CryptoPunks, BAYCs, and Frens: Social media analysis shows NFTs hype mirrors sales trends
Analysis of 31,000 NFT related posts on subreddits and 3,000 headlines for mentions of NFTs shows mostly positive sentiment.
After evaluating 31,000 NFT related posts on subreddits and over 3,000 headlines for mentions of NFTs, the team at Gamblers Pick have reported some thought-provoking insights.
This report shows that the popularity of NFTs across online communities can be correlated to sales numbers in March and April. It doesn’t take a genius to recognize that the coverage following the famous Christie’s auction that saw artist Beeple sell his NFT for $69 million reached the masses.
This increase in interest for NFTs was reflected across other social platforms and online platforms Reddit saw a surge in NFT related posts that same week to 3,500.
Money where the NFTs are
A report by Gamblers Pick noted that there is mainly positive sentiment towards NFT in online communities with only 12% expressing negative feelings towards NFTs overall. NBA Top Shot collection receives the most positive mentions and Opensea receives the most mentions overall.
As the largest NFT marketplace, reaching a colossal surge of $4 billion in sales volume throughout the month of August, it is not surprising that community hype and media mentions are the largest for this platform.
Well known publications with massive readership and loyal followers have helped to increase awareness for NFT’s. The New York Times, Forbes, and Business Insider have all used NFT headlines in recent months.
After analyzing NFT mentions across 3,000 headlines across 143 publications, the Gamblers Pick report highlights that the media coverage sentiment is more mixed than that of online communities with 31% positive and a large chunk of 54% remaining neutral. The Street, Benzinga, Forbes and Business Insider have covered NFT news extensively.
Interestingly, many articles are positioned within the financial and business sections of the media. This is due to the fact that NFTs are often collected as an investment.
NFTs have carved out their communities, use cases, and marketplaces. Only time will tell if they start to broaden their reach across other sections of the media and lead the focus away from finance.
Read the full report and findings here.