New Consumer Trend Report Focuses On Investigating NFT Conversations Across Reddit & Twitter. Social Standards, the only consumer insights platform built on a fully structured and benchmarked data set of organic consumer conversation, today announced the expansion of the platform to capture insights from Reddit. The company also released its first Thought Leadership piece focused on Reddit, which analyzes consumer conversations on NFTs – The NFT Consumer.
About 60% of Gen Z and millennial investors have made an investment as a result of social media, according to a recent survey from M1 Finance. It’s no surprise the NFT conversations have taken over social media in the past year.
Link to the full report – The NFT Consumer
KEY REPORT FINDINGS INCLUDE:
- 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.
- There are roughly 1,800 posts per day on Instagram about NFTs. NFTs are mentioned in about 6,000 posts per day on Reddit. Twitter is 4,000.
- 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.
- 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.
Social Standards is the next generation of market research. Social Standards has developed an industry-defining consumer research platform that harnesses the power of collective intelligence to deliver deep insights on consumer conversational data.The platform is a first-to-market tool which structures the massive set of unfiltered conversational data derived from social channels into market vertical-based ontological relationships, enabling quant-based understanding of consumer motivations and market direction. Social Standards is leveraged within corporate strategy, growth investment, and product development teams at some of the world’s largest CPG brands; supports investor due diligence analysis and operating strategy development for the most renowned PE and management consulting firms; and is used across equity sell-side research and advisory teams at some of the largest and most prestigious investment banks.
