Fertile LAND: Pricing non-fungible tokens

By Michael Dowling. Finance Research Letters, 2021

338 citations recorded by the source corpus.

Abstract The current popularity of non-fungible token (NFT) markets is one of the most notable public successes of blockchain technology. NFTs are blockchain-traded rights to any digital asset; including images, videos, music, even the parts of virtual worlds. As a first study of NFT pricing, we explore the pricing of parcels of virtual real estate in the largest blockchain virtual world, Decentraland; an NFT simply termed LAND. We show a LAND price series characterised by both inefficiency and a steady rise in value.

Subfields: Information Systems, Visual Arts and Performing Arts

View Paper: https://www.semanticscholar.org/paper/521a0d31296285b39292688fc204023a3d37b0fe

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Information Systems

1. Lennart Ante
2. Sang-Min Park
3. Luca Maria Aiello
4. Shiping Chen
5. Young-Gab Kim

In Visual Arts and Performing Arts

1. Lennart Ante
2. Sang-Min Park
3. Young-Gab Kim

Citations in the corpus

• A Metaverse: Taxonomy, Components, Applications, and Open Challenges (2022, background): “Table 1 summarizes the definitions and main viewpoints of 54 papers that specifically describe the Metaverse [4], [7]–[10], [12]–[60].”
• Is non-fungible token pricing driven by cryptocurrencies? (2021, neutral): “This trade growth was matched by large growth in public discussion and traditional media coverage of NFTs (Dowling, 2021).”
• The non-fungible token (NFT) market and its relationship with Bitcoin and Ethereum (2021, methodology): “Our data on overall trading volume and users should permit a better understanding of the NFT phenomenon, with the existing research focusing on pricing aspects of NFT (sub)markets [6,14].”
• Non-Fungible Token (NFT): Overview, Evaluation, Opportunities and Challenges (2021, background): “Besides games and collectibles, NFTs also promote the development of art [108], ticketing event [103], value [77],[78], IoT [100], and finance [80][97].”
• Mapping the NFT revolution: market trends, trade networks, and visual features (2021, background): “Other studies have focused on a limited number of similar NFTs, such as CryptoKitties [16, 17], or NFTs offered on Decentraland [18], SuperRare [19, 20], or a combination of Decentraland, Cryptopunks, and Axie [21].”