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A Method to the Madness:
A Look Inside NFT Twitter’s Animal Spirits

Continuing from my blog post last week, I continued market research polls deeper into NFT Twitter.

The market has recently been rocked by a series of crashes for Bitcoin and other cryptocurrencies. I’ve conducted a number of Twitter polls to monitor market sentiment. As could be expected a good number of my followers are either in shock, terror, grief, or not on Twitter at all.

Shockingly, however, unlike my slice of crypto Twitter, the NFT section of Twitter appears to be mostly oblivious that the world around it is burning down, with devotees of NFTs and NFTs on certain blockchain piling in on my Twitter polls.

Here’s what it means.

Dark Days on Crypto Twitter

In addition to the previous polls I mentioned last week, a few polls regarding Sandbox and Gala, two of the top Gaming/Metaverse cryptocurrencies, resulted in cricket. Two of my worst performing polls, they each barely crossed 100 votes each, and even fewer calling themselves holders of the cryptocurrency.

Only 38 answered positively on $GALA:

As for $SAND, it was worse with only 24 positive answers:

Personally, I executed successful trades on these tokens last year and sold all of them at a profit. I am bullish on them in the future, but this frigid market sentiment was not encouraging.

Red-Hot NFT Communities

Red-Hot NFT Communities

Now if you have heard that “community is everything” I encountered some communities that really meant it. I conducted four different polls with more or less the same question.

“Which is your preferred blockchain for NFTs?”

Thanks to some help from the Twitter algorithm, I reached into several different communities.

As a note on accuracy, it is well known that the highest trading volume occurs on Ethereum, and most of the NFTs on my timeline are on Ethereum, so I did not make an effort to reach into “the Ethereum NFT community” if there is such a thing. My point being, the polls targeted finding devoted users in other communities, and found them I did.

Here is the first, the most obscure group with 817 total votes. $CRO dominated, with 647 responses:

Next, we have a group that yielded 819 total votes, with the passionate $XRP army casting 411 votes, while $FLOW received 264 and $MATIC received 134:

Things got hot in this next poll, which only lasted 24 hours (all other polls on here lasted 7 days) due to the author fat-fingered on Twitter.

I definitely reached into the $WAX community, which cast 1,125 votes in 24 hours. These are the four blockchains with the most NFT users according to DappRadar, and the volume of answers told me that NFT Twitter is not dead.

Last but not least, my Twitter feed was nearly kidnapped by not one but three passionate communities all pushing that theirs was the best.

I’ve never conducted a Twitter poll with this many responses.

In other words the tally counted this many votes:

Tezos: 3,368
Cardano: 3,213
VeChain: 962
Stacks: 217

To put that in perspective, almost ten times more people voted for the fourth choice, Stacks, than said they are holding $SAND a few days later.

Prior to these surveys, I was averaging just over 220 poll responses per poll.

Here’s another poll I conducted at the same time of the $SAND and $GALA polls, showing the overall community around VeChain remains quite active, with 514 “Yes” answers:

Conclusion

It’s not all sweetness and light for NFTs, with the 30-day trading volume dropping below $800 million on OpenSea. There is an inevitable trickle down effect as Ethereum dropped around 50% in a month.

Here’s another poll conducted about NFTs. While it did garner over 400 votes, the positive response was meh:

While it’s not overwhelming, the +1.9% bullish response beat out all cryptocurrencies I recently polled, other than Bitcoin and Ether. Impressive.

Overall market conditions remain rocky for assets considered risky, from stocks to Bitcoin to NFTs. That being said, I believe NFTs are an intrinsic part of the future, and the passionate communities I met on Twitter feel the same way.

These passionate communities are willing to wait out the bear market and keep building and participating — at least for now.

If you enjoy reading stories like these and want to support me as a writer, consider Subscribing.

 


This content is for educational purposes only. It does not constitute trading advice. Past performance does not indicate future results. Do not invest more than you can afford to lose. The author of this article may hold assets mentioned in the piece.

Author

Alexandre Lores is a personal finance writer from Tampa Bay, Florida, with the goal to help one million people achieve financial freedom. He has spent over five years studying markets and economics, finding Bitcoin in 2017 and never turning back. He frequently appears on TV and in online news articles and is a regular Twitter spaces host.

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