Operating on the Binance Smart Chain, FOMO Lab is many things to many people. The project claims to be the leading intellectual property specialist, a management company, and creation studio. What does this mean though?
FOMO Lab is not to be confused with the popular term heard often in the cryptocurrency world, FOMO meaning “Fear Of Missing Out”.
FOMO is commonly used when people feel pressured into buying tokens or investing in crypto projects. The fear is that whatever they don’t purchase becomes explosively popular and/or extremely valuable in a short time period.
So if this isn’t the Fear Of Missing Out Lab, what is it? FOMO Lab is a new (launched mid 2021) NFT and cryptocurrency platform with ambitious goals. Read on to learn more about a new wave of crypto that might redefine how we think of the metaverse.
What Is FOMO Lab?
The project aims to reduce the growing pains of brands, celebrities, and creators who join and transition into the rapidly developing non-fungible token (NFT) and metaverse spaces. They also are working with other groups to change and lead the future of NFT applications. They also want to work to allow NFTs for the masses.
FOMO Lab is also a full suite decentralized finance (DeFi) platform featuring the FomoVERSE, The Avenue Marketplace, FomoLAUNCH pad, and FomoSTAKE dApp products developed and provided by the project and its partners. The project leads initiatives for core infrastructure ecosystems built on the fundamentals of blockchain technology, crypto projects, as well as NFT minting and DeFi.
If FOMO Lab’s mission is successful, then NFTs will become more accessible to the general public instead of just the super-wealthy or heavily invested cryptocurrency followers. With NFT accessibility and utility, FOMO Lab would ensure that other applications in the metaverse and Web3 become permanent fixtures of the online world.
Since they are still in the early phases, they are staying pretty quiet on how they are planning to make these changes and what their own future holds. They have social media channels, but most of their important conversations and announcements start out in the groups for their holders before it gets released to the public.
However, that doesn’t mean they are planning to be secretive. They are sharing a lot of information on their blog, including their new partnerships, what parts of their marketplace are live, and their new and next NFTs.
They also have blog posts dedicated to explaining how NFTs work, where to buy them, and other guides to help those that still aren’t quite sure of what they are doing in the world of NFTs, or decentralized platforms in general.
What Is The FOMO Lab Token?
All of the products offered by FOMO Lab revolve around and utilize FOMO Lab’s native token, the $FOMO token. $FOMO is also the FOMO Lab project’s governance token, being used in staking to determine parts of the project’s future and given back as a reward.
The $FOMO token has yet to appear on the market. The most recent news about the token is through the project’s website which simply states you will be able to claim tokens “soon”, presumably as part of an airdrop. Even on their official GitBook documentation, when the token will be released is only vaguely hinted at.
Even though access to the token hasn’t become public yet, the project is transparent with its plan for distribution and budgeting once the token does go live.
How Does FOMO Lab Work?
Because the FOMO Lab platform covers many different facets of crypto, it’s hard to state simply how it works. Many of the features of FOMO Lab are still being engineered and rolled out over time, allowing them to quarantine and fix bugs before they become a problem.
That being said, like most other platforms, FOMO tokens can be staked for various phygital (a mix of physical and digital) rewards during governance decisions.
FOMO is pushing to lead a revolution and work with web3 to make huge changes on NFT marketplaces. Though they are still a new company, many experts already see its true potential to create the changes they say they will.
They have partnered with a large number of companies and other platforms, some unheard of and some well-known. This further backs their claims of making huge progress as some of the larger groups are putting their faith into this new group.
How To Use FOMO Lab
As far as The Avenue NFT marketplace is concerned, users can create a personalized profile to show off their NFT collection as well as see their Binance Coin ($BNB) and FOMO balances.
Listing an NFT for sale is as simple as placing it in the correct area of your NFT collection so that others who view your profile can identify what you have on offer as opposed to other NFTs that you wish to keep or NFTs that you like owned by other individuals.
The process is short and sweet:
- Open the Fomolab.app DApp
- Add however much $BNB or $FOMO you wish to stake to the liquidity pool (LP) on Pancake Swap
- Give permissions to the LP, allowing them to spend the FOMO CAKE LP tokens given to you by staking your $BNB or $FOMO tokens for providing liquidity
Users that stake tokens for a longer time period enjoy the rewards of passive yield farming thanks to a circular economy powered by a 4% 48-hour open withdrawal tax, and a 2% withdrawal tax on all fees sent to the treasury wallet.
What Makes FOMO Lab special?
A lot of the time, the world of cryptocurrency feels like it is more for the rich, or people with a lot of time on their hands. However, FOMO seems to want to break that mold and really make the world of decentralization more accessible for everyone.
Take their newest work. If you’ve heard of FOMO at all, you’ve likely heard about their newest NFT collection. This new collection features Mr. Bean and is a collaboration with Banijay. Banijay is one of the largest independent content producers and distributors.
This collection is going to be huge, with 3,333 different Mr. Bean NFTs available, and only on FOMO Lab’s marketplace.
FOMO is also currently considered the frontrunner for intellectual property specialists. They have the ability to really lead and decide the way that NFTs grow and form in the coming months. The amount of companies that have partnered with them alone shows how many people think they are going to lead the way.
Some people even describe FOMO Lab as the bridge for those companies new to the world of Metaverse and NFTs and the rapidly changing online world. They are looking to really make a change with the new web3 revolution coming about.
Also, all of FOMO Lab’s NFTs and projects are carefully vetted. They do this in the hopes of having true intrinsic value, so their prices don’t fluctuate as heavily as people fear some other NFTs will do in the future.
They are a very open group, working to keep their websites easy to use, On this website, they also release a lot of their own news, to make sure their followers hear about updates, changes, partnerships, and more from FOMO first over other news sources online. Hopefully, this show of openness is an example of their drive to work with their users to make a good experience on their platform.
Since FOMO hasn’t really gotten started yet, there isn’t much in the ways of pros and cons. As they grow and people begin to use the marketplace, more will appear.
However, based on what we have learned so far, and what we have seen with similar ideas and platforms, we can make some educated guesses on where the flaws of this marketplace will be, as well as where they are pushing to excel and stand out from other NFT marketplaces.
- Still new. With FOMO Labs still being a new marketplace, there is still a chance to make a huge difference on the platform and get ahead of the game.
- Unique NFTs. As we can see with this Mr. Bean release, FOMO Lab is working to release a large amount of unique and massively popular NFTs. They have done a few with sports celebrities as well, including Mark Cavendish and Tyson Fury. These are NFTs you won’t see the likes of on any other marketplace.
- Really getting their community involved. Right away, FOMO Labs was quick to bring in their community members. They even started by asking if their logo should be changed and if the community should get to be made and decided on by the community. This is a great sign, as it not only shows that their community is an active one, but that FOMO wants to not take complete control of their platform and wants to push for creativity and community decisions.
- Still new. Though there is a chance for high rewards with a new and quickly-growing platform and marketplace, there is also a high risk. The platform could crash, or you could purchase something worth a lot at the moment that no one finds worth money later. Since NFT prices are highly dependent on demand, the price could change quickly.
- Could change the market. Whether or not you decide to use FOMO Labs, they still have the ability to change the way NFTs work. Things that are common and popular in NFTs currently might change without warning. Their NFTs will likely push the boundaries and draw people to certain styles or themes.
- Potential to take over. With FOMO Labs partnering with so many groups, they have the potential to make all the decisions. This may cause the various different marketplaces to dwindle, reducing the variability. The chances of this are small, with so many people against centralization and one leading body, but the possibility is still there nonetheless.
The FOMO Lab team is shrouded in relative anonymity. The point is that they are like many other crypto platform teams, familiar and experienced, but with creative drive and innovation at the forefront of their minds.
The team is a global network consisting of crypto experts (those practiced in blockchain technology and development), artist representation specialists, and vehemently passionate NFT advocates (sometimes known as maximalists).
Here’s what we could find out about prominent members of the team:
- Pixasso, Chief Executive Officer (CEO)
- Zen0x, Chief Technology Officer (CTO) and co-founder
- Blanksea, Chief Operating Officer (COO) and co-founder
- Khalil Kassam, Chief Business Development Officer (CBDO) and co-founder
- Luis, lead artist
- Fonzie, business operations manager
- Houdini, community manager
- AJ, marketing support
- Chown, web developer
- David, advisor
Each month, FOMO Lab partners with a new group to bring new and exciting NFTs on the scene as well as invest in the development of their products and infrastructure. As a result, the list is extensive and includes some major players in the crypto-verse.
Below are a limited selection of FOMO Lab’s partners:
- Middle East Film & Comic Con
- Roland Berger
- Crypto Oasis Sentio
- Miami Crypto Exp
- Moonrock Capital
FOMO Lab is still a new platform, but they are hitting the ground running. They have partnered with many different platforms and other groups to start leading a whole new change in the world of NFTs.
This can be a little alarming, as NFTs are still new in general. So taking what little is already established about them and flipping it all on its head could be seen as a frightening situation.
However, experts and those interested in NFTs both are excited to see where this change leads. Many think it has the potential to be pretty beneficial.
Also, with the goal of bringing NFTs to the masses, it also has the potential to draw a lot more people into the decentralized world, which is never a bad thing.
Only time will tell how FOMO Lab works in the future, but their partnerships, blogs, and unique NFTs are certainly showing a good start and hopeful beginning.
John S. Logan has been working with cryptocurrency for nearly as long as it has been available on the market. With a professional background in the finance industry, he believes that blockchain technology, cryptocurrency, and decentralized finance play an important role in the future of the world.