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Characteristics of price related fluctuations in Non-Fungible Token (NFT) market

Author

Listed:
  • Pawe{l} Szyd{l}o
  • Marcin Wk{a}torek
  • Jaros{l}aw Kwapie'n
  • Stanis{l}aw Dro.zd.z

Abstract

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.

Suggested Citation

  • Pawe{l} Szyd{l}o & Marcin Wk{a}torek & Jaros{l}aw Kwapie'n & Stanis{l}aw Dro.zd.z, 2023. "Characteristics of price related fluctuations in Non-Fungible Token (NFT) market," Papers 2310.19747, arXiv.org, revised Jan 2024.
    • Handle: RePEc:arx:papers:2310.19747
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    File URL: http://arxiv.org/pdf/2310.19747
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