Moody Mink Society Brings Mental Health NFTs to The Metaverse
In simple terms, an NFT is a single unit of data that is recorded and saved on a blockchain, a digital ledger. The term “non-fungible” refers to an item that is one-of-a-kind and cannot be duplicated or substituted, just like the Mona Lisa. Since NFTs contain unique ownership data, they aren’t artwork themselves. Rather, they’re a technique for recording digital art ownership – without NFT technology, anyone could claim ownership of the original digital art file.
NFTs originally surfaced in 2017 with the launch of CryptoPunks, but it wasn’t until early last year that they took off. NFTs have now taken over the art world. Art and collectible NFTs, in particular, have exploded into the public at a breakneck. We now have a better understanding of why this is the case. NFTs (particularly art and collectibles) are entertaining, visible, culturally relevant, and easy to grasp in a way that many blockchain concepts are not. Then there’s the community angle, which came as a surprise – the social perspective.
NFT technology enables direct communication between artists and collectors, but it also allows us to authenticate ownership of digital art, rare in-game objects, virtual locations, and domain names. NFTs symbolize ownership of digital objects such as the clothes and accessories worn the avatars you create and the purchases you make within the digital world you spend time in. You can also use NFT technology to display your digital art in the Metaverse. NFTs will become increasingly relevant in a virtual environment.
Will digital art ever be able to take the place of that beautiful watercolor on your wall? Despite the benefits that NFTs offer, this is unlikely. After all, physical art such as paintings, sculptures, and photography will always carry sentimental value for owners and monetary worth for collectors.
Additionally, there is a dark side to the world of NFTs, which is now unregulated. This is despite the possibility that the US government will probably classify NFTs as securities or commodities in the future. NFTs, like fine art, are only worth what people are willing to pay for them, and the NFT (and cryptocurrency) market is highly volatile. Since no investment is ever guaranteed to succeed, and the NFT field is speculative, it’s easy to lose money if you’re not careful with NFTs.
Artists are also vulnerable to art theft, plagiarism, and fraud, because of the anonymity provided the virtual world, which unscrupulous art thieves can exploit. NFTs also present certain environmental concerns. For example, the Ethereum blockchain, on which most of them are based, requires a significant amount of energy to operate. There’s a lot that can go wrong in an unregulated sector. There are concerns that the NFT market may be utilized as a form of a pyramid scheme, with early investors making enormous gains and newcomers struggling to recoup their losses. Many people are drawn to digital art investing because it may be a successful and enjoyable way to support the arts. Even so, you always need to exercise caution with any new investment.
Some analysts have warned that NFTs are risky because they are in a bubble. A particular asset’s market could crash, leaving collectors with a significant loss. Furthermore, since anybody may make and sell an NFT, determining what is or is not worth investing in requires a trained eye. While creating an NFT from scratch is challenging, it is easy to create one from another file and market it as your own. Finally, if a corporation that sells a specific type of asset goes out of business, the asset may no longer exist, leaving the NFT-owner with a token to a file that no longer exists. As a result, it’s critical to do your homework and determine whether the NFT you’re investing in has genuine value.
Other than digital art, there are other NFT use cases that creators have established. When taken as a whole, NFTs have the ability to affect how we consume products and services. They’ve also changed how we spend and earn money, prove our identities, attend events, dress, and even spend the majority of our time.
The most popular application of NFTs is gaming. Every day, 2 million users play with the tiny blobs of Axie Infinity, which has a market capitalization of $3 billion. Gaming is extremely exciting, and billions of people buy digital items within games. With time, we will see more widespread adoption of NFTs, since the production cycle for games is slightly longer than that for smaller arts and collector ventures. There’s a little more of a lag this time. However, the results of these improvements will be visible in a year or two.
The second use case is the building of NFT communities in the Metaverse. These communities are a place where individuals can congregate, converse, and display their NFTs. This could be in an augmented reality (AR), virtual reality (VR) or Web 3.0 environment.
NFTs must be experienced in a conducive context. When used well, they can be used to build a gathering place for NFT communities or a social network for NFT owners. This network could be linked to a Bored Ape wallet, and it would only be accessible to confirmed people who hold specific NFTs. NFT holders regularly gather in the Metaverse. This community aspect will be a game-changer in the NFT market in the future. The Metaverse can be a place to save and appreciate NFT art and it can be a gaming hub. The Metaverse is Zuckerberg’s new life purpose for a reason, and it may be an advanced version of how we’re all hanging out online these days.
NFTs have broadened the application of blockchain technology beyond art, appealing to a wide range of gamers, financial enthusiasts, luxury customers, and digital cat fans. Non-fungible tokens can drastically alter our connection with the digital world adding object-based verified digital scarcity, and the NFT market is just entering its initial adoption phase. Additionally, some companies are now using NFTs in the Metaverse to raise mental health awareness.
Mental health is a much more severe problem than most people realize. In fact, more than one in every seven adolescents worldwide aged 10 to 19 is diagnosed with a mental disorder. The ICC-UNICEF collaboration aims to initiate a conversation to inspire more discussion and understanding in mental health and well-being. For example, UNICEF’s global campaign to raise awareness about mental health in children, #OnYourMind, has gotten a boost thanks to a partnership launched during the ICC Men’s T20 World Cup 2021.
We can see one example of how NFTs are being used for mental health with Tuff Guys NFT. Tuff Guys NFT has sparked lots of interest in the NFT community. These guys aren’t only into NFTs and video games; they’ve also worked hard to establish a supportive environment for folks struggling with mental illness. In this ecosystem, NFT holders receive limited items that they can use in the Metaverse. The Tuff Guy’s NFT team actively rewards the community’s most active members. The next stage will create comic strips using the community’s Tuff Guys to raise awareness. The second generation of Tuff Guys will begin with a monthly update schedule.
Someone in good mental health realizes their full potential, is able to cope with everyday challenges, works successfully and fruitfully, and contributes to their community. Unfortunately, many people haven’t reached this stage. The arrival of COVID-19 only exacerbated mental health concerns. Since the pandemic forced people to stay at home and adhere to physical distancing measures, coping methods that people would normally turn to during times of mental strain were broken down.
This is why Tuff Guys’ project is so important. Aside from their weekly seminars and donations to mental health charities, they’re committed to initiating more conversations about mental health. In fact, their project promises to bring more mental health stories to the forefront with a community of 10,000 members waiting to enter the Metaverse.
The team at Moody Mink Society is also bringing mental health fitness to the Metaverse with an NFT collection that is designed to bring awareness to mental health. The team hopes to bring awareness and raise funds to help teachers across the United States learn stress and anxiety coping skills that they can, in turn, use in the classroom. The whole idea is to make sure that people know how to take care of their mental health at an early age.
Moody Mink Society also plans to build a community and the first META-tation center in the Metaverse. All token holders will have access to events The Anxiety Dr, Dr. Lisa Cortez, a psychotherapist who has been working in the mental health field for over 20 years. She is dedicated to raising awareness and volunteers on a regular basis to help normalize therapy.
Her work has appeared in numerous publications, and she has been a guest speaker for corporations such as Microsoft.
Dr. Lisa Cortez will also bring in top mental health experts to conduct workshops on mental health and personal development for all of their members. They also plan to donate $20,000 to an organization chosen the community to help stop the selling of fur. This is a small contribution to their charming character, The Mink.
For more information on the Moody Mink Society NFT Collection, click here.
I’m a leading crypto author with over 10 years experience in the industry. I have been featured in numerous publications and am a regular speaker at major crypto events. I’m also the founder of Crypto Academy, which is dedicated to providing education on all things crypto.