Mapping the NFT revolution: market trends, trade networks, and visual features

🤖 Plain-English Summary

Non Fungible Tokens (NFTs) are digital assets that represent objects like art, collectible, and in-game items. Finally, we investigate the predictability of NFT sales using simple machine learning algorithms and find that sale history and, secondarily, visual features are good predictors for price.

🔑 Key Findings

• They are traded online, often with cryptocurrency, and are generally encoded within smart contracts on a blockchain.
• Public attention towards NFTs has exploded in 2021, when their market has experienced record sales, but little is known about the overall structure and evolution of its market.
• Here, we analyse data concerning 6.1 million trades of 4.7 million NFTs between June 23, 2017 and April 27, 2021, obtained primarily from Ethereum and WAX blockchains.

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