A0618
Title: NFTs transaction dynamics and sentiment analysis
Authors: Giovanni De Luca - University of Naples Parthenope (Italy) [presenting]
Giorgia Rivieccio - Parthenope University (Italy)
Abstract: Non-fungible tokens (NFT) are unquestionably a recent phenomenon that has sparked tremendously innovative business plans because it is altering how digital assets are sold and preserved. As their name suggests, NFTs are a special kind of blockchain-based tokens that are deliberately non-fungible. Each NFT represents a unique value that cannot be fully replaced by a different or related token. For the first time, consumers and gamers may purchase virtual worlds, artists can profit from their digital creations, and precious things can now be digitally reproduced. To analyze the daily NFT transaction dynamics, including market sentiment, different models are analyzed, such as ARIMA models, HAR models and long short-term memory models. Similar to traditional equities markets, NFT markets are erratic and difficult to speculate on. In order to assess the predictive power of the models developed on daily artwork NFT transaction dynamics connected to the collectable, utilities, and gaming sectors, textual data and sentiment analysis are also included.
