Is everyone talking about NFTs platforms and Web3?  While there has certainly been a drop in search and trading volume to sites like OpenSea, according to CrowdTangle data the NFT conversation on social media is still going strong, and new marketplaces keep rolling out. In fact, it almost feels like the only topic on social media that doesn’t lose much momentum no matter what is happening in the world.

There were over 361 million interactions around NFTs on Instagram and another 32 million on Facebook since mid-March. While famous NFT celebrity Snoop Dogg is on the list, he’s certainly not the one driving all the noise. If we look a little closer there appears to be a different story to tell about who’s really leading this NFT and Web3 hype.

Faceless NFT Meme Accounts

The 50 top accounts driving traffic around NFTs account for 36% of all interactions. If we look closer at these we start to see something interesting, not only do many of these accounts have “nft_” in the handle but they have the same look and feel and very similar content.

In reviewing each of these accounts, a pattern started to emerge. While it’s certainly possible these are all independent sources all sharing the same excitement, it looks like more of a coordinated network. Who are the owners of these accounts and what is their motivation? Who are all their followers? Who are all the accounts commenting and engaging?

Meanwhile, Logan Paul's official account is not even listed in the conversation around NFTs. Why is that? Does he even know he’s appearing all over these sites, is he supporting it?  And it’s not just Logan Paul either, other celebrities and musicians are used in these accounts in similar ways.  While these may not be bots, it certainly feels like a scam overshadowing real, authentic artists and those building opportunities in the space that’s not a self-promotional get rich quick scheme. In fact, in February Rolling Stone reported that Meta took down the @NFT account because of repeated violations and it appears they were promoting shady NFT projects for large sums of money.

A More Authentic Web3

When we look at Web3 conversation on Instagram, however, in the last 30 days we see more authenticity, more validated accounts, more creators driving this space.  While Snoop Dogg is still very much a part of this space as well we see virtual art gallery Love Watts, and actress Maisie Williams and many other verified accounts.

Web3 still has opportunities for authentic brands outside of NFTs. So why don’t we separate the two and elevate the power of web3 separate from the NTF conversation ?

Twitter Dominates “Elite” Web3 and NFT Conversation

In Twitter’s 2022 trends report they showed 242% growth in topics like NFT marketplace and 320% growth in NFT collaborations and hashtags like #NFTCommunity and #NFTGiveaway are used thousands of times an hour. While Facebook and Instagram appear to be where newcomers and less sophisticated consumers first see these faceless NFT hype accounts, Twitter and Twitter spaces is a playground for both the elite technologist and VC, as well as more savvy hackers and frauds.

Many more leaders in this space have been calling out scams and just recently Fortune and other outlets reported hackers taking over verified Twitter accounts and draining crypto wallets.

Overshadowing Real Potential

Platform matters, and authenticity matters. Look for verified accounts and do research on these actors, when learning and investing in NFTs and Web3. Web3 has real, meaningful potential and should not just be lumped into the shady hype around NFTs.  The idea of democratizing power and ownership on the internet is real and will be fueled by the potential for more individualized ownership, and a decreasing reliance on big tech platforms. However, the current space appears to be a rampant playground for scammers and self-promoters, and the current platforms actually allow us to more transparently see these and call them out. If all conversation moves into private Discord and chat apps, more money and privacy could be lost. The above examples are just the tip of the iceberg and it certainly doesn’t seem like a good way to legitimize the space. So before we keep making new marketplaces and fueling the fire, we must stop legitimizing these accounts and start calling them out - not confusing them for real, authentic excitement. Instead support and research authentic efforts and commitment to the space and keep building new opportunities.