Monks practice awareness - it's called meditation. I wouldn't think they experience any negative side effects because they've been doing it for hundreds of years... As for us, nope, I'm certain there aren't any side effects you should worry about. I've been practicing awareness for 2 years and it hasn't done anything bad for me.
There are, surprise, good side effects though! Better daydreaming vividness, more analysis of the world around you, sharper thinking, and I've personally noticed more creativity and problem-solving in my artistic skills.
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