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.
Third, we cluster objects associated to NFTs according to their visual features and show that collections contain visually homogeneous objects. Second, we build the network of interactions, show that traders typically specialize on NFTs associated with similar objects and form tight clusters with other traders that exchange the same kind of objects. First, we characterize statistical properties of the market. Here, we analyse data concerning 6.1 million trades of 4.7 million NFTs between Jand April 27, 2021, obtained primarily from Ethereum and WAX blockchains. 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. They are traded online, often with cryptocurrency, and are generally encoded within smart contracts on a blockchain. Non Fungible Tokens (NFTs) are digital assets that represent objects like art, collectible, and in-game items. Why Is CryptoKitties (Not) Gambling? PervasiveHealth: Pervasive Computing Technologies for Healthcare, 1–4. Vintage CryptoKitties and the Quest for Authenticity. AoIR Selected Papers of Internet Research. Sell Your Cards To Who: Non-Fungible Tokens and Digital Trading Card Games. International Conference on Financial Cryptography and Data Security, 595–610. Fairness in ERC Token Markets: A Case Study of CryptoKitties. CHI PLAY 2019 - Proceedings of the Annual Symposium on Computer-Human Interaction in Play, 379–389. Ethereum crypto-games: Mechanics, prevalence and gambling similarities. J., Deterding, S., Drachen, A., Walker, J. CryptoKitties Transaction Network Analysis: The Rise and Fall of the First Blockchain Game Mania. CryptoKitties and the New Ludic Economy: How Blockchain Introduces Value, Ownership, and Scarcity in Digital Gaming. Serada, A., Sihvonen, T., & Harviainen, J. Cryptokitties, cryptography, and copyright. 2019 IEEE Conference on Games (CoG), 1–8.
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