Influencing NFT Pricing on Secondary Markets: A case study of Vpunks - Trent Davis
Channel: Protocol Labs
Date: 2022-06-08

Bio: Trent joined Protocol Labs in April 2021 after spending time working at Cornell University and helping develop the Smart Contract Research Forum. He received his MSc in Applied Economics and Management from Cornell, where he focused on consumer, agricultural, and development economics. Before starting graduate school, Trent spent two years living in the Peruvian jungle working with coffee and pineapple farmers to increase their access to markets. Outside of tech research, Trent is passionate about both sustainable coffee farming and wine production. Eventually, he hopes to one day own and operate a coffee farm, but until then he is excited to push the boundaries of open source technology and research!

Abstract: One functionality of ERC-721 or ERC-1155 Tokens is the ability to transfer digital rights for a good, for example, art, via a blockchain utilizing non-fungible tokens (NFTs). This enables users to track the art’s proof of origin and authenticity. We investigate the potential influence of auction house features, project roadmaps, and community growth has on NFT sales prices. This is the first of its kind research as there are no other studies analyzing the potential impact of evolving auction house features or social engagement have on NFT prices. Using OLS techniques and data from 7,272 secondary sales of Vpunks, an NFT project, we find auction house features, like being able to sort via price or rarity, decrease the sales price. However, increased community engagement and the existence of a roadmap to increase sales prices.
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