Abstract
AbstractThe paper examines the pricing factors for non-fungible tokens (NFT) as a new class of blockchain-based cryptocurrency assets originally associated with unique digital art. One of the key challenges of the digital art industry is the problem of monetization and popularization of digital art objects. NFT can be a solution to the problem of financing digital art and at the same time a mechanism for realizing specific rights of a wide audience of token collectors. The authors of the paper carry out econometric modelling of the pricing factors of NFT art objects on the example of the electronic avatars collection “Unicly CryptoPunks”, the “wrapped” (tokenized) version of “CryptoPunks” which is one of the first and the most popular NFT art collections with the highest monetization. The results of the analysis show that the dynamics of the collection's quotes is only partially related to the market factors of the cryptocurrency industry. The collection’s historical quotes and the factors behind the development of the NFT industry are found to be more important. Thus, crypto market actors may appreciate the added value of NFT associated with digital art. The results of the study show the possibilities of NFT art to manage the risks of investors in cryptocurrency assets and to monetize digital art with the help of NFT. #COMESYSO1120.KeywordsDigital artCreative industriesBlockchainCryptocurrencyNon-fungible tokensNFTCryptoPunksUnicly CryptoPunks
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