By Jackie Davies, Marketing Manager
Part Four: NFT Audiences
It’s official: the NFT market is no longer a fad. Once looked at as a passing trend, NFTs are now worth over 40 billion dollars, and have completely revolutionized the way people invest in art.
NFTs – Non-Fungible Tokens – are anything digital (e.g. artwork) that is bought and sold with cryptocurrency. A person who buys an NFT art piece is buying the only verifiable version of that artwork as minted by the artist. When it’s been minted, any other reproduction of that artwork is just a copy, and the monetary value of the original work is only attached to the actual NFT connected to the blockchain.
The first significant moment for NFTs came with the launch of “CryptoKitties” in 2017, when the first cat was sold for $117,000 USD (ETH246.9255). Today, popular collections like CryptoPunks and Bored Ape Yacht Club are regularly selling NFTs for millions of dollars, with the largest example being a Pak NFT artwork that sold for a breathtaking $91.8 million, shocking the art world and bringing this phenomenon closer to the mainstream.
Big Brands like Marvel, Taco Bell, and Coca Cola have already started to jump on the bandwagon and launch their own NFTs, seeing them as a new revenue stream and audience engagement tool. US political campaigns have even begun to dip their toes in with plans to use the mechanism as a fundraising vehicle for the upcoming 2022 cycle.
Although NFTs are yet to see fully widespread adoption, they are continuing to grow and have become a bigger part of our lives. Twitter has even added a feature that allows you to show off your owned NFT in a hexagon-shaped profile picture on Twitter Blue accounts. So, to help brands tap into this growing market, we’re dedicating Part 4 of our crypto series to exploring and understanding this niche audience on Twitter.
To reveal these insights, we used Affinio’s graph technology to ingest everyone in the US talking about NFTs on Twitter and then segmented them into clusters based on their shared interests and affinities. This allowed us to conduct a deep-dive into each of the different NFT subcommunities and identify emerging trends on the social graph.
It’s not surprising to see so many different crypto-related clusters showing up in this report. What’s intriguing, though, is the nuances. Breakouts between niche groups like “Ladies in Crypto & NFT Giveaways” and the true collector community of “30+ NFT Early Adopters & Jake the Degen Fans” mean we have an opportunity for more targeted messaging.
Below, we took a snapshot of the top three largest NFT clusters and highlighted their top interests in the areas of NFT accounts, media and entertainment, shopping, and CPG/Food. By drilling in even deeper, we can showcase what defines these clusters beyond NFTs and surface brands who should consider creating their own tokens to engage these audiences.
The “30+ NFT Early Adopters” cluster shows a greater appreciation for the art itself, following more niche and emerging NFT artists and art exhibits such as Art Basil. They were likely the first audience to join the NFT community in its early stages. The majority of this subcommunity has also updated their Twitter profile picture to an NFT image which tells us they are real fans and investors:
“Binance Users & NFT Flippers”, on the other hand, comprise of Crypto traders who follow accounts like “Stocktwits” and many different Crypto exchanges. This group likely looks at NFTs as just another way to engage in trading digital currencies. Their top CPG brand, AXE, could create their own NFT as a way to further engage this cluster.
The “35+ Political News Junkies & Data Science Geeks” cluster follows NFT accounts like “Rarity Sniper”, who tracks rare NFT collections and their price jumps. This cluster shows more interest in understanding the metrics behind NFTs and why some are more popular than others.
Want to know where your brand ranks in this audience, or how you can support your brand in creating its own NFT? Reach out to view this entire insights report.