The article examines the rapid growth of the NFT market from January 2021 to the present, analyzing the correlation between social media activity and Ethereum wallet usage. It reports a staggering increase in daily tweets about NFT projects, rising from 50 to over 50,000 in just over a year, accompanied by a rise in unique Twitter users from 50 to 60,000. This surge suggests that NFT ownership is highly linked to active social participation, forming vibrant project communities that engage through Twitter, lending insight into the social dynamics fueling the NFT ecosystem.
The NFT market has seen exponential growth from January 2021 to the present, with user participation skyrocketing alongside trading volumes, indicating a robust community engagement.
Our analysis revealed that daily tweets related to PFP interests rose dramatically from 50 in January 2021 to over 50,000 by April 2022, reflecting the rapid evolution of the NFT space.
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