Non-Fungible Tokens (NFTs): A hype or hope? Analysis of random NFT portfolios
| Název práce v češtině: | Nezaměnitelné tokeny (NFTs): Šílenství či naděje? Analýza náhodných NFT portfolií |
|---|---|
| Název v anglickém jazyce: | Non-Fungible Tokens (NFTs): A hype or hope? Analysis of random NFT portfolios |
| Klíčová slova: | NFT, NFTs, Blockchain, token, non-fungible. |
| Klíčová slova anglicky: | NFT, NFTs, Blockchain, token, non-fungible. |
| Akademický rok vypsání: | 2020/2021 |
| Typ práce: | bakalářská práce |
| Jazyk práce: | angličtina |
| Ústav: | Institut ekonomických studií (23-IES) |
| Vedoucí / školitel: | prof. PhDr. Ladislav Krištoufek, Ph.D. |
| Řešitel: | skrytý - zadáno vedoucím/školitelem |
| Datum přihlášení: | 30.09.2021 |
| Datum zadání: | 30.09.2021 |
| Datum a čas obhajoby: | 25.01.2023 09:00 |
| Místo konání obhajoby: | Opletalova - Opletalova 26, O109, AULA Michala Mejstříka č. 109 |
| Datum odevzdání elektronické podoby: | 03.01.2023 |
| Datum proběhlé obhajoby: | 25.01.2023 |
| Oponenti: | Mgr. Lenka Nechvátalová |
| Seznam odborné literatury |
| Chevet, Sylve, Blockchain Technology and Non-Fungible Tokens: Reshaping Value Chains in Creative Industries (May 10, 2018). Available at SSRN: https://ssrn.com/abstract=3212662
Michael Dowling, Is Non-fungible Token Pricing Driven by Cryptocurrencies? (March 29, 2021). Available at SSRN: https://ssrn.com/abstract=3815093 Michael Dowling, Fertile LAND: Pricing non-fungible tokens, Finance Research Letters (2021) William Ellis, NON-FUNGIBLE TOKENS EXPLAINED: Simplest Practical Guide to Everything you Need to Know about NFTs (the Crypto Art Selling) Including Creating an NFT from Start to Finish (March 27, 2021) Massimo Franceschet, Giovanni Colavizza, Tai Smith, Blake Finucane, Martin Lukas Ostachowski, Sergio Scalet, Jonathan Perkins, James Morgan, Sebastian Hernandez, Crypto art: A decentralized view (2019) Regner, Ferdinand & Schweizer, André & Urbach, Nils, NFTs in Practice – Non-Fungible Tokens as Core Component of a Blockchain-based Event Ticketing Application (2019) |
| Předběžná náplň práce v anglickém jazyce |
| Research question and motivation
This paper is about to analyze the NFT phenomenon. The highly volatile but effective market for NFTs has enormously emerged in 2021 and its perspectives are still unknown. Understanding the incentives of NFT creation may help us to predict its future and provide some insights for digital investment. Non-fungible tokens are mostly used for selling art pieces using blockchain technology and offering a new type of intellectual property ownership in digital world. I would like to conduct a deeper research on this topic by picking a random NFT portfolio and analyze its price value in different time horizons. I will create a model consisting of variables which may influence the price of portfolio. Many factors can potentially be inserted into the model, such as: creditability of the platform, size of the platform, gas(fees), existence of royalties, uniqueness of the asset itself, market cap for recent period, number of active wallets. Since NFTs is a very new technology there is not much information on how it “works” from its creation to the moment it’s sold. Some behavioral impact on selling can be studied as well, because NFT allows to sell even tangibles, which is not an easily expected feature for an ordinary customer. Contribution Thanks to NFT being a freshly invented technology, there is not much written on it in academic world. Therefore, this topic is a relevant one. Doing a research on NFTs and predicting their perspectives based on quantitative data together with finding algorithms of their price determination will elucidate the key processes lying behind its final selling price. Methodology I plan to get the necessary data for my paper from the following resources: www.nft-stats.com, www.nonfungible.com, www.statista.com and www.coinmarketcap.com. Then I will conduct a time-series data analysis through a variety of econometric models. After interpreting the results, I will be able to answer the main question of my thesis. Outline Introduction 1) What makes my topic appealing? 2) Overview of existing knowledge on NFT 3) My augmentation to existing research 4) Organization Literature review and hypotheses 1) Literature on NFT market 2) Evidence of existing influence of certain factors to NFT’s price 3) What hypothesis will be tested 4) Motivation and reason of the hypotheses Methodological Approach 1) Description of data and methods used 2) My execution of the analysis Empirical Results 1) Interpretation of results 2) Discussion of results Conclusion |