TweetBoost: Influence of Social Media on NFT Valuation

What is it about?

NFT or Non-Fungible Token is a token that certifies a digital asset to be unique. A wide range of assets including digital art, music, tweets, and memes, are being sold as NFTs. NFT-related content has been widely shared on social media such as Twitter. We create a first-of-its-kind public dataset linking Twitter and OpenSea (the largest NFT marketplace) to capture social media profiles and linked NFT assets. We analyze the growth of NFTs, characterize Twitter users promoting NFT assets, and gauge the impact of Twitter features on the performance of an NFT. Further, we build multiple machine learning and deep learning models to predict an asset’s value. Our results show that social media information improves accuracy by 6% over baseline models that use only OpenSea market data.

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