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Non-fungible tokens (NFT) have received a lot of attention from the media and investors in recent years. But why do NFT receive so much attention? This paper answers this question by examining the relationship between investor attention and NFT market indicators. We find that returns, trading volume, and number of transactions are important drivers of NFT attention during the peak NFT sales period, whereas in the post-peak period until recently, returns and volume no longer maintain their significance for the attention. This means that the NFT market is maturing and needs to focus more on actual drivers, such as real-world adoption and utility, rather than just speculative hype, to sustain long-term interest.
Keywords—Non-fungible tokens, Investor attention, Google search volume index, Granger Causality Test, Vector Autoregression.
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