헤도닉 모형을 이용한 프로필 사진 NFT의 가치 영향 요인 분석

Abstract

In this study, we explore factors that affect the value of non-fungible tokens (NFTs). NFTs have been expected to play an important role in the future digital environment because they are made of blockchain technology that can prove ownership of digital assets. In this study, we focus on the value determinants of a representative project of profile picture NFTs among the most actively traded collectible NFTs, that is Bored Apes Yacht Club (BAYC). In order to do this, we first collected attribute information and trading history data of BAYC. Next, we proposed a metric that can measure the value of NFTs at any point in time. We also identified the attributes of NFTs that can affect their values in both quantitative and qualitative aspects. For each case, we construct a semi-log regression model based on the hedonic pricing model to understand the explanatory power of each, which attributes of BAYC NFTs are relatively influential, and which attribute values ​​have a positive impact on NFT valuation. We finally proposed an integrated model which is composed of both qualitative and quantitative factors as well as an interaction effect. In terms of the adjusted coefficient of determination value, the model showed an explanatory power close to 70% to explain the valuation of BAYC NFT.