Abstract
There has been a recent increase in interest in NFTs, as the number of high-priced trades has risen. While some research attempts to identify the factors behind these value spikes using traditional market analysis and machine learning, few studies focus on the user-driven communities where vast amounts of information are shared. We aim to address the need for understanding the factors that influence NFT prices within user-driven communities, specifically within Discord, an influential platform for NFT projects. To do this, three NFT projects are selected - Cool-man’s Universe, Degen Toonz, and Mfer - based on their size, value, and active user base. Chat data are collected from these projects, and three methods are used to gain insights into how communication among users evolves around influential Discourse leaders. The analysis shows that there are distinct ways and styles in which discourse leaders communicate with community members. Furthermore, the common sentimental experience of the leaders regarding the project value is identified to highlight the important aspects of communities. Conducting a social network analysis to examine the leader’s significance within the community enables us to take the initial step towards comprehending the value of an NFT from the perspective of a user-driven community.
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