We quantify Non Fungible Token (NFT) rarity and investigate how it impacts market behaviour by analysing a dataset of 3.7M transactions collected between January 2018 and June 2022, involving 1.4M NFTs distributed across 410 collections. First, we consider the rarity of an NFT based on the set of human-readable attributes it possesses and show that most collections present heterogeneous rarity patterns, with few rare NFTs and a large number of more common ones. Then, we analyze market performance and show that, on average, rarer NFTs: (i) sell for higher prices, (ii) are traded less frequently, (iii) guarantee higher returns on investment (ROIs), and (iv) are less risky, i.e., less prone to yield negative returns. We anticipate that these findings will be of interest to researchers as well as NFT creators, collectors, and traders.
翻译:我们通过分析2018年1月至2022年6月收集的3.7M交易的数据集,将1.4M NFT分布在410个收藏中,从而量化非可互换 Token(NFT)的稀有性,并调查它如何影响市场行为。首先,我们考虑基于其拥有的一套人类可读属性的NFT的稀有性,并表明大部分收藏都呈现着多种多样的稀有性模式,只有很少的NFT和大量常见模式。然后,我们分析市场业绩,并显示,平均而言,稀有的NFT:(一) 以更高价格出售;(二) 交易较少;(三) 保证投资收益较高(ROI) 风险较小,即不易产生负利。我们预计,这些发现对研究人员以及NFT的创造者、收藏者和交易者都有利。