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635 results · page 24 of 27
Cathy YiâHsuan Chen, Dmitri Vinogradov
No abstract is available for this record.
Sonal Trivedi, Reena Malik
This chapter explores the role of cryptocurrency in digital marketing. Throughout the most recent years, cryptocurrency has developed, both in worth and ubiquity. Indeed, numerous industry leaders trust that cryptocurrency can change money and promote it until the end of time. In any case, as computerized cash, bitcoin turns out to be more ordinary ; cryptocurrency may introduce a few issues for advertisers hoping to gather shopper information. The cryptocurrency market is an appropriate environment dependent on the distributed network innovation. Decentralization is a distinguishing characteristic of this framework, and it is an impression of how there is no national bank or another case that authorizes power over the organization. The exchanges are led and checked to employ an appropriated blockchain system that relies upon clients' assets called diggers.
Peyman Khezr, Vijay Mohan
No abstract is available for this record.
Lauren van Haaften-Schick, Amy Whitaker
No abstract is available for this record.
Victor von Wachter, Johannes Rude Jensen, Ferdinand Regner, Omri Ross
The smart contract-based markets for non-fungible tokens (NFTs) on the Ethereum blockchain have seen tremendous growth in 2021, with trading volumes peaking at 3.5b in September 2021. This dramatic surge has led to industry observers questioning the authenticity of on-chain volumes, given the absence of identity requirements and the ease with which agents can control multiple addresses. We examine potentially illicit trading patterns in the NFT markets from January 2018 to mid-November 2021, gathering data from the 52 largest collections by volume. Our findings indicate that within our sample 3.93% of addresses, processing a total of 2.04% of sale transactions, trigger suspicions of market abuse. Flagged transactions contaminate nearly all collections and may have inflated the authentic trading volumes by as much as 149,5m for the period. Most flagged transaction patterns alternate between a few addresses, indicating a predisposition for manual trading. We submit that the results presented here may serve as a viable lower bound estimate for NFT wash trading on Ethereum. Even so, we argue that wash trading may be less common than what industry observers have previously estimated. We contribute to the emerging discourse on the identification and deterrence of market abuse in the cryptocurrency markets.
Michel José Reymond
Der Handel mit Non-Fungible Tokens («NFT», kryptographische Tokens, die Bilder, Töne oder sogar Tweets reprĂ€sentieren) stellt das neueste PhĂ€nomen in der Welt der Krypto-Assets dar, wie der kĂŒrzlich erfolgte Verkauf des Tokens eines digitalen Kunstwerks fĂŒr fast 70 Millionen Dollar verdeutlicht. Der Autor analysiert die NFT kritisch sowohl aus technischer als auch juristischer Perspektive. Er kommt zum Schluss, dass die NFT zurzeit kein neuer Ansatz fĂŒr die Tokenisierung von GĂŒtern oder Rechten darstellen, sondern lediglich ein Mittel zum Austausch von identifizierten digitalen Assets sind. (el)
Peter Zimmerman, Anantha Divakaruni
In April 2020, the US government sent economic impact payments (EIPs) directly to households, as part of its measures to address the COVID-19 pandemic. We characterize these stimulus checks as a wealth shock for households and examine their effect on retail trading in Bitcoin. We find a significant increase in Bitcoin buy trades for the modal EIP amount of $1,200. The rise in Bitcoin trading is highest among individuals without families and at exchanges catering to nonprofessional investors. We estimate that the EIP program has a significant but modest effect on the US dollarâBitcoin trading pair, increasing trade volume by about 3.8 percent. Trades associated with the EIPs result in a slight rise in the price of Bitcoin of 7 basis points. Nonetheless, the increase in trading is small compared to the size of the stimulus check program, representing only 0.02 percent of all EIP dollars. We repeat our analysis for other countries with similar stimulus programs and find an increase in Bitcoin buy trades in these currencies. Our findings highlight how wealth shocks affect retail trading.
Lawrence J. Trautman
Fueled in part by the wealth recently created from digital currencies, major art dealers such as Christieâs and Sothebyâs have embraced the sale of non-fungible tokens attached to unique digital works of art. What are non-fungible tokens, how is this related to the blockchain and what do we know about this ancient market for digital art? It now appears that digital art can be added to the growing list of uses for blockchain technology now becoming a part of modern life. This article proceeds in seven parts. First, is a discussion about the new and explosive market for digital art. Second, I explore the evolution of the digital world and virtual property. Third, is an explanation and historical account of the blockchain and virtual currencies. Fourth, non-fungible tokens are discussed. Fifth, is a brief look at unresolved issues impacting the law of NFTs and potential solutions are provided. Sixth, a few thoughts about the future of digital property are presented. And last, I conclude. This dramatic extension of blockchain and other digital technology to the world of art and music represents a new and exciting platform for creative expression. This paper is a valuable addition to the literature by providing a readable introduction and overview of what is now known about the likely impact of blockchain technology and non-fungible tokens to music and art. This important development should have a significant impact on the future of innovation and property law.
De-Rong Kong, TseâChun Lin
No abstract is available for this record.
Michael Dowling
In early 2021, non-fungible tokens (NFT) became the first application of blockchain technology to achieve clear public prominence. NFTs are tradeable rights to digital assets (images, music, videos, virtual creations) where ownership is recorded in smart contracts on a blockchain. Given the NFT market emerged out of cryptocurrencies, we explore if NFT pricing is related to cryptocurrency pricing. A spillover index shows only limited volatility transmission effects between cryptocurrencies and NFTs. But wavelet coherence analysis indicates co-movement between the two sets of markets. This suggests that cryptocurrency pricing behaviours might be of some benefit in understanding NFT pricing patterns. However, the low volatility transmissions also indicate that NFTs can potentially be considered as a low-correlation asset class distinct from cryptocurrencies.
Lennart Ante
The market for non-fungible tokens (NFTs), transferrable and unique digital assets on public blockchains, has received widespread attention and experienced strong growth since early 2021. This study provides an introduction to NFTs and explores the 14 largest submarkets using data from the Ethereum blockchain between June 2017 and May 2021. The analyses rely on (a) the number of NFT sales, (b) the dollar volume of NFT trades and (c) the number of unique blockchain wallets that traded NFTs. Based on the number of transactions and wallets, the Ethereum-based NFT market peaked at the end of 2017 due to the success of the CryptoKitties project. As of 2021, fewer transactions occur but the traded value is much higher. We find that NFT submarkets are cointegrated and feature various causal short-run connections between them. The success or adoption of younger NFT projects is influenced by that of more established markets. At the same time, the success of newer markets has an impact on the more established projects. The results contribute to the overall understanding of the NFT phenomenon as an emerging asset class and suggest that NFT markets are immature or even inefficient.
Lennart Ante
Non-fungible tokens (NFTs) are transferrable rights to digital assets, such as art, in-game items, collectables, or music. The phenomenon and its markets have grown significantly since early 2021. We investigate the interrelationships between NFT sales, NFT users (unique active blockchain wallets), and the pricing of Bitcoin (BTC) and Ether (ETH). Using daily data between January 2018 and April 2021, we show that a Bitcoin price shock triggers an increase in NFT sales. Also, Ether price shocks reduce the number of active NFT wallets. The results suggest that (larger) cryptocurrency markets affect the growth and development of the (smaller) NFT market, but there is no reverse effect.
Martin TremÄinskĂœ
With the recent proliferation of modes of payment, anthropology must increasingly pay closer attention to innovative designs and uses of money in Western societies. Money has started to be perceived as a consumable service with multiple providers from which to choose. In such an environment, the question of how people consume moneyâinstead of how they consume with moneyâgrows in importance. This article is based on ethnographic research of Bitcoin communities in Prague and Bratislava. It examines how users variously consume Bitcoin and what consequences these diverse ways of consumption can have for the Bitcoin economy. The article identifies two discrete spheres of consumption that closely correlate with âtransactional ordersâ or spheres of exchange as described in classical works of economic anthropology, for example, by Parry and Bloch. One of the spheres is concerned with the reproduction of social order, while the other considers the personal gain of individual consumers. The article also examines the tension between these two spheres and how it is dialectically resolved through strategies of conversion. In the final discussion, the case of Bitcoin is compared with other anthropological accounts of spheres of exchange, with special attention oriented to their dissimilarities.
Zengsheng Zhong, Shuirun Wei, Yeting Xu, Ying Zhao · 7 authors
Many blockchain-based cryptocurrencies provide users with online blockchain explorers for viewing online transaction data. However, traditional blockchain explorers mostly present transaction information in textual and tabular forms. Such forms make understanding cryptocurrency transaction mechanisms difficult for novice users (NUsers). They are also insufficiently informative for experienced users (EUsers) to recognize advanced transaction information. This study introduces a new online cryptocurrency transaction data viewing tool called SilkViser. Guided by detailed scenario and requirement analyses, we create a series of appreciating visualization designs, such as paper ledger-inspired block and blockchain visualizations and ancient copper coin-inspired transaction visualizations, to help users understand cryptocurrency transaction mechanisms and recognize advanced transaction information. We also provide a set of lightweight interactions to facilitate easy and free data exploration. Moreover, a controlled user study is conducted to quantitatively evaluate the usability and effectiveness of SilkViser. Results indicate that SilkViser can satisfy the requirements of NUsers and EUsers. Our visualization designs can compensate for the inexperience of NUsers in data viewing and attract potential users to participate in cryptocurrency transactions.
Francesco Cappa, Michele Pinelli
Initial Coin Offerings (ICOs), i.e. the initial offer of a crypto-token, represent an increasingly popular method to raise money. However, the determinants of ICOsâ returns for investors are still overlooked. Following this cue, the empirical outcomes of our study based on crypto-tokens issued between 2017 and 2018 evidence the main determinants of ICOsâ returns: first, crypto-tokens returns are positively associated to Etherâs returns; second, ICO price is negatively associated to later price increases; third, crypto-tokens returns are lower when they are offered in presale; finally, the more a crypto-token price increases between the ICO and the listing-date on the secondary-market and the more its price rises in the following month. In so doing, we contribute to a better understanding of the ICO phenomenon and highlight which aspects may benefit fund raising, which are relevant for the establishment of new startups and more broadly for the economic development of a country.
Amy Whitaker, Roman KrÀussl
A core challenge in studying the real return on artist' work is the extreme difficulty accessing private records from when an artwork was first sold and thus relying on public auction data. In addition, artists do not typically receive proceeds after the initial sale. This paper, for the first time, uses archivally sourced primary market records to model returns on art and introduces a novel fractional equity structure for artists. We first model what would happen if the American artists Jasper Johns and Robert Rauschenberg had retained 10% equity in their work when it was first sold. Second, we model a portfolio return using data from the Betty Parsons Gallery and the Green Gallery. To add a portfolio analysis to the performance of âstarâ artists, we model the galleries as a fund invested in all of artworks sold, using auction sales as the realization event. We find that the individual Johns and Rauschenberg works would have vastly outperformed equities markets. The gallery portfolio still substantially outperforms the S&P, even including 20% transaction costs. Beyond the art market, our larger conceptual framework for retained fractional equity has broad implications for compensation of early-stage creative work in any field and for potential applications of blockchain technology. This paper was accepted by Karl Diether, finance.
Amy Whitaker, Anne Bracegirdle, Susan de Menil, Michelle Ann Gitlitz · 5 authors
Objects of cultural heritage present a unique and important opportunity for the use of blockchain technology. Specifically, blockchain, a distributed ledger technology, can be used to disincentivize the sale of looted objects and to manage shared stewardship, ownership, and exhibition of these contested artifacts taken though war or colonialism. We offer background on repatriation of antiquities using the Byzantine Fresco Foundation as a core case study; introduce a working model of stakeholders in antiquities markets in both contemporary and historical context; and propose a blockchain solution using four different cases. The paper draws on newly sourced archival documents, game-theory interpretations of stakeholder behavior and application of this new technology in regulatory context. These blockchain applications are especially timely with the publication of the Sarr Savoy Report and the Arts Council Englandâs rewriting of its restitution guidelines for museums and galleries.
Alesha Serada, Tanja Sihvonen, J. Tuomas Harviainen
This article analyzes specific characteristics of value created through digital scarcity and blockchain-proven ownership in cryptogames. Our object of study is CryptoKitties, the first instance of a blockchain-based game that has garnered media recognition and financial interest. The objective of this article is to demonstrate the limits of scarcity in value construction for owners of CryptoKitties tokens, manifested as breedable virtual cats. Our work extends the trends set out by earlier cryptocurrency studies from the perspective of cultural studies. For the purpose of this article, we rely on open blockchain analytics such as DappRadar and Etherscan, as well as player-created analytics, backed by a one-year-long participant observation period in the said game for research material. Combining theoretical cryptocurrency and Bitcoin studies, open data analysis, and virtual ethnography enables a grounded discussion on blockchain-based game design and play.
Sijia Zhang, Andros Gregoriou
In this article, we empirically examine the cryptocurrency market reaction to china prohibiting initial coin offerings, on the 4 September 2007 for the 100 largest cryptocurrencies. The announcement has a significant negative but temporary impact on cryptocurrency returns and liquidity.
Pavel Kireyev
No abstract is available for this record.
Marina Kochetkova
Blockchain is usually associated with cryptocurrencies. However, as a distributed ledger technology, it can have many other applications. For example, blockchain can bring changes to how the art market operates. It can be utilised for many types of digital transactions, including collection, authentication, tracking of provenance, and sharing ownership of artworks. \nThis main purpose of this thesis is to provide perspectives on how and in what areas blockchain could be used to change the art market. It also examines how this technology may shift the balance of powers in the art market. The thesis further explores opportunities and challenges when using blockchain technology in the art market. \nThe thesis utilises a narrative thematic literature research methodology and includes a qualitative analysis of blockchain technology. Due to the nature and novelty of this technology, the reviewed literature covers a different range of disciplines, in which blockchain can be utilised. The findings were extrapolated to the use of blockchain technology in the art market. \nThe results demonstrate that blockchain can increase the speed, transparency, and volume of art sales worldwide and democratise the sector so that artists, collectors, and spectators can benefit from this technology. A blockchain platform can coexist with other traditional applications. However, before implementing this technology, we may need to overcome technological, governance, organisational, and societal barriers.
Giuseppe Santomauro, Daniela Alderuccio, Fiorenzo Ambrosino, Andrea Fronzetti Colladon · 5 authors
No abstract is available for this record.
Sasmita Claudia Pontoh, Eko Rizkianto
No abstract is available for this record.
Mohammad Badruddoza Talukder, Musfiqur Rahoman Khan, Sanjeev Kumar, Kuldeep Singh
Blockchain is a revolutionary tool that improves the clarity of the participation of the commune and the sustainable development of the tourism industry. It lessens various mediators, making it easier for small and regional businesses, artisans, and service providers to access tourists and get a better share of the cake equitably. This decentralized model brings forth a culture of trust owing to the transparency of smart contracts to ensure safe and genuine sales and encourage the responsible behavior of tourists using tokens. This means that tourism management can be decentralized, and local communities get a say in how tourism is managed to reflect their interests. Furthermore, blockchain can potentially preserve cultural assets by creating an open indigenous art and tourism market. Based on previous literature, we found that blockchain plays a versatile function in enhancing the tourism environment by engendering inclusion, efficiency, and sustainability for tourists and stakeholders, which aligns with long-term sustainability goals.