Social Media Sentiment Around NFT Hits Lowest Level In July 2022, Finds GlobalData

Social Media Sentiment Around NFT Hits Lowest Level In July 2022, Finds GlobalData

Categories :

By citiesabc news

Non-Fungible Token (NFT) has become one of the broadly adopted digital marketplaces in the last couple of years. However, recently the market has fallen off the cliff. The fading crypto market is one of the key reasons behind the fall.

Social Media Sentiment Around NFT Hits Lowest Level In July 2022, Finds GlobalData

The market also got impacted due to the rise in shaky investment sentiment, as it is rife with scams by shady creators. Against this backdrop, the social media  (Twitter and Redditor) discussions around NFT have hit the lowest level in July 2022, reveals the Social Media Analytics Platform of GlobalData, a leading data and analytics company.

GlobalData observes the social media discussions around the NFT have been declining since the beginning of 2022 and fell by more than 40% in the last three months (June-August) compared to the previous three months.

Smitarani Tripathy, Social Media Analyst at GlobalData, comments: “Influencer sentiment around NFT is getting suppressed due to the recent fall in NFT token transactions led by the lack of data security and plagiarized tokens. One of the sharp falls in social media  sentiment was noticed in July, fueled by an e-mail data breach in Ozone Network Inc (OpenSea), one of the most popular NFT marketplaces.”

NFT market is struggling to sustain its previous growth due to the scourge of hacks. Social media conversations around ‘Hacking’ surged by 450% in 2022*, when compared to the previous year.  Other than OpenSea e-mail breach, some of the notable hacks on NFT platform in 2022 were on Lympo, Boarde Ape Yatch Club, Omni, DragonSB Finance, and Premint, where millions of dollars have been stolen.

A similar trend was also observed in the company filings during 2022. In Q2 2022, sentiment fell by 14% to a score of 0.86, demonstrating a decline in the optimism around NFTs due to rising discussions about the downturn in the cryptocurrency market, according to the GlobalData’s Company Filing Analytics database.
An analysis of GlobalData’s Job Analytics Database reveals that NFT-related job postings started declining and recorded 50% fall during the last three months (June-August) over the previous three months.

Tags

Sustainable Solutions for Houston’s Wastewater Infrastructure

Sustainable Solutions for Houston’s Wastewater Infrastructure

Feb 23, 2024
Rapid Ways to Quit Smoking and Transform Your Life

Rapid Ways to Quit Smoking and Transform Your Life

Feb 23, 2024
Why City Real Estate Investment Is on the Rise?

Why City Real Estate Investment Is on the Rise?

Feb 21, 2024
Maximizing Urban Space: Commercial Roofing Solutions For City Centers

Maximizing Urban Space: Commercial Roofing Solutions For City Centers

Feb 21, 2024
Smart Factories: An Unexplored Internship Goldmine for Engineering Students

Smart Factories: An Unexplored Internship Goldmine for Engineering Students

Feb 21, 2024
6 Lessons from New Business Owners’ Common Missteps

6 Lessons from New Business Owners’ Common Missteps

Feb 19, 2024
The Evolution of Electric Vehicle Technology: The Key Innovations

The Evolution of Electric Vehicle Technology: The Key Innovations

Feb 18, 2024
The Essential Guide to Partnering with an Equity Firm for Business Growth

The Essential Guide to Partnering with an Equity Firm for Business Growth

Feb 18, 2024
Understanding Data Centers & Its Structure: 6 Practical Tips from the Pros

Understanding Data Centers & Its Structure: 6 Practical Tips from the Pros

Feb 15, 2024
Leveraging Blockchain Tech To Transition Businesses To Web 3.0: Dinis Guarda Interviews Jay Steinback, CEO yWhales

Leveraging Blockchain Tech To Transition Businesses To Web 3.0: Dinis Guarda Interviews Jay Steinback, CEO yWhales

Feb 14, 2024