Non-fungible tokens(NFTs),as a new type of economic element,not only enrich the range of financial assets,but also drive the development of the digital economy.Yet,differ-ences between NFTs and traditional assets arising from technological innovation in NFTs and the diversity of the determinants of NFT value have added to the complexity of NFT pricing,which in turn offers new opportunities for innovation in asset valuation theory.This study compiled the con-notative features of NFTs under various classic models,such as the efficient market hypothesis,a-daptive market hypothesis,and the capital asset pricing model;extracted the characteristics and attributes of NFTs;and examined the challenges they pose to traditional asset pricing theory.This study also examined the logic of causal determinism in NFT value from the perspectives of invest-ment income and utility dividend based on artwork pricing theory to construct a new theoretical model for NFT valuation.The results of the analysis suggest that various factors,such as the inves-tor's wealth endowment holding time,the actor's preference,number of buyers,and sustainability belief,influence NFT pricing and valuation.According to the pricing analysis of the crypto pink pixel avatar NFT,the model constructed in this study is scientific,effective,and widely applica-ble.
关键词
数字资产/非同质化代币/资产定价/投资收益/效用红利
Key words
digital asset/non-fungible token/asset pricing/investment income/utility divi-dend
维普
万方数据