On Reddit, NFTs are being discussed in a more educational manner with a focus on how to make passive income as well as highlighting pain points involved with NFTs such as global and environmental impacts. On Twitter, users seem to be boasting about money they have earned and may be more active in the actual buying and selling of NFTs.
The concept of 'drop' exists within NFTs as well as other products as a tool to generate artificial scarcity. These product drops are accompanied by terms such as FOMO, limited edition, rare, and hype which create the idea that these products are worth a significant amount of money.
Reselling and limited edition show up in conversations about collecting on Reddit, but not on Twitter. This suggests that those on Twitter may be less interested in the hype of a product or making money off of it as an investment. Those on Twitter may be sharing their collections while those on Reddit may be discussing the price of items or how to sell them. This, however, is across all topics, not just NFTs.
NFTs have become a hot topic of discussion online, but the ways in which people talk about them and the ways in which they may be used vary across social media platforms. Additionally, those who have taken a particularly strong interest in the topic may already be interested in adjacent concepts such as exclusivity, product drops, and collectibles.
All data in this report is through the lens of Fashion. Of the market verticals used by Social Standards, the largest share of NFT posts fall into the Fashion vertical, which allows for the greatest amount of data to be analyzed.
On Reddit, NFTs have grown significantly since the summer of 2021. As of January 2022, NFTs are mentioned in about 6,000 posts per day.
Monthly Post Volume of 'NFT / non-fungible token' Reddit |
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The fastest growth in NFT conversation on Twitter also began in the summer of 2021, however overall growth in NFT conversations on Twitter has been much less dramatic than on Reddit. As of January 2022, NFTs are mentioned in over 4,000 posts per day on Twitter.
Monthly Post Volume of 'NFT / non-fungible token' Twitter |
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The growth of NFT conversations on Instagram follow a similar pattern to Twitter, but the number of posts is far smaller than either Twitter or Reddit. There are roughly 1,800 posts per day on Instagram about NFTs as of January 2022.
Monthly Post Volume of 'NFT / non-fungible token' Instagram |
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The remainder of this report focuses only on Reddit and Twitter as mentions of NFTs on those platforms are significantly higher than Instagram. For specific demographic information about those who talk about NFTs across the three platforms, please see the Appendix.
Those who talk about NFTs on Reddit seem to be interested in Gambling, Nightlife/Partying, Business/Finance, and Computers more than the average Reddit user. Gambling is interesting as NFTs might be considered a risky investment given that they are a relatively new idea. The interest in Nightlife/Partying may be due to the idea of following trends or engaging in activities because they are deemed "cool" or "youthful".
Psychographics of 'NFT / non-fungible token' Reddit |
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Read as: For the three months ending in January 2022, about 0.85% of those who talk about NFTs on Reddit are identified as having an interest in Gambling. This contribution rate ranks in the 89th percentile, meaning that only 11% of other Fashion conversations have higher levels of contribution from those interested in Gambling in comparison.
Overall themes that are mentioned in conversations about NFTs on Reddit are overwhelmingly related to Stocks and Investing. As mentioned above, NFTs have created a new marketplace for a new kind of investments. Gifting & Rewards is also very over-indexed, perhaps due to the payoff of investing wisely.
Themes in 'NFT / non-fungible token' Conversations on Reddit |
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| X-axis: | | Penetration Pctl (1-100) | | Is the topic over or under represented in NFT / non-fungible token conversations relative to Fashion? | |
| Shading Color: | | Object type | | Unique color for each object type | |
Visualizer chart Relations for 'NFT / non-fungible token' (posts) data expand / shrink download data IDs to Clipboard load in CFL
The significant mentions of free and floor price indicate that those on Reddit are talking about the cost of entry with NFTs, which would correlate with them skewing Low Income. Significant mentions of passive suggest that Reddit users are talking about NFTs as a source of passive income. Finally, global impact being significant hints at the pain points being discussed on Reddit. While environmental concerns and environmental impact are under-indexed when compared to all Fashion conversations on Reddit, they are still mentioned alongside NFTs.
Key Topics in 'NFT / non-fungible token' Conversations on Reddit |
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| X-axis: | | Raw Penetration % | | How frequently was the topic mentioned in NFT / non-fungible token conversations - avg. over 3 months? | |
| Y-axis: | | Penetration Pctl (1-100) | | Is the topic over or under represented in NFT / non-fungible token conversations relative to Fashion - avg. over 3 months? | |
| Circle Size: | | Topic Prominence | | Number of posts/conversations related to the topic in Fashion vertical | |
Interpreting the visual: The image above shows how frequently the topic was mentioned in NFT conversations and the significance of that topic to NFT relative to its significance to the average Fashion topic.
Visualizer chart Relations for 'NFT / non-fungible token' (posts) data expand / shrink download data IDs to Clipboard load in CFL
The top interests for Twitter users that talk about NFTs are Gambling and Computers of which computers are a necessary aspect of NFTs. Gambling is very over-indexed here just as on Reddit, so Gambling seems to be important to those talking about NFTs overall. Investing in NFTs may be seen as form of gambling as they are a newer form of investment and it is nearly impossible to know which NFTs will gain value.
Psychographics of 'NFT / non-fungible token' |
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Just as on Reddit, Stocks and Investing are very over-indexed within NFT conversations. Those talking about NFTs on Twitter are also over-indexed with Access & Affordability, Gifting & Rewards, and Pricing and Value. This may indicate that those on Twitter are talking about the price, value, and affordability of NFTs as well as the benefits and rewards from investing.
Themes in 'NFT / non-fungible token' Conversations on Twitter |
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| X-axis: | | Penetration Pctl (1-100) | | Is the topic over or under represented in NFT / non-fungible token conversations relative to Fashion - avg. over 3 months? | |
| Shading Color: | | Object type | | Unique color for each object type | |
Visualizer chart Relations for 'NFT / non-fungible token' (posts) data expand / shrink download data IDs to Clipboard load in CFL
Topics significantly mentioned alongside NFTs on Twitter are overwhelmingly positive and pertain mostly to actively investing in NFTs. Buying is the most frequently mentioned topic, and when also considering significant topics such as selling, income, and for sale, it can be inferred that those on Twitter are actively buying and selling NFTs. Topics such as income, profitable, and success indicate that most conversations on Twitter view NFTs in a favorable light and as a way to successfully earn money.
Key Topics in 'NFT / non-fungible token' Conversations on Twitter |
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| X-axis: | | Raw Penetration % | | How frequently was the topic mentioned in NFT / non-fungible token conversations - avg. over 3 months? | |
| Y-axis: | | Penetration Pctl (1-100) | | Is the topic over or under represented in NFT / non-fungible token conversations relative to Fashion - avg. over 3 months? | |
| Circle Size: | | Topic Prominence | | Number of posts/conversations related to the topic in Fashion vertical | |
Visualizer chart Relations for 'NFT / non-fungible token' (posts) data expand / shrink download data IDs to Clipboard load in CFL
The only topic significantly skewed toward Reddit is global impact, which suggests that those on Reddit are more likely to criticize the impact of NFTs as this term is linked to sustainability and there has been debate an criticism around the sustainability of NFTs. In comparison, topics such as luxury and high price are over-indexed only on Twitter, which suggests Twitter users may be boasting about the money they have made, which would align with the observed significance across the High Income demographic on Twitter. Interest in Web3 topics seem to be the common thread between the two platforms.
'NFT / non-fungible token' Twitter vs 'NFT / non-fungible token' Reddit Comparative Analysis |
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| X-axis: | | Right Penetration Pctl (1-100) | | Is the topic over or under represented in 'NFT / non-fungible token' conversations relative to Fashion - avg. over 3 months? | |
| Y-axis: | | Left Penetration Pctl (1-100) | | Is the topic over or under represented in 'NFT / non-fungible token' conversations relative to Fashion - avg. over 3 months? | |
| Circle Size: | | Topic Prominence | | Number of posts/conversations related to the topic in Fashion vertical | |
Interpreting the visual: The image above shows the areas of overlap and differentiation between NFTs on Reddit and NFTs on Twitter. Generally, the topics that appear higher and to the left of the visual skew more towards Reddit and topics that appear on the bottom right skew more towards Twitter. The blue diagonal line is an indicator of similarity, so a topic closer to the line is equally important to both.
Visualizer chart 'NFT / non-fungible token' vs 'NFT / non-fungible token' Comparative Analysis data expand / shrink download data IDs to Clipboard load in CFL
When comparing those talking about product drop with those talking about NFTs on Reddit, both are over-indexed for Male, 29 and under, and Low Income. This may indicate overlap in consumers who are interested in both NFTs and product drops.
'product drop' vs 'NFT / non-fungible token' Comparative Analysis |
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Interpreting the image: The visual above compares demographics and their skew towards product drop vs NFTs. The percentile score indicates the degree of significance to product drop and NFTs conversations. The 'difference' column subtracts the percentile scores. A difference score in green skews more towards product drop and a difference score in red skews more towards NFTs.
The idea of drop, which is mentioned very frequently and is highly over-indexed in NFT conversations, and drop culture in general may generate artificial scarcity in order to increase the value of items. Topics such as one of a kind, FOMO, limited edition, unique, and hype have a strong association with NFT characteristics of drop culture. A byproduct of this is the opportunity to earn money through reselling of items, or images, that are hard to come by or one of a kind which can be seen with topics such as reselling and sold out.
Key Topics for 'NFT / non-fungible token' Conversations on Reddit |
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| X-axis: | | Raw Penetration % | | How frequently was the topic mentioned in NFT / non-fungible token conversations? | |
| Y-axis: | | Penetration Pctl (1-100) | | Is the topic over or under represented in NFT / non-fungible token conversations relative to Fashion? | |
| Circle Size: | | Topic Prominence | | Number of posts/conversations related to the topic in Fashion vertical | |
Visualizer chart Relations for 'NFT / non-fungible token' (posts) data expand / shrink download data IDs to Clipboard load in CFL
Below are the top subreddits in which product drop is mentioned. Drop culture seems most prevalent in the Sneaker community, but also in athletic wear such as lululemon and tech such as NFTs and gaming.
All products below are very significant in product drop conversations on Reddit. This reinforces the idea that Sneakers and athletic wear (both Footwear and Hoodies) as well as NFTs along with Cryptocurrencies more broadly are associated with drop culture. Products such as Bags and Jewelry are prevalent with product drops, but are not talked about as much with the users of Reddit who are interested in NFTs.
Key Products for 'product drop' Conversations on Reddit |
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| X-axis: | | Raw Penetration % | | How frequently was the topic mentioned in product drop conversations? | |
| Y-axis: | | Penetration Pctl (1-100) | | Is the topic over or under represented in product drop conversations relative to Fashion? | |
| Circle Size: | | Topic Prominence | | Number of posts/conversations related to the topic in Fashion vertical | |
Visualizer chart Relations for 'product drop' (posts) data expand / shrink download data IDs to Clipboard load in CFL
On Twitter, those talking about product drops skew younger than those talking about NFTs. However, Male and High Income are over-indexed for both.
'product drop' vs 'NFT / non-fungible token' Comparative Analysis |
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Almost all topics pertaining to product drops in NFT conversations on Twitter suggest the idea of artificial scarcity. Hower, unlike on Reddit, Twitter conversations seem to focus on updating other users and how to acquire items before they're gone. This is exemplified through topics such as coming soon, launch, secure, and reserve for updates and acquiring followed by topics like rare, limited, exclusive, and one of a kind to hype up a product drop. Finally, FOMO and sold out may be used to update when an NFT is gone and reinforce the concept of the product being scarce.
Key Topics for 'NFT / non-fungible token' Conversations on Twitter |
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| X-axis: | | Raw Penetration % | | How frequently was the topic mentioned in NFT / non-fungible token conversations - avg. over 3 months? | |
| Y-axis: | | Penetration Pctl (1-100) | | Is the topic over or under represented in NFT / non-fungible token conversations relative to Fashion - avg. over 3 months? | |
| Circle Size: | | Topic Prominence | | Number of posts/conversations related to the topic in Fashion vertical | |
Visualizer chart Relations for 'NFT / non-fungible token' (posts) data expand / shrink download data IDs to Clipboard load in CFL
Sneakers are more significant and more frequently mentioned in conversations about product drops on Twitter than on Reddit. Other products are relatively similar to their presence in product drop conversations on Reddit.
Key Products for 'product drop' Conversations on Twitter |
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| X-axis: | | Raw Penetration % | | How frequently was the topic mentioned in product drop conversations? | |
| Y-axis: | | Penetration Pctl (1-100) | | Is the topic over or under represented in product drop conversations relative to Fashion? | |
| Circle Size: | | Topic Prominence | | Number of posts/conversations related to the topic in Fashion vertical | |
Visualizer chart Relations for 'product drop' (posts) data expand / shrink download data IDs to Clipboard load in CFL
On Reddit, those that talk about collecting skew older and higher income than those talking about NFTs. Those talking about NFTs are also slightly more diverse than those talking about collecting. While there are some differences in demographics, there is much overlap between topics talked about alongside these concepts.
'collecting' vs 'NFT / non-fungible token' Comparative Analysis |
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Within NFT conversations, the concept of collection, collectible, and art collecting are very significant. Perhaps this is a new or alternative method of art collecting for investment.
Key Topics for 'NFT / non-fungible token' Conversations on Reddit |
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| X-axis: | | Raw Penetration % | | How frequently was the topic mentioned in NFT / non-fungible token conversations? | |
| Y-axis: | | Penetration Pctl (1-100) | | Is the topic over or under represented in NFT / non-fungible token conversations relative to Fashion? | |
| Circle Size: | | Topic Prominence | | Number of posts/conversations related to the topic in Fashion vertical | |
Visualizer chart Relations for 'NFT / non-fungible token' (posts) data expand / shrink download data IDs to Clipboard load in CFL
Collecting seems to be focused in subreddits dedicated to vinyls, NFTs, and sneakers. The reappearance of both NFT and Sneaker subreddits suggests that there is overlap between those interested in product drops and those interested in collecting.
Topics such as reselling and limited edition are significant to collecting conversations on Reddit, which overlaps with topics mentioned alongside product drops as well as NFTs. The overlap continues with both NFTs and Sneakers being significant to both collecting and product drop conversations.
Key Topics for 'collecting' Conversations on Reddit |
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| X-axis: | | Raw Penetration % | | How frequently was the topic mentioned in collecting conversations - avg. over 3 months? | |
| Y-axis: | | Penetration Pctl (1-100) | | Is the topic over or under represented in collecting conversations relative to Fashion - avg. over 3 months? | |
| Circle Size: | | Topic Prominence | | Number of posts/conversations related to the topic in Fashion vertical | |
Visualizer chart Relations for 'collecting' (posts) data expand / shrink download data IDs to Clipboard load in CFL
Those talking about collecting on Twitter are skewed even older than collecting on Reddit, though there is a much more even income distribution. This suggests that collectors on Twitter may be more varied in what they collect, as various age groups and incomes are participating.
'collecting' vs 'NFT / non-fungible token' Comparative Analysis |
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Collecting topics within NFT conversations on Twitter is almost identical to Reddit. Those talking about NFTs across platforms see them as an opportunity to collect for investment.
Key Topics for 'NFT / non-fungible token' Conversations on Twitter |
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| X-axis: | | Raw Penetration % | | How frequently was the topic mentioned in NFT / non-fungible token conversations - avg. over 3 months? | |
| Y-axis: | | Penetration Pctl (1-100) | | Is the topic over or under represented in NFT / non-fungible token conversations relative to Fashion - avg. over 3 months? | |
| Circle Size: | | Topic Prominence | | Number of posts/conversations related to the topic in Fashion vertical | |
Visualizer chart Relations for 'NFT / non-fungible token' (posts) data expand / shrink download data IDs to Clipboard load in CFL
The main difference between collecting on Twitter and Reddit is that reselling does not show up in conversations on Twitter, nor does limited edition. It may be that collectors on Twitter are less interested in the hype and more interested in keeping collections as opposed to using them as a source of income. Additionally, the products mentioned in collecting conversations on Twitter are much more diverse with mentions of Art, vinyl, Sneakers, and NFTs, just as on Reddit, but with the addition of stamp, antique, Music, and Cameras.
Key Topics for 'collecting' Conversations on Twitter |
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| X-axis: | | Raw Penetration % | | How frequently was the topic mentioned in collecting conversations - avg. over 3 months? | |
| Y-axis: | | Penetration Pctl (1-100) | | Is the topic over or under represented in collecting conversations relative to Fashion - avg. over 3 months? | |
| Circle Size: | | Topic Prominence | | Number of posts/conversations related to the topic in Fashion vertical | |
Visualizer chart Relations for 'collecting' (posts) data expand / shrink download data IDs to Clipboard load in CFL
NFT conversations on Reddit skew toward Men, Aged 29 and under, with Low Income and a diverse background. The incredibly high interest in NFTs from those with a Low Income may indicate that Reddit is a forum for people to talk about NFTs as an aspirational interest.
Demographics of 'NFT / non-fungible token' Reddit |
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Those talking about NFTs on Twitter are also mostly men with a diverse background, but they are slightly older than on Reddit, Age 21-44, and more skewed toward High Income.
Demographics of 'NFT / non-fungible token' Twitter |
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As with Reddit and Twitter, those talking about NFTs on Instagram are skewed Male with a diverse background. There is a skew toward both high and low income, but no over-indexing for any age groups.
Demographics of 'NFT / non-fungible token' Instagram |
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