From Tokens to Ties: Network and Discourse Analysis of Web3 Ecosystems

TL;DR

This study analyzes Web3 communities as social spaces, using data mining and network analysis of NFT ecosystems to reveal how participation shapes social ties, narratives, and influence.

Contribution

It introduces a sociotechnical framework linking network structures with discourse dynamics to understand community formation and cultural participation in Web3 ecosystems.

Findings

Holding communities develop dense, socially embedded networks.

Trader networks remain fragmented and transactional.

Narrative production persists despite declines in transactional activity.

Abstract

This paper examines Web3 ecosystems not merely as markets for digital assets, but as networked social spaces where economic transactions give rise to enduring social ties, shared narratives, and collective identities. Leveraging large-scale data mining of fused on-chain blockchain transactions and off-chain social media activity, we analyze over one hundred NFT collections to uncover how different forms of participation structure community formation in decentralized environments. Using network analysis, we identify distinct ecosystem roles, such as long-term holders, active traders, and short-term speculators, and demonstrate how each produces markedly different network topologies, levels of cohesion, and pathways for influence. We complement this structural analysis with discourse analysis of social media engagement, revealing how narrative production, visibility, and sustained interaction persist even as transactional activity declines. Our findings show that communities centered on holding behavior evolve from transactional networks into socially embedded ecosystems characterized by dense ties, decentralized influence, and ongoing cultural participation, while trader- and speculator-dominated networks remain fragmented and transactional. By linking network structure with discursive dynamics, this study provides a sociotechnical framework for understanding how value, identity, and inequality are negotiated in Web3 spaces. The approach offers a scalable method for detecting patterns of inclusion, exclusion, and representational imbalance, advancing network-based research on digital communities beyond purely economic or technical accounts.