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Racial discrimination in non-fungible token (NFT) prices? CryptoPunk sales and skin tone

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  • Nguyen, Jeremy K.

Abstract

Using sales data for the non-fungible token (NFT) collection titled ‘CryptoPunks’ (June 2017–October 2021, n=18, 883), we examine whether certain skin tones of the artworks trade at different prices. Results indicate that CryptoPunks with lighter skin tones (Albino and Light), trade at significantly higher prices. CryptoPunks with Dark skin trade at lower prices, even after controlling for rarity and market conditions.

Suggested Citation

  • Nguyen, Jeremy K., 2022. "Racial discrimination in non-fungible token (NFT) prices? CryptoPunk sales and skin tone," Economics Letters, Elsevier, vol. 218(C).
    • Handle: RePEc:eee:ecolet:v:218:y:2022:i:c:s016517652200252x
    DOI: 10.1016/j.econlet.2022.110727
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    References listed on IDEAS

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    Cited by:

    1. Bai, Yunxia & Zhang, Bofu & Xue, Liuyang, 2023. "DSGE on the metaverse," Finance Research Letters, Elsevier, vol. 56(C).
    2. Wang, Jying-Nan & Lee, Yen-Hsien & Liu, Hung-Chun & Hsu, Yuan-Teng, 2023. "Dissecting returns of non-fungible tokens (NFTs): Evidence from CryptoPunks," The North American Journal of Economics and Finance, Elsevier, vol. 65(C).
    3. Vidal-Tomás, David, 2023. "The illusion of the metaverse and meta-economy," International Review of Financial Analysis, Elsevier, vol. 86(C).
    4. Alexander Cuntz & Matthias Sahli, 2023. "Ars longa, vita brevis: The death of the creator and the impact on exhibitions and auction markets," WIPO Economic Research Working Papers 76, World Intellectual Property Organization - Economics and Statistics Division.
    5. Choi, Jaeseo, 2024. "A Study on the Applicability of NFT in the Entertainment Industry: Application of the Means-end Chain analysis and Laddering," 24th ITS Biennial Conference, Seoul 2024. New bottles for new wine: digital transformation demands new policies and strategies 302456, International Telecommunications Society (ITS).
    6. Zhang, Luyao & Sun, Yutong & Quan, Yutong & Cao, Jiaxun & Tong, Xin, 2023. "On the Mechanics of NFT Valuation: AI Ethics and Social Media," OSF Preprints qwpdx, Center for Open Science.
    7. Rami Alkhudary & Bertrand Belvaux & Nathalie Guibert, 2023. "Understanding non-fungible tokens (NFTs): insights on consumption practices and a research agenda," Marketing Letters, Springer, vol. 34(2), pages 321-336, June.

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    More about this item

    Keywords

    Non-fungible token; Discrimination; Race;
    All these keywords.

    JEL classification:

    • Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature
    • J15 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Minorities, Races, Indigenous Peoples, and Immigrants; Non-labor Discrimination

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