Exploring the NFT market on ethereum: a comprehensive analysis and daily volume forecasting

Mingdong TangSchool of Information Science and Technology, Guangdong University of Foreign Studies, Guangzhou, People's Republic of ChinaCorrespondence[email protected]
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Xingyu FengSchool of Information Science and Technology, Guangdong University of Foreign Studies, Guangzhou, People's Republic of ChinaView further author information

Weili ChenSchool of Information Science and Technology, Guangdong University of Foreign Studies, Guangzhou, People's Republic of ChinaView further author information

Abstract

With the popularity of Non-Fungible Tokens (NFTs), which has now become a financial market that has attracted extensive attention worldwide. A large number of investors and creators are flocking to this emerging market in search of investment opportunities. Nowadays, many studies have analysed this phenomenon from an economic perspective. However, we know little about the players and ecosystem characteristics of this market. To fill this knowledge gap, we first provide a processed large-scale dataset of the Ethereum blockchain-based NFT market, containing more than 80 million NFT transaction records from January 2018 to April 2022. Second, we constructed the NFT creator graph (NCG) and NFT holder graph (THG) to delve into the characteristics of the NFT market. Further, we analyse the market preferences and trends using statistical methods to reveal the development trends of the NFT market. Finally, we focus on predicting the transaction volume of the NFT market and analyse the influence factors. This study provides data support for participants and researchers to explore the NFT market, while our analysis promotes a deeper understanding of the NFT market among the public.

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