Pricing dynamics and herding behaviour of NFTs

Gilbert Fridgen, Roman Kräussl, Orestis Papageorgiou, Alessandro Tugnetti
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Abstract

This paper analyzes the sales of 875,389 art nonfungible tokens (NFTs) on the Ethereum blockchain to identify the key determinants influencing NFT pricing and market dynamics. We find that market liquidity and trade volume are strong predictors of NFT prices. Contrarily, social media activity negatively correlates with prices. Introducing an artist ranking system, our study reveals a “superstar effect”, with a few artists dominating sales, and herding behaviour within the NFT market.
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非金融产品的定价动态和羊群行为
本文分析了以太坊区块链上 875,389 枚艺术品不可兑换代币(NFT)的销售情况,以确定影响 NFT 定价和市场动态的关键决定因素。我们发现,市场流动性和交易量是 NFT 价格的有力预测因素。相反,社交媒体活动与价格呈负相关。通过引入艺术家排名系统,我们的研究揭示了一种 "巨星效应",即少数艺术家主导了 NFT 市场的销售和羊群行为。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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