Non-fungible tokens remain of keen interest to crypto users, especially when markets turn rather bearish. A recent analysis posted on NiftyTable indicates where all of the traffic powering the NFT marketplaces comes from. Unsurprisingly, Instagram and Reddit are not the place to be for that kind of information.
Finding NFT Marketplaces
Competition has heated up among NFT marketplaces over the past year and a half. While Ethereum is still the largest ecosystem – and home to OpenSea and LooksRare – there are other trading platforms to explore. Magic Eden for Solana, for instance, has grown in popularity for a while now. Gem and x2y2 are still well behind the curve, although things have started looking up.
One may argue five NFT marketplaces aren’t enough. However, there are many more similar solutions out there, catering to users of different blockchains and ecosystems. However, these are the five largest marketplaces today, and it is essential to figure out how people make their way to such platforms. No one will be too surprised to learn social media plays a significant role in those proceedings, although not necessarily the platforms one might expect.
Twitter is – by far – the primary traffic course for all the top NFT marketplaces. Interestingly, it generates the most traffic for LooksRare and Gem, whereas OpenSea, MagcEden, and x2y2 have virtually the same market share. LooksRare has lost a fair bit of traction since its launch, though, and the concerns regarding wash trading are not entirely subdued either.
YouTube is another decent platform for driving traffic, as are “other” sources. However, one cannot ignore the growing catalog of low-quality crypto content found on Google’s video platform. Although it is good to see more creators focus on this niche, Twitter is considered a source of “high-quality” information, leaks, and drops. Therefore, it will be interesting to see if YouTube can improve its impact on NFT marketplace traffic.
Facebook, Instagram, and Reddit
Whereas Twitter and YouTube actively drive traffic to NFT marketplaces, other popular social platforms are far less important. One would expect Facebook to get at least half the volume of Twitter, but it is less than 5%. Things look even bleaker for Instagram – which has no impact on Gem or MagicEden – and Reddit – which only helps OpenSea and LooksRare. Especially that latter one is a bit surprising, although Reddit is a good place for non-shilly content.
As a content creator, Twitter remains the go-to location for NFT-related posts, threads, infographics, etc. Every other platform is seemingly not worth it – based on the findings by NiftyTable – although there may be a way to improve their importance. One may argue Twitter is the best place to shill NFTs, and that would also be a correct assessment.
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