The Fungibility of Non-Fungible Tokens: A Quantitative Analysis of ERC-721 Metadata

09/29/2022
by   Sarah Barrington, et al.
0

Non-Fungible Tokens (NFTs), digital certificates of ownership for virtual art, have until recently been traded on a highly lucrative and speculative market. Yet, an emergence of misconceptions, along with a sustained market downtime, are calling the value of NFTs into question. This project (1) describes three properties that any valuable NFT should possess (permanence, immutability and uniqueness), (2) creates a quantitative summary of permanence as an initial criteria, and (3) tests our measures on 6 months of NFTs on the Ethereum blockchain, finding 45 this initial criteria. Our work could help buyers and marketplaces identify and warn users against purchasing NFTs that may be overvalued.

READ FULL TEXT

page 4

page 8

research
02/13/2022

Non-fungible Tokens: Promise or Peril?

Non-fungible tokens or NFTs are the digital assets on a blockchain. NFTs...
research
09/28/2022

The Role of Metadata in Non-Fungible Tokens: Marketplace Analysis and Collection Organization

An explosion of interest in Non-Fungible Tokens (NFTs) has led to the em...
research
10/23/2022

The Art NFTs and Their Marketplaces

Non-Fungible Tokens (NFTs) are crypto assets with a unique digital ident...
research
03/04/2018

The ICO Phenomenon and Its Relationships with Ethereum Smart Contract Environment

Initial Coin Offerings (ICO) are public offers of new cryptocurrencies i...
research
01/05/2023

Bubble or Not: Measurements, Analyses, and Findings on the Ethereum ERC721 and ERC1155 Non-fungible Token Ecosystem

The non-fungible token (NFT) is an emergent type of cryptocurrency that ...
research
07/02/2023

Cryptoart: Ethical Challenges of the NFT Revolution

The digital transformation of the art world has become a revolution for ...
research
08/25/2022

Semantics and Non-Fungible Tokens for Copyright Management on the Metaverse and Beyond

Recent initiatives related to the Metaverse focus on better visualisatio...

Please sign up or login with your details

Forgot password? Click here to reset