Non-fungible tokens: can we predict the price they’ll sell for?
Non-fungible tokens, or NFTs, have been around for several years, but interest in them has rapidly increased in 2021 with a number of high-profile sales, including the $69.3 million Christie’s sale of the NFT associated with Everydays: the First 5000 Days – a digital artwork by the US artist Beeple. Despite concerns about the environmental impact of the underlying technology, NFTs racked up sales of $2.5 billion in the first half of 2021 – an all-time high. But why do some NFTs sell for so much? That question is at the heart of a new Turing-funded study (part of Turing's token economy theme) that we recently published in Scientific Reports – the first comprehensive, quantitative overview of the NFT market.