The non-fungible token (NFT) is an emergent type of cryptocurrency that has garnered extensive attention since its inception. The uniqueness, indivisibility and humanistic value of NFTs are the key characteristics that distinguish them from traditional tokens. The market capitalization of NFT reached 21.5 billion USD in 2021, almost 200 times of all previous transactions. However, the subsequent rapid decline in NFT market fever in the second quarter of 2022 casts doubts on the ostensible boom in the NFT market. To date, there has been no comprehensive and systematic study of the NFT trade market or of the NFT bubble and hype phenomenon. To fill this gap, we conduct an in-depth investigation of the whole Ethereum ERC721 and ERC1155 NFT ecosystem via graph analysis and apply several metrics to measure the characteristics of NFTs. By collecting data from the whole blockchain, we construct three graphs, namely NFT create graph, NFT transfer graph, and NFT hold graph, to characterize the NFT traders, analyze the characteristics of NFTs, and discover many observations and insights. Moreover, we propose new indicators to quantify the activeness and value of NFT and propose an algorithm that combines indicators and graph analyses to find bubble NFTs. Real-world cases demonstrate that our indicators and approach can be used to discern bubble NFTs effectively.
翻译:NFT的市场资本在2021年达到215亿美元,几乎是以往所有交易的200倍。然而,NFT市场热量随后在2022年第二季度迅速下降,使人们对NFT市场的表面繁荣产生怀疑。迄今为止,没有全面、系统地研究NFT贸易市场或NFT泡沫和合金现象。为填补这一空白,我们通过图表分析深入调查整个Etheum ERC721和ERC1155 NFT生态系统,并采用若干衡量NFT特征的尺度。通过收集整个链条的数据,我们建立了三个图表,即NFT创建图、NFT转移图和NFT持有图表,以描述NFT贸易商的特点,分析NFT泡沫和合金现象。我们通过图表分析对整个Etheum ERC721和ERC1155 NFT生态系统进行深入调查,并采用若干衡量标准来衡量NFFT的数值和新指标。我们提出了新的数字和数字分析。此外,我们还可以提出新的数字和数字分析。