NFT transactions is a behavioral issue, just like a gambling problem. Some people can buy and sell NFTs with no issues, but others can fall into a trap that depletes their savings, separates them from their loved ones, and leads to depression or anxiety. It can be easy to develop a problem with NFTs, but thankfully, some signs indicate it’s time to seek help.
Shining Light on a Brighter Future
If you or a loved one is exhibiting issues managing their behavior regarding NFTs or gambling, it’s important to seek help immediately. Gambling disorders and problematic gambling behaviors can ruin a person’s finances, relationships, career, and happiness. Fortunately, you do not have to travel the road of recovery on your own.
You can find help for your gambling problem by reaching out to 800-GAMBLER any day of the week at any time. Our team will help connect you with the resources you need to manage your gambling, including helping you find the right online GA meeting. Start your path to freedom today.