On the Scrutinization of the NFT Valuation Factors

Abstract

Supporting Non-Fungible Token (NFT) Software Development enables the creation and sale of blockchain-based NFTs backed by unique digital or physical assets. Its value classification is important to justify investment in software development. This study surveys the rapid increase in NFT popularity and proposes a methodology to assess the valuation of an NFT and be able to predict the ultimate success of an NFT. The main influential factors identified in the study are the community and scarcity, our result confirms these two main factors that can affect an NFT's valuation, and this poster paper will look in depth at the correlation between the factors and the value of the NFT and provides the future direction of research.