Pop stars, Financial Speculation and Content issues: An empirical analysis based on the correlation between NFT market performance and social media attention

Abstract

Starting from the data of NFT concept stocks of Shanghai A-shares, this study uses the methods of data mining and correlation analysis to discuss the mismatch between the network cultural vision of NFT development and the actual market orientation. The study found that there was no significant correlation between the stock market value of NFTs and the amount of social media attention. However, positive information about pop stars has a very significant correlation with the stock market value of NFTs. Therefore, the amount of attention on social media itself cannot directly cause changes in the actual NFT market performance. On the contrary, the NFT market changes caused by the celebrity effect of pop stars are very significant. From a technical logic point of view, NFT does provide emotional value, promotes the formation of the Internet community, and becomes a portrayal of the dependence between individuals and the Internet community, and will also become the pursuit of heterogeneity and creativity under consumerism. salient features of post-Internet culture. However, from the perspective of market performance, public opinions do not affect the involvement of finance and capital. The behavior of speculative finance by taking advantage of the celebrity effect of pop stars continues. The creation of online content is just a financial by-product engulfed by the traffic effect of pop stars. Once the content is insufficient to support financial speculation, speculators are very likely to leave the NFT market with the money of collectors and investors . Therefore, perhaps the market transaction of NFT itself is not the focus in the future, the real focus is the formation of community relations oriented by content and culture; it represents the pursuit of heterogeneity in the Internet age, especially social media After pushing art into the era of "high-end" reproduction, NFT represents the pursuit of creativity and the desire for social experience.