Characteristics of price related fluctuations in Non-Fungible Token (NFT) market
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arXiv
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| Hauptverfasser: | , , , |
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| Format: | Preprint |
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2023
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| _version_ | 1866914642498945024 |
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| author | Szydło, Paweł Wątorek, Marcin Kwapień, Jarosław Drożdż, Stanisław |
| author_facet | Szydło, Paweł Wątorek, Marcin Kwapień, Jarosław Drożdż, Stanisław |
| contents | A non-fungible token (NFT) market is a new trading invention based on the blockchain technology which parallels the cryptocurrency market. In the present work we study capitalization, floor price, the number of transactions, the inter-transaction times, and the transaction volume value of a few selected popular token collections. The results show that the fluctuations of all these quantities are characterized by heavy-tailed probability distribution functions, in most cases well described by the stretched exponentials, with a trace of power-law scaling at times, long-range memory, and in several cases even the fractal organization of fluctuations, mostly restricted to the larger fluctuations, however. We conclude that the NFT market - even though young and governed by a somewhat different mechanisms of trading - shares several statistical properties with the regular financial markets. However, some differences are visible in the specific quantitative indicators. |
| format | Preprint |
| id |
arxiv_https___arxiv_org_abs_2310_19747 |
| institution | arXiv |
| publishDate | 2023 |
| record_format | arxiv |
| spellingShingle | Characteristics of price related fluctuations in Non-Fungible Token (NFT) market Szydło, Paweł Wątorek, Marcin Kwapień, Jarosław Drożdż, Stanisław Computational Finance Computational Engineering, Finance, and Science Econometrics Data Analysis, Statistics and Probability Applications A non-fungible token (NFT) market is a new trading invention based on the blockchain technology which parallels the cryptocurrency market. In the present work we study capitalization, floor price, the number of transactions, the inter-transaction times, and the transaction volume value of a few selected popular token collections. The results show that the fluctuations of all these quantities are characterized by heavy-tailed probability distribution functions, in most cases well described by the stretched exponentials, with a trace of power-law scaling at times, long-range memory, and in several cases even the fractal organization of fluctuations, mostly restricted to the larger fluctuations, however. We conclude that the NFT market - even though young and governed by a somewhat different mechanisms of trading - shares several statistical properties with the regular financial markets. However, some differences are visible in the specific quantitative indicators. |
| title | Characteristics of price related fluctuations in Non-Fungible Token (NFT) market |
| topic | Computational Finance Computational Engineering, Finance, and Science Econometrics Data Analysis, Statistics and Probability Applications |
| url | https://arxiv.org/abs/2310.19747 |