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Abstract

This paper provides a review of the development of the non‐fungible tokens (NFTs) market, with a particular focus on its pricing determinants, its current applications, and its future opportunities. We investigate the current state of the NFT markets and highlight the perception and expectations of investors toward these products. We summarize and compare the financial and econometric models that have been used in the literature for the pricing of non‐fungible tokens with a special focus on their predictive performance. We design a framework that can help to understand the price formation of NFTs. We further aim to shed light on the value‐creating determinants of NFTs in order to better understand investors’ behavior on the blockchain.

Publication Type:	Article
Additional Information:	This is the peer reviewed version of the following article: Kräussl, R., & Tugnetti, A. (2024). Non-Fungible Tokens (NFTs): A Review of Pricing Determinants, Applications and Opportunities. Journal of Economic Surveys, 38, 555–574, which has been published in final form at https://doi.org/10.1111/joes.12597. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions. This article may not be enhanced, enriched or otherwise transformed into a derivative work, without express permission from Wiley or by statutory rights under applicable legislation. Copyright notices must not be removed, obscured or modified. The article must be linked to Wiley’s version of record on Wiley Online Library and any embedding, framing or otherwise making available the article or pages thereof by third parties from platforms, services and websites other than Wiley Online Library must be prohibited.
Publisher Keywords:	Digital Assets, NFT, Pricing, Valuation
Subjects:	H Social Sciences > HB Economic Theory H Social Sciences > HG Finance
Departments:	Bayes Business School Bayes Business School > Finance
SWORD Depositor:	Symplectic Administrator

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