Fertile LAND: Pricing Non-Fungible Tokens

11 Pages Posted: 29 Mar 2021 Last revised: 1 Jun 2021

See all articles by Michael M. Dowling

Michael M. Dowling

Dublin City University Business School; ESC Rennes School of Business

Date Written: March 18, 2021

Abstract

The current popularity of non-fungible token (NFT) markets is one of the most notable public successes of blockchain technology. NFTs are blockchain-traded rights to any digital asset; including images, videos, music, even the parts of virtual worlds. As a first study of NFT pricing, we explore the pricing of parcels of virtual real estate in the largest blockchain virtual world, Decentraland; an NFT simply termed LAND. We show a LAND price series characterised by both inefficiency and a steady rise in value.

Keywords: NFT, non-fungible tokens, market efficiency

JEL Classification: G14, G12

Suggested Citation

Dowling, Michael M., Fertile LAND: Pricing Non-Fungible Tokens (March 18, 2021). Finance Research Letters, Forthcoming, Available at SSRN: https://ssrn.com/abstract=3813522 or http://dx.doi.org/10.2139/ssrn.3813522

Michael M. Dowling (Contact Author)

Dublin City University Business School ( email )

Dublin 9
Ireland

ESC Rennes School of Business ( email )

Rue Robert d'arbrissel, 2
Rennes, 35000
France

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