NFT sales and pricing are driven by luck, scarcity, and optimism, according to multiple studies
A glut of new research indicates that personal experiences may be the NFT market’s primary mover. A trio of studies published in November may shine some light on the social and psychological factors that motivate movement in the non-fungible token (NFT) market. Researchers from Western University in Canada, Tilburg University in the Netherlands, the University of North Carolina at Chapel Hill in the U.S., and Rennes School of Business in France, across three independent studies, found that personal experiences and luck, along with asset scarcity and consumer optimism, were catalysts for the majority of market movement in the NFT space. NFT market movement In a study conducted by Guneet Kaur Nagpal of Western University and Luc Renneboog of Tilburg University, entitled “On Non-fungible Tokens, Blockchain Hypes, and the Creation of Scarcity,” the researchers analyzed the market dynamics of “Crypto Punks,” a popular series of NFT assets. “CryptoPunks,” write the researchers, “are among ...