Non-Fungible Tokens: What Makes Them Valuable?

Abstract

Non-Fungible Tokens (NFTs) have revolutionized various industries and aspects of the digital world in several ways. Built on blockchain technology, NFTs provide a secure and transparent way to establish ownership and provenance of unique digital or physical items. This has wide-ranging implications, from art and collectibles to virtual real estate and digital goods. While NFTs offer many benefits, however, they also raise concerns, including environmental impacts due to energy-intensive blockchain networks, copyright and plagiarism issues, and speculative bubbles in the NFT market. In this work, we collected 200,000 tweets about NFTs and employed state-of-the-art neurosymbolic AI tools to better understand what are the online conversation drivers and sentiments around NFTs and, hence, gain insights about what makes them valuable.