Crypto and NFT Discussion Has Surged on Twitter
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Crypto and NFT Discussion Has Surged on Twitter

10 months ago

"Money matters used to be closely held secrets of the few. But these days, a new crowd's getting in on the action — and having fun," a new report by Twitter says.

Crypto and NFT Discussion Has Surged on Twitter


Discussion of NFT collaborations, crypto gaming and NFT avatars has exploded by 320% on Twitter, the social network has said.

In a report detailing key Twitter trends for 2022, the company also revealed that mentions of fan tokens have risen by a whopping 994% year on year as "fan-built worlds" ignite imaginations.

Explaining what all of these conversations mean, the platform said:

"They're tearing down the wall between idol and fan, for more immersive experiences — while creating art and ideas for themselves and their communities. People are talking about building complex worlds through cosplay, role-playing games, and virtual marketplaces … leaving the superficial in search of real connection."

Setting out the trends to watch in the future, Twitter says attention is increasingly turning to the metaverse — and virtual worlds offered by the likes of Decentraland and The Sandbox. And while gaming was the first sector to dive into NFTs (with some brands experiencing a backlash for doing so,) it looks like music is going to be next. The report added:

"Fans are looking to spend their time — and money — in niche virtual destinations with unique avatars, digital fashion drops, and endless expression."

Key topics that are set to drive the conversation going forwards include virtual gigs in virtual worlds — and in a recent report of its own, JPMorgan declared that the metaverse has the potential to become a $1 trillion opportunity for businesses in the years to come.

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Money Matters Dominate the Conversation

The explosion in the crypto markets over the past 18 months have also had an impact on what's being discussed on Twitter. According to the report, tweets about finance about everyday users are up 78% year on year. Other factoids reveal that there were 17 times more tweets about NFTs than working from home in 2021, and there has been a 492% year-on-year increase in the use of emojis during financial conversations.

Stressing that the discussion extends beyond viral stock picks — a nod to the dramatic GameStop surge that was seen in January 2020 — the authors of Twitter's report add:

"Money matters used to be closely held secrets of the few. But these days, a new crowd's getting in on the action — and having fun."

Discussion of topics including stablecoins, NFT marketplaces, decentralized apps and decentralized exchanges has ballooned by 242% — with DAOs another hot-button topic as "user-empowered communities" become more prolific.

Twitter believes that these entry-level conversations could embolden the average person to make an investment — with cryptocurrencies having the potential to help those who don't have access to financial services at present. Debate also rages on about the environmental impact of digital assets, as well as whether they are trustworthy and reliable. Privacy coins and crowd loans are among the "emerging topics" that are said to be worth keeping an eye on, as well as Bitcoin ATMs, which were awkwardly banned in their entirety by regulators in the United Kingdom.

Offering advice to businesses and content creators, Twitter recommended finding ways to make a brand more entertaining, exciting and inclusive. And — given how every company seems to be dropping their own NFT collection — the social network encourages giving a greater deal of thought to why digital assets are being offered in the first place:

"Don't blindly jump on the NFT bandwagon — create something that's meaningful to your community. For example, a sportswear brand didn't just drop a logo NFT, they put their gear on the hottest NFT avatars to connect two passions their fans care about."

Twitter, which until recently was headed up by Bitcoin enthusiast Jack Dorsey, has been forward thinking when it comes to embracing crypto. It allows content creators to receive tips in Bitcoin and Ether — and recently added a new feature that allows collectors to connect their crypto wallets and display verified NFTs as their profile picture.

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