Non-fungible tokens (NFTs): a review of pricing determinants, applications and opportunities

  • This paper provides a review of the development of the non-fungible tokens (NFTs) market, with a particular focus on its pricing determinants, its current applications and future opportunities. We investigate the current state of the NFT markets and highlight the perception and expectations of investors towards these products. We summarize and compare the financial and econometric models that have been used in the literature for the pricing of non-fungible tokens with a special focus on their predictive performance. Our intention is to design a framework that can help understanding the price formation of NFTs. We further aim to shed light on the value creating determinants of NFTs in order to better understand the investors’ behavior on the blockchain.

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Author:Roman KräusslORCiDGND, Alessandro Tugnetti
Series (Serial Number):CFS working paper series (No. 693)
Publisher:Center for Financial Studies
Place of publication:Frankfurt, M.
Document Type:Working Paper
Year of Completion:2022
Year of first Publication:2022
Publishing Institution:Universitätsbibliothek Johann Christian Senckenberg
Release Date:2023/02/28
Tag:Blockchain; NFT; Non-Fungible Tokens; Pricing Determinants
Edition:May 2022
Page Number:32
JEL-Klassifikation: G41	Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets
Institutes:Wirtschaftswissenschaften / Wirtschaftswissenschaften
Wissenschaftliche Zentren und koordinierte Programme / Center for Financial Studies (CFS)
Dewey Decimal Classification:3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft
JEL-Classification:G Financial Economics / G1 General Financial Markets / G12 Asset Pricing; Trading volume; Bond Interest Rates
G Financial Economics / G1 General Financial Markets / G18 Government Policy and Regulation
P Economic Systems / P4 Other Economic Systems / P49 Other
Licence (German):License LogoDeutsches Urheberrecht