Consumer Data, (De)Coded.  

The NFT Consumer

Compares the attributes and interests of those who talk about NFTs on Twitter and Reddit with a focus on investing, product drops, and collecting.




Key Takeaways


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.


Introduction

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


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


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


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.


NFTs


Reddit

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


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

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

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.


Raw PenetrationPenetration PctlActivity (ppd)
environmental concerns0.371%29242
environmental impact0.011%338.243
exclusive1.223%48543.7
free32.26%965523
global impact0.196%853.882
Having Fun30.82%966961
blockchain2.311%93956.8
decentralized finance0.383%82466.1
education0.497%48142
floor price0.692%9856.34
Web30.19%9038.54
passive2.517%83319.1
Visualizer chart Relations for 'NFT / non-fungible token' (posts) data     expand / shrink     download data     IDs to Clipboard     load in CFL


Twitter

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'


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

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

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

 

Raw PenetrationPenetration PctlActivity (ppd)
buying4.467%907695
investing0.704%92412.2
reselling0.167%81164.7
selling0.754%881057
accessible0.338%90113.4
exclusive0.75%95384.7
high priced0.011%809.148
luxury0.481%63694
profitable0.106%8047.11
worthless0.111%9067.27
fintech0.076%6930.54
for sale0.264%95178.8
income0.384%82224
intellectual property0.028%867.281
Investment0.19%8377.09
Market Trading0.453%8895.78
success0.494%77604.1
Visualizer chart Relations for 'NFT / non-fungible token' (posts) data     expand / shrink     download data     IDs to Clipboard     load in CFL


Twitter vs Reddit

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

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


Drop Culture


Reddit

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


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

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

 

Raw PenetrationPenetration PctlActivity (ppd)
reselling0.141%62251.9
FOMO0.206%9348.26
limited edition0.267%8898.42
one of a kind0.133%9427.61
sold out0.146%57175.3
unique2.41%83847.1
hype0.556%60499.7
drop67.87%1006488
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

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

 

Raw PenetrationPenetration PctlActivity (ppd)
Opensea2.316%872549
NFT / non-fungible token3.231%895610
Bags15.94%8419.7K
Cryptocurrencies5.654%897003
Hoodies4.523%952231
Jewelry11.69%7516.6K
Sneakers & Athletic Footwear4.227%847969
Visualizer chart Relations for 'product drop' (posts) data     expand / shrink     download data     IDs to Clipboard     load in CFL


Twitter

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


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

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

 

Raw PenetrationPenetration PctlActivity (ppd)
coming soon0.466%96190.2
exclusive0.738%94382.1
FOMO0.131%9531.29
limited edition0.183%85147.1
limited0.701%94452.5
one of a kind0.083%7559.24
rare0.992%96423
reserve0.046%7078.52
sold out0.212%73465.9
unique1.742%97454.6
drop6.219%1001525
secure0.293%86243.9
launch2.813%97770.6
product drop0.23%90118.4
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

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

 

Raw PenetrationPenetration PctlActivity (ppd)
Opensea1.142%91708.1
NFT / non-fungible token6.98%954001
Bags12.79%7740.2K
Cryptocurrencies2.185%804009
Hoodies9.393%9715.3K
Jewelry20.81%8937.3K
Sneakers & Athletic Footwear17.03%988819
Visualizer chart Relations for 'product drop' (posts) data     expand / shrink     download data     IDs to Clipboard     load in CFL


Collecting


Reddit

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


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

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

 

Raw PenetrationPenetration PctlActivity (ppd)
art collecting0.158%9512.39
card collecting0.013%812.935
collecting0.185%8297.13
art5.523%823465
digital art0.095%9022.03
collectible2.151%97556
collection9.697%972837
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

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

 

Raw PenetrationPenetration PctlActivity (ppd)
reselling0.523%93246
limited edition1.981%97113
NFT / non-fungible token16.43%975374
trading cards0.437%9667.34
Art24.19%100548.6
Sneakers & Athletic Footwear6.453%858015
drop16.76%985734
vinyl29.94%100131.6
Visualizer chart Relations for 'collecting' (posts) data     expand / shrink     download data     IDs to Clipboard     load in CFL


Twitter

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


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

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

 

Raw PenetrationPenetration PctlActivity (ppd)
art collecting0.066%827.265
collecting0.088%8623.68
art8.802%982102
digital art0.922%9495.85
collectible1.41%99124.6
collection5.584%981828
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

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

 

Raw PenetrationPenetration PctlActivity (ppd)
antique1.765%98119.1
digital art4.53%9995.85
NFT / non-fungible token12.51%983374
Art25.84%100374.5
Cameras1.078%94665.4
Music1.332%92131.9
Sneakers & Athletic Footwear5.425%908862
stamp2.483%10040.48
vinyl28.44%100149.7
Visualizer chart Relations for 'collecting' (posts) data     expand / shrink     download data     IDs to Clipboard     load in CFL


Appendix

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


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


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



Methodology

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