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

A new study by Valentina Kuskova and Dmitry Zaytsev, published on arXiv, examines Web3 ecosystems as networked social spaces rather than mere digital asset markets. By fusing on-chain blockchain transactions with off-chain social media activity across over 100 NFT collections, the researchers used network analysis to identify distinct ecosystem roles: long-term holders, active traders, and short-term speculators. Each role produces markedly different network topologies, levels of cohesion, and pathways for influence.

Complementing structural analysis with discourse analysis of social media engagement, the study reveals that narrative production and sustained interaction persist even as transactional activity declines. Communities centered on holding behavior evolve from transactional networks into socially embedded ecosystems characterized by dense ties, decentralized influence, and ongoing cultural participation. In contrast, trader- and speculator-dominated networks remain fragmented and transactional. The findings provide a sociotechnical framework for understanding how value, identity, and inequality are negotiated in Web3 spaces, offering a scalable method for detecting patterns of inclusion, exclusion, and representational imbalance.