Pricing dynamics and herding behaviour of NFTs
分析了以太坊区块链上875,389个艺术NFT的销售数据，发现市场流动性和交易量是价格的有力预测因子，社交媒体活动与价格负相关，并揭示了艺术家排名中的“超级明星效应”和羊群行为。
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.