The electrifying world of Web3 has undoubtedly transformed our perception of decentralization, ownership, and innovation. Its promise to redefine structures and shift power from centralized entities to the masses is undeniably enticing. However, with great power and potential comes an equally significant responsibility — to remain grounded.
This sentiment isn’t unique to me. I recently read an enlightening article by Dr. Martin Hiesboeck, Uphold’s head of research and a highly respected figure in the crypto community. His experience resonated with my recent epiphany — that amidst the rapid pace of the digital world, we must take a step back and reevaluate our commitments to ourselves and the industry.
Crypto Detox Time
In his “Crypto Detox” piece, Dr. Hiesboeck vividly shared his rejuvenating journey of digital cleansing. By detaching from the online frenzy, he allowed himself the luxury of self-introspection, revealing the pitfalls of digital addiction and the significance of a well-balanced life. Dr. Hiesboeck’s realizations are a mirror to many of us in and around the Web3 community. We have become so engrossed in the whirlwind of a problematic macroeconomic news cycle, a never-ending slate of conferences, token sales, NFTs, and decentralized platforms that we often forget to breathe.
After reading Dr. Hiesboeck’s recent ‘Waffle,’ I’m reminded of my break from the action. I missed crucial home events and milestones following numerous conferences and deep community engagement. Although I continue to work and produce for clients and prospects, I felt it necessary to break from the cycle of event after event to take a step back and look at what I’ve learned and the contacts I made. This break isn’t about escaping; it is about recalibrating.
Stepping off the train can foster a sense of grounding, boost efficiency, rekindle passion, and mold a clearer vision for the future. I realized these elements needed to be present amidst the constant whirlwind of events, speaker applications, and the pursuit of new connections.
Recognize Your Era
As an introverted extrovert, there is a time for travel, hustle, and heads-down work. Both are equally important; not giving in to that #FOMO feeling will ultimately save our sanity. As individuals seek clarity, the Web3 industry must engage in introspection. Dr. Hiesboeck correctly argues that the crypto world requires a detox.
The constant hype, lofty projections, and the oscillations of tokenomics can easily eclipse the core principles of blockchain and crypto. Let’s also address the industry’s flair for pomp and ceremony – an industry grappling with profit sustainability, yet where egos often receive accolades.
It’s alarming how, in our quest for decentralization and digital freedom, we’ve become glued to our devices, the charts, and the endless barrage of opinions the internet offers. Whether you’re a developer lost in lines of code, an investor analyzing graphs, or an enthusiast consuming crypto news — the constant digital stimulation can be overwhelming.
It’s Just a Necessary Pause
This isn’t a call to abandon ship but an invitation for reflection. The Web3 space, in all its glory, is filled with the pitfalls of hubris, overconfidence, and self-imposed stress. When one traverses three continents in two weeks, it’s vital to question whether we have achieved our goals or have pushed ourselves beyond human limits. And what about the day-to-day work it takes to run our companies and lives and drive projects forward?
Individuals and companies can better align actions with the core values of decentralization, collaboration, and innovation by recognizing the need for a reset and recalibration. After all, the best ideas often come during a period of rest.
The beauty of the Web3 universe is its boundless potential and unending community engagement. But to harness it fully, periodic reflection and detox are essential. Whether it’s by reconnecting with nature, indulging in a hobby, re-engaging in long overdue desktop work, or merely switching off our devices, these moments of respite can be profoundly transformative.
Taking that detox, a break from constant in-person engagement is remarkable once you are past the idea that you are missing out. This is not to take away from any one event, as every event I’ve attended this year and last has been eye-opening and well-orchestrated. I’ve met excellent contacts and new clients and got to engage with some of the most innovative people in the world.
As the Web3 horizon broadens, we must remain anchored to our foundational principles. It’s essential to discern when to pause and when to rejoin the ever-moving train. Embrace the journey, with its highs and lows, and always take a moment to breathe. And know when your reset is due. You will thank yourself.
And when you re-emerge on the scene, as I will – likely in time for #ArtBasel, be sure to be refreshed and ready to go!
Kelly Ferraro is an events columnist at Grit Daily. She is the co-founder, CEO & President of River North Communications, touting two decades of experience as a corporate communications and TradFi professional. Having previously worked at Bank of America and Guggenheim Securities, she is well-equipped to design and implement media campaigns that align with business objectives. Kelly began her career at a hedge fund, developing a love for numbers as they told a company’s true story. She is also passionate about the blockchain evolution and believes transparency is the key to widespread adoption.