A comparative analysis of user attitudes towards ICO and IEO in blockchain projects: insights from social media big data

This study conducts a comparative analysis of two popular crowdfunding methods in the blockchain market, the initial coin offering (ICO) and the initial exchange offering (IEO) models. Using project names as keywords, we collected and analysed big data, applying techniques such as TF-IDF, LDA, social network analysis, and sentiment analysis. Our findings show that the attitude of target groups towards ICO and IEO projects is not significantly different, although IEO targets exhibit more interest in entertainment-related topics. Social network analysis reveals that the ICO target group is more sensitive to popular elements, such as pop singers, while the IEO target group is more interested in soccer competitions. Both projects show a strong interest in the US election. Our study suggests that IEO, as an upgraded financing model of ICO, does not enjoy high levels of trust from the market crowd. By identifying the preferences of the target groups for both models through multiple analyses, we recommend that these preferences be taken into consideration to improve the efficiency of targeted marketing.