8 June, 2022

HypeAuditor Report Shows Aussies Aren’t So Crash-Hot On NFTs

Edited by B&T Magazine

HypeAuditor, the AI analytics platform for brands seeking fair, transparent, and effective influencer marketing, has released new data revealing the current state of non-fungible tokens (NFTs) on Instagram following the platform’s announcement that it will start integrating NFTs from leading blockchains, including Ethereum, Solana, Flow and Polygon, testing digital collectibles with select creators in the United States.

The report found that Aussie influencers and brands are not jumping on the NFT bandwagon as fast and as eagerly as its counterpart countries.

Since January 2022, there have been a total of 717 social media posts on Instagram about NFT or mentioning NFT, reaching a cumulative audience of 1.5 million. Out of the 717 posts, less than 15% were sponsored posts.

HypeAuditor found there are only 124 Instagram influencer accounts in Australia containing the word NFT in their bios, with the accounts totalling over 5.2 million followers. The United States for instance has over 1900 NFT influencers. The top 3 categories for NFTs in Australia are Art (12.7 percent), Music (10.4 percent) and Photography (8.4 percent).

Alex Frolov, CEO and co-founder, HypeAuditor said, “While it’s been reported that Australians have participated in the hyped-up market activity of trading NFTs, with many saying they’re using it as a way to save money for a house, compared to other countries like the United States, the uptake has been rather slow down under.

“The slow trend might be an indication that Aussies are a bit more cautious when it comes to spending or investing in new sectors, and are more willing to take their time to understand the market before throwing themselves at it. The skyrocketing cost of living in Australia may also be another reason why Australians are more reluctant to gamble their savings on NFTs”.

Below are the key findings from the HypeAuditor report:

Since January 2022, a total of 281 influencers posted about NFT and only 14 percent of the posts were sponsored by brands
People aged 18 – 34 are the ones engaging with the social media posts about NFTs the most
The influencers posting about NFTs the most are aged 25-34 yrs old
NFTs are getting traction mostly from micro influencers with 10k-50k followers (44.1 percent) and nano-influencers with 1k-10k followers (42.7 percent)
Top 3 hashtags are #nft #nftart and #nftcommunity
Top 3 categories for NFT social media posts are Art (12.7 percent), Music (10.4 percent) and Photography (8.4 percent)

Australia’s Top 10 NFT Influencers with NFT in their bios are:

Benjamin Lee 240.6K followers, 1.01 percent engagement rate
Erin McNaught 195.2K followers, 0.67 percent engagement rate
Ryan Papenhuyzen 164.4K followers, 3.46 percent engagement rate
Valentine Holmes 163.9K followers, 3.10 percent engagement rate
Shannen Michaela 148.2K followers, 3.75 percent engagement rate
Jackson Caspersz 147.6K followers, 1.67 percent engagement rate
Woody Gooch 141.3K followers, 0.72 percent engagement rate
The Wolf of Eat Street 137.1K followers, 0.21 percent engagement rate
Journey of Curiosity 75.3K followers, 0.86 percent engagement rate
NFT Artwork 67.3K followers, 0.09 percent engagement rate

“From the Top 10 NFT Aussie influencers, it’s worth noting that their engagement rate (ER) overall is also very low. A good Instagram ER is between 2-3 percent and anything above 3 percent is considered high engagement. From the list above, only three influencers have high ER which is another indicator that the interest in NFTs hasn’t peaked yet,” added Frolov.

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