Attention has become the new economy of web3, but no one talks about how to analyze that flow of attention other than "I see Azuki all over my feed".

This is a guide on how to quantify the overall social sentiment of an NFT collection, using @AzukiOfficial as an example:

❤️
A huge thank you to some of my most brilliant friends & analysts who helped me write this report:

@Deathstrike_Eth
@Omega_eth

Before we get started...

What is sentiment analysis?

Sentiment analysis aggregates opinions on social platforms and evaluates the overall perception of a project. We believe this is key for trading NFTs given the quick turnover, absence of business fundamentals, and focus on marketing & community.

DISCLAIMER

Projects that have recently pumped will naturally see people share their excitement. This creates noise in helping us separate correlation vs causation. Therefore, apply this model to projects where volumed has slowed. Without further ado, let's dive into it

Without further ado, let's dive into it ↓


Representation

Source: NFTInspect

The Azuki community has quickly grown the brand into being the second most represented NFT PFP across Twitter Blue accounts. Moreover, even during current macro market conditions & a recent -23% retraction, Azuki has risen +15% in overall PFP representation.


Community

@a1rport_eth & @spiritazuki’s voluntary Azuki threads

High-value opinions can come from voluntary ambassadors of a collection who have chosen to invest out of a passion for the project. Understanding their reasons why may yield significant alpha. Examples include @a1rport_eth’s & @spiritazuki’s comprehensive Azuki threads:


Reach

The network effects of this explosive growth have achieved worldwide recognition, with major Asian celebrities like Jay Chou having bought into the collection. This further amplifies an increase in mentions, whereas the overall sentiment remains majorly positive.


Traction

Source: Socialblade

These endorsements have led to healthy momentum for Azuki as they average +1.4K new followers daily, with consistently growing engagement rates (13.5%). Moreover, the community also maintains a +25% activity rate on Discord, far higher than the sector average.


Sustained Relevance

Source: Google Trends

What we want to see for a project more than attention is /sustained/ relevance. With an ethos of overdelivering and strong brand advocacy, Azuki was able to reclaim its previous search peak, unlike BAYC following their most recent $APE token launch.


Conclusion

Source: @Omega_eth

Projects capture significant initial attention but lose relevancy over time because of widespread 'shiny object syndrome'. Therefore, during periods of low volume, the above data points become increasingly relevant in determining if a project is in good health.


TL;DR

  • # of PFPs on Twitter is an indicator of conviction.
  • Early influencer buy-ins can be price catalysts.
  • Sustained search popularity & organic follower activity are important signs of project health, as they indicate a larger mind share and overall relevance
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