代 DAI Digital Art Index

Abstract

The big bang of non-fungible tokens (NFTs) has caused the birth of a brand new era for digital art. NFTs, driven by blockchain and smart contracts, provide both artists and art collectors an un  precedented marketplace which is equipped with more security, flexibility, publicity, and freedom to monetize. Unlike the conventional art market, NFT art market trades artworks in rapid succession and has no sluggish business cycle. Yet, the emergence of such a market has been considered to be packed with speculation and economic uncertainty, given the limited understanding toward this market. To precisely depict the NFT art market and offer a gauge for market volatility, we construct the price index –Digital Art Index (DAI)– using a hedonic regression model on the top 10 liquid NFT art collections. In consideration of each artwork’s time-variant and time-invariant characteristics, we are able to investigate price determinants and access the intrinsic value of the market.

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