TY - GEN
T1 - Disentangling the Relationship between Portfolio Homogenization and Transaction of Non-fungible Tokens
AU - Ma, Dan
AU - Fu, Mengyao
AU - Fang, Jie
AU - Cai, Zhao
N1 - Publisher Copyright:
© 2023 International Conference on Information Systems, ICIS 2023: "Rising like a Phoenix: Emerging from the Pandemic and Reshaping Hu. All Rights Reserved.
PY - 2023
Y1 - 2023
N2 - There has been an explosion in the popularity of Non-Fungible Tokens (NFTs), drawing attention from practitioners and scholars alike since 2021. Each NFT denotes a digital asset in the likes of an artwork, a tweet, or a video that is recorded on the blockchain with a unique identifying code. In turn, the emergence of NFTs has transformed the digital asset landscape. With the rapid growth of the NFT market, there is a concern that the market is becoming increasingly homogenized due to readily available blockchain technologies and relatively low costs of NFT mints. To this end, this study attempts to elucidate how NFT portfolio homogenization affects transaction volume and variation in the marketplace. Particularly, we collected and analyzed a dataset of 2,004 collections comprising 7,151,515 NFTs from OpenSea, a leading NFT platform. We discovered significant inverted U-shaped relationships between NFT portfolio homogenization and transaction variation and transaction volume.
AB - There has been an explosion in the popularity of Non-Fungible Tokens (NFTs), drawing attention from practitioners and scholars alike since 2021. Each NFT denotes a digital asset in the likes of an artwork, a tweet, or a video that is recorded on the blockchain with a unique identifying code. In turn, the emergence of NFTs has transformed the digital asset landscape. With the rapid growth of the NFT market, there is a concern that the market is becoming increasingly homogenized due to readily available blockchain technologies and relatively low costs of NFT mints. To this end, this study attempts to elucidate how NFT portfolio homogenization affects transaction volume and variation in the marketplace. Particularly, we collected and analyzed a dataset of 2,004 collections comprising 7,151,515 NFTs from OpenSea, a leading NFT platform. We discovered significant inverted U-shaped relationships between NFT portfolio homogenization and transaction variation and transaction volume.
KW - NFT artwork
KW - Non-fungible token
KW - portfolio homogenization
KW - transaction variation
KW - transaction volume
UR - http://www.scopus.com/inward/record.url?scp=85185478881&partnerID=8YFLogxK
M3 - Conference contribution
AN - SCOPUS:85185478881
T3 - International Conference on Information Systems, ICIS 2023: "Rising like a Phoenix: Emerging from the Pandemic and Reshaping Human Endeavors with Digital Technologies"
BT - International Conference on Information Systems, ICIS 2023
PB - Association for Information Systems
T2 - 44th International Conference on Information Systems: Rising like a Phoenix: Emerging from the Pandemic and Reshaping Human Endeavors with Digital Technologies, ICIS 2023
Y2 - 10 December 2023 through 13 December 2023
ER -