NFT Social Media Popularity Tracker

#1

Funding Tier: Tier 1, 60K CFX

Project Overview: NFT Social Media Popularity Tracker

This prototype, which will be prepared within the scope of Tier 1, aims to measure and follow the social media popularity of NFT collections, which plan to have a share on a global scale with the expansion of the Conflux NFT ecosystem. This project will be developed for Tier 1 as the first step of the “Conflux NFT Tracker” vision. With the Conflux NFT market reaching sufficient maturity and the marketplaces producing healthy trading data, this prototype can be developed and evolved into a version that offers end-to-end analytical outputs about NFT collections (i.e. project fundamentals, market history and on-chain metrics) within the scope of Tier 2 or 3.

Project Details:
The project will consist of an engine and dashboard screen that generates analytical metrics on a web scraping infrastructure to be developed. This prototype study is planned to establish data connections and produce preliminary analytical metrics for existing global social media environments. The project architecture will be as follows:

cfx_tracker_architecture
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During the planned steps of this project for Tier 1 - 2 and 3, it is anticipated that the Conflux NFT ecosystem will develop further and catch up with the trend in other ecosystems. The tool will be expanded as the ecosystem evolves and data sources increase. Such a tool developed in parallel with the development of the Conflux NFT ecosystem will accelerate the maturation process of the ecosystem and will be the first resource for decisions to be made by NFT buyers about NFT projects.

Team:
We are a team that develops analytical solutions, data-driven techniques and predictive tools for the digital world. The team consists of academicians, researchers and professional developers who are very experienced about end-to-end communication and online dashboard tools. With the hype of blockchain technologies and cryptocurrencies, we have been working on pump detection and algorithmic trading backtesting tools in cryptocurrency environment for a year. We have also been working on developing analytical and predictive tools in the Ethereum NFT ecosystem for a while. For further information about our team and experiences, you can check our website:

Grant Milestones:

Funding Application Time:
11/3/2021

Development Roadmap

Milestone1: Data Collection, R&D

The main purpose of the effort at this stage is to determine the general framework, scope, and outputs of the product, and to prepare the necessary communication infrastructures accordingly. In this direction, firstly, a detailed market review will be conducted and the metrics to be used in popularity measurement will be chosen. Then, the social media platforms that have high information flow to be used in quantification and the NFT series to be examined will be determined through feedback from the community. Lastly, dynamic API communication infrastructure will be established for selected platforms (Twitter, Discord, Telegram, Alexa, Google Trends etc.).

Deliverables:

  • Examining NFTs in the CFX ecosystem and identifying mature collections to be included in the prototype
  • Development of scripts that provide API connections and collect raw data

Numbers of the employees: 3
Milestone duration: 30 days.
Grant amount: 15K CFX

Milestone2: Quantification

After the database is created and the measurement framework is clarified, it is aimed to create the first outputs of the product. Appropriately, the data collected from different platforms will be processed using statistical methods, and the social media popularity of the NFT series in the Conflux ecosystem will be embodied by converting them into numerical values. In addition, we will create an overall score that will cover all platforms, as well as reporting to be created in time series at different frequencies for each social media platform and NFT series.
Moreover, by analyzing the analytical outputs with machine learning applications, we will develop models that will support the determination of the current state of the ecosystem. In this way, we will support collectors to reach their target audiences through the right channels.

Deliverables:

  • Completion of the script that will provide live data stream via API
  • Determining and calculating the metrics expressing popularity and the weights of these metrics on the overall popularity score by analyzing the raw data (for example, the interaction numbers of tweets from the collection’s official Twitter account and hashtags, the change acceleration of the number of members in discord, etc.)

Numbers of the employees: 3
Milestone duration: 45 days.
Grant amount: 25K CFX

Milestone3: User Interface Design & Integration to Conflux
The most important success criterion of the product to be created will be the benefit it will provide to the community. In this context, the development of an easy-to-use interface is very valuable for handing on the generated value to users and providing efficiency. Accordingly, we will develop a user-interface and integrate it into the Conflux ecosystem at the last phase.

Deliverables:

  • Designing scorecards and graphics for each collection, choosing metrics to be displayed from the interface
  • Completion of UI / UX work for the prototype and launching the prototype to live use

Numbers of the employees: 2
Milestone duration: 30 days.
Grant amount: 20K CFX

Future Works
We do not see this grant offer as a one-time opportunity. We want to continue to produce analytical solutions for the needs of the Conflux community even after the project is completed. Our final goal is to create a platform that will show NFT buyers, sellers, and creators key metrics related to current NFTs in the CFX ecosystem, such as popularity, rarity level, sales history, and fundamental information (project definition, creators, social media channels, total supply, etc.). When Tier 1 is completed, the development direction of the product will be decided according to the maturity level of the Conflux NFT ecosystem. If the market has reached sufficient maturity and NFT marketplaces are able to provide historical and live sales data via powerful APIs, metrics that measure market demand using sales data will be included next to the popularity score. If the market is still not mature enough, the social media tracker will continue to be developed, and crypto projects other than NFT will be added to this tool.

2 Likes
#2

It does look like an interesting project, but it seems just a project to analyze data from mainstream media and searching engines, I wonder what kind of substantial applications there are, but looking forward to the project prototype anyway.

#3

Thanks for your comment. As you mentioned, our proposal aims to provide a basic level analytical tool prototype powered by various external sources for the CFX NFT community. We are planning the project step by step, so that this proposal remains under Tier 1. After the prototype, we will aim to create a reference source in the CFX ecosystem by including non-NFT coins and fundamental information about coins into the tool.

1 Like
#4

Honestly speaking, if you’re asking for grants on Chinese forum, you could only get 10k or less. I wonder how much you can get here

#5

Thanks for your application @SocialMediaTracker! The milestones are a bit unclear, can you specify in concrete terms what the deliverables are: Grant Application Milestone Guidelines

Also, just some general questions.

  1. Will this tool (model + dataset) be made open sourced?
  2. What problems are you trying solve specifically in the NFT market? Some details on the use case for your analytic and predictive tools will be helpful. I.e is this targeting towards marketplaces operators? Artists? NFT buyers? etc.

Thanks,
Geoff

1 Like
#6

To elaborate a little more on the deliverables:

Milestone 1 Deliverables:

  • Examining NFTs in the CFX ecosystem and identifying mature collections to be included in the prototype
  • Development of scripts that provide API connections and collect raw data

Milestone 2 Deliverables:

  • Completion of the script that will provide live data stream via API
  • Determining and calculating the metrics expressing popularity and the weights of these metrics on the overall popularity score by analyzing the raw data (for example, the interaction numbers of tweets from the collection’s official Twitter account and hashtags, the change acceleration of the number of members in discord, etc.)

Milestone 3 Deliverables:

  • Designing scorecards and graphics for each collection, choosing metrics to be displayed from the interface
  • Completion of UI / UX work for the prototype and launching the prototype to live use

We think that it would be beneficial to develop it as an open-source so that the ecosystem developers may contribute and improve the project in later phases. We plan to store the dataset locally during the prototype phase, but the historic dataset will also be publicly available when API connectivity is available in the following tiers. At this stage, only the data to be displayed on the dashboard will be public.

In fact, our final goal is to create a platform that will show NFT buyers, sellers, and creators key metrics related to current NFTs in the CFX ecosystem, such as popularity, rarity level, sales history, and fundamental information (project definition, creators, social media channels, total supply, etc.). . In this way, we want to be a platform that guides all stakeholders of NFT trading in their decisions. Since the popularity level is critical for the value of NFTs, we wanted to start the project by creating a prototype of a tool that generates popularity scores and shows key metrics of collections popularity, such as reaching power and frequency of mentions on social media channels. It is currently impossible to follow the popularity of NFT projects from a single channel. For each project, it is necessary to research different channels. The primary goal of this tool is to solve this problem. In this context, we will be measuring direct & indirect engagement rates of collections and whether this engagement is decreasing or increasing. In this way, buyers will be able to get an idea of whether the value of a collection tends to rise or fall. In addition, the community, which is the owner or creator of the collection, will be able to see in which channel they are more active than their competitors and in which channel they need to invest more in marketing, thanks to this tool.

When Tier 1 is completed, the development direction of the product will be decided according to the maturity level of the Conflux NFT ecosystem. If the market has reached sufficient maturity and NFT marketplaces are able to provide historical and live sales data via powerful APIs, metrics that measure market demand using sales data will be included next to the popularity score. If the market is still not mature enough, the social media tracker will continue to be developed, and crypto projects other than NFT will be added to this tool.

2 Likes
#10

Hi! Welcome to Conflux!

Would you please provide more details about your working results on Ethereum for reference?

#11

Interesting. So the script is essentially be a data scraping program? How easily could other sources and metrics be added? I.e New NFT marketplaces? New key metrics?

Also, is your tool multi-chain? I.e. will users be able to evaluate popularity of an artist across different ecosystems?

#12

+1 yes please, and any info on key metrics used and how they were calculated. Thanks!

#13

Our work on Ethereum NFT space is completely different than our proposal for CFX ecosystem. In Ethereum ecosystem, we’re developing an analytical tool that processes marketplace data and collection traits in order to generate insights/recommendations for buyers and sellers for computer generated NFT collections.
To generate recommendations, we consider listing activities, successful sales data, several market related metrics (such as diamond hand balance, turnover rates, price change statistics etc.).
Our work is at PoC level, and at this stage, we have some preliminary results with limited data. Attached you may find our PoC results for selected collections and selected time intervals. We’re working on extending the analysis with more collections and historic data.

eth-backtest_results
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These graphs show the profit performance of NFTs recommended and not recommended by our model for two selected series. In the charts shown in the first column, the profits of the 3 most recommended tokens, all recommended tokens (i.e. undervalued) and all non-recommended tokens (i.e. overvalued) are compared. In the second column, top 3 and top 10 average profits among the recommended tokens are compared with the average profit of the all non-recommended (i.e. all overvalued) tokens.

#14

The product will be build on a scraping program. However, the real value will be the development of domain specific data curation and popularity metrics as well as UI. As future plans, we also consider integrating alert mechanisms that will facilitate the keeping track of evolution of market through our metrics.
Adding a new data source, either a social media platform or a marketplace (though we don’t have plans for including marketplace data at this tier), will require to crack API technology of related platform, hence will require additional work.
However, as the product evolves and we have more resources, platforms that thought to play significant role for NFT ecosystem will definitely be integrated to the product.

#15

Hi, it will cool to know the people behind SocialMediaTracker, So far I have not seen links, team member names etc to back that up.

#16

Hi, thank you for applying for a Conflux Network grant!

It would help if you reformulated your application using the template: https://forum.conflux.fun/t/grant-proposal-application-template.

I think your idea is interesting, but I’m not sure the Conflux NFT ecosystem is mature enough to benefit from a tool like this.

What Conflux projects will you examine? What kind of data will you collect and where will you collect it from?

Could you elaborate a bit on what kind of machine learning models you’ll be using?

#17

Hi @SocialMediaTracker welcome to Conflux community.

A lot NFT project on Conflux is China projects, do you have any plan for how to collect info or data for them? Collect data from Weibo Or Xiaohongshu ?

#18

Thank you for the feedback. We’ve updated the proposal according to the template. We are aware that the Conflux ecosystem is not yet mature enough for NFT projects. However, as we mentioned in our updated proposal, we believe that the Conflux NFT ecosystem will develop rapidly and will evolve into an open and global market like other major NFT ecosystems.

In determining the projects to be included in the Tool, criteria such as reaching a certain maturity level of the project, having a significant transaction volume, and starting to form a community on a global scale will be used. There are candidates suitable for meeting these criteria in the current ecosystem, such as Kaka NFT, Oriental Punks. With the newly launched NFT Artist Grants program, the ecosystem is expected to expand globally and the number of projects to increase exponentially until the prototype launch (and the final product at the end of Tier 2 and 3).

The machine learning (ML) models to be used will be determined in accordance with the data and live analysis criteria with the comparative benchmark analyzes to be made. Benchmarks can be made in a wide range from basic regression and time series analysis models to more advanced ensemble learning models (e.g. for the type of metric analysis we are planning to make rank aggregation based optimization models are proven to be effective in the literature). The basic models that will be studied at the prototype stage will be used to determine the weights of the produced metrics in the overall popularity coefficients. In addition, ML models can be used for outlier elimination (i.e. local outlier factor elimination) and regularization. It is also in our vision to create visual features by processing NFT images with image recognition algorithms in the following tiers.

#19

Thank you for addressing this issue. Since NFT projects aiming to grow globally and targeting a global community will be selected at the prototype stage, global social media platforms and web sources will be included at this stage. However, in the future, local data sources specific to China can be included in the tool as well.

#20

Sure! We have updated our proposal and added the link of our website which includes our team and experience info.

1 Like