Non-fungible tokens (NFTs) have become a well-known productive force. They are grabbing big headlines and stoking tremendous buzz in the crypto space. A new study released today finds that social media platforms are fostering a fan economy. This new and dynamic environment is creating increased demand and prices for unique digital assets. The study was led by researchers from the Macau University of Science and Technology and Shantou University. Even better, they provided compelling empirical evidence of this relationship.
The research team delved into the connection between NFTs and social media platforms to understand better the dynamics influencing NFT value. This required them to carefully collect daily data on the total number of followers for 150 unique NFTs across Discord. As the only national census of public transit, this research period (April 18–October 15, 2022) provided a compelling window into current transit operations. This hand-collected data provided the backbone for their analysis.
The authors’ main findings paint a picture of direct relationship between social media fan economy and NFT price. The increasing popularity of social media platforms such as Discord increases the value of NFTs. Consequently, this increased demand inflates their prices. The research uncovered a time-lagged effect. Fan connection is what drives NFT values over time, not overnight.
The researchers took an in-depth look at a massive dataset with 150 NFTs and their associated follower counts on Discord. This then enabled them to make strong causal conclusions about the impact of engagement on social media platforms and NFT valuation. The original article appearing in Financial Blockchain, Volume 8, 2025, offers important market intelligence into the forces influencing the NFT marketplace. You can read the full article at DOI 10.3389/fbloc.2025.1588837.
