Since 2021, interest in non-fungible tokens (NFTs) and associated trading volume have increased substantially, as celebrities increasingly adopted profile picture non-fungible tokens (PFP NFTs) for their social media profile images. In this study, the factors influencing consumer decisions on purchasing a PFP NFT were analyzed by Conjoint analysis. The characteristics of profile picture and NFT were researched through previous studies, and key attributes and levels that affect purchasing of a PFP NFT were set through market research. The results of the study showed that consumers made decisions based on the number of promoting celebrities as the most important attribute when they buy a PFP NFT, followed by number of community members, floor price, and commercial use of NFT intellectual property. This research has value in that it suggests a forward-looking perspective regarding development of the NFT market, which is in its early stages.
Open access
Consumer Market Behavior and Pricing
Consumer Behavior in Brand Consumption and Identification
Blockchain is an emerging technology with a core emphasis on decentralization. Along with this, blockchain is immutable and follows a consensus, thereby promoting data ownership and data provenance to its users. The concept of self-sovereign identity further promotes a decentralized and distributed network. The use cases of blockchain extend beyond the cryptocurrency world. Using decentralized identifiers, smart contracts, and zero-knowledge proofs, verifiable credential models can enhance multiple areas of society. This paper focuses on establishing a communication channel between fishermen and customers within India's fisheries sector, leveraging blockchain technology. The system is designed to be fully traceable and trackable, ensuring transparency. Fishermen retain ownership of their data, empowering them to receive fair prices, while consumers gain confidence in the authenticity of their purchases. To support trust, a data-driven layer analyzes state-wise valuation and pricing trends from 2020 to 2023. These insights help verified fishermen and buyers make informed decisions with greater transparency and regional context.
Francisco Resende, Daniel Costa, Pedro Granate, Armando Teixeira ¡ 8 authors
Non-Fungible Tokens (NFTs) are unique digital assets whose valuation presents a significant challenge due to their non-fungibility, low liquidity, and subjective features. This paper presents a machine learning-based approach to intra-collection NFT valuation using LightGBM, a gradient boosting model. The model was trained on historical sales, metadata, floor prices, and temporal dynamics across six prominent NFT collections. Our approach outperforms traditional valuation baselines, including floor price heuristics, rarity scores, and trait valuation models, achieving significantly lower prediction error (MAPE). The study demonstrates the potential of advanced ML models in enhancing valuation accuracy at a token-level for non-floor assets, with applications in NFT marketplace pricing, portfolio/NAV marking or NFT specialised lending.
Tokenomics, the study and design of economic systems within blockchain-based platforms, is crucial for the success and sustainability of decentralized ecosystems. The growing popularity of cryptocurrencies, decentralized finance (DeFi), and non-fungible tokens (NFTs) has highlighted the importance of robust tokenomic frameworks that ensure fairness, inclusivity, and stability in digital platforms. This research explores the challenges faced by blockchain networks in their incentive structures, particularly addressing the adverse effects of disproportionately rewarding large token holders. To address these issues, the research critically examines existing tokenomics models employed by prominent blockchain platforms and their respective impacts on ecosystem health. It highlights how poorly designed incentive mechanisms can exacerbate wealth inequality, stifle competition, and discourage broader participation. Platforms that employ reward systems based primarily on token holdings tend to benefit large holders disproportionately, which risks centralization and creates a breeding ground for speculative practices that undermine market stability. To address these issues, the article proposes a new framework for equitable tokenomics, focused on inclusivity, fairness, and sustainability. Key components of this framework include proportional rewards, governance rights, long-term token holding mechanisms, dynamic adjustment systems, and programs that encourage smaller holders or new participants. The proposed framework aims to foster a more equitable environment that values participation and contribution over mere financial dominance, ensuring the system remains decentralized and offers opportunities for all stakeholders to engage meaningfully. In conclusion, this research underscores the need for more equitable tokenomics models that can drive sustainable growth and maintain trust within decentralized platforms. By addressing flaws in existing systems and proposing a framework that aligns rewards, governance, and participation, the authors aim to contribute to the creation of more inclusive, stable, and resilient decentralized ecosystems.
In this study, we propose a valuation methodology for Non-Fungible Tokens (NFTs), focusing on the profile picture (PFP) NFT category represented by the Bored Ape Yacht Club (BAYC). To identify the attributes that influence the value of individual BAYC NFTs, we develop a hedonic pricing model that uses the NFTâs value as the dependent variable and its properties as independent variables. We apply Term Frequency-Inverse Document Frequency (TF-IDF) to quantify attributes of NFTs. Three hedonic modelsâlinear, quadratic, and full quadraticâare proposed. For the full quadratic model, we introduce a systematic procedure to select first-order, second-order, and interaction terms in the model. To evaluate the performance of the proposed models, we carried out comparative computational experiments. We collected actual BAYC transaction data and split it into a training set (70%) and a validation set (30%). For benchmarking purposes, we compare the proposed models against four machine learning algorithms: Random Forest, Support Vector Regression (SVR), XGBoost, and LightGBM. The machine learning models perform well on the training set, however, this was largely due to overfitting. In contrast, the proposed hedonic models maintained consistent performance with minimal degradation from the training to the validation set. Among them, the full quadratic model demonstrates the highest explanatory power on the validation set in terms of adjusted R² and other evaluation metrics.
Daniel Etim Jacob, Imaobong Daniel Jacob, Kingsley Modday Udofia, Koko Sunday Daniel ¡ 7 authors
Protected areas and recreation management face persistent challenges in ensuring transparency, fostering equitable participation, and building trust among diverse stakeholders. Traditional co-management models often struggle with opaque decision-making processes, unequal power dynamics, and inefficient data management. This paper explores the transformative potential of integrating blockchain and artificial intelligence (AI) technologies to address these shortcomings. Blockchain, with its inherent characteristics of immutability, transparency, and distributed ledger technology, can provide a secure and verifiable platform for recording decisions, transactions, and resource allocation, thereby enhancing accountability and trust. AI, conversely, can analyze complex datasets, identify patterns, optimize resource distribution, support equitable decision-making processes by incorporating diverse perspectives, and personalize recreation experiences while minimizing ecological impact. By synergistically combining these technologies, a new paradigm for co-management emergesâone characterized by enhanced transparency, improved equity, data-driven insights, and increased stakeholder engagement. We discuss specific applications, potential benefits, and significant challenges related to implementing blockchain and AI in protected area and recreation co-management, offering a vision for a more just, effective, and sustainable future for conservation and outdoor recreation.
Ecosystem services are the outcome of ecosystem functions of the forests benefitting human beings and their economies immensely. Valuation and accounting of ecosystem services emanating from forests is not only necessary to generate awareness among stakeholders, but it is essential for green accounting and ensuring environment friendly financial redistribution in a federal setup which is important for good governance and optimum land use planning. The pioneer study calculates the approximate worth of the Jharkhand forests, on the basis of different assessment methodology. These findings have been used to evolve a model for financial decentralization, ensuring an equitable distribution resource which incentivizes environmental conservation (providing baseline evidence to the recommendations of Finance commission i.e., 14 th and 15 th ). Further the assessed value of ES have been compared with the realized value of E.S. (as decided by different recommendations of Finance commission) ââŹâ which shows that how the concept of ââŹĹE.S.ââŹÂ is getting grounded in reality. Their use for inferming the developmental policies and measuring the outcomes of policies are future potential of E.S.Valuation.
Aaron M. Shew, Heather A. Snell, Rodolfo M. Nayga, Mary C. Lacity
Abstract Blockchain (BC) technology, defined as a shared information system to validate, secure, and permanently store transactions among multiple parties on a distributed ledger, presents many applications in agricultural and food industries. This study examines the application of BC in food traceability for beef in the United States using a choice experiment. Findings indicate that consumers value USDA certifications over BC traceability to guide their meat preferences. Our study suggests a number of industry implications, the most important of which suggests focusing business and consumer education on the value of product data, rather than on the value of the technologies that manage data.
In the past two decades, land finance, a phenomenon of the financing arrangement based on land development, has gradually become a fiscal model that profoundly affects China's economic development. Based on the theory of fiscal decentralization and environmental federalism, this study employs a specially designed two-stage regression method to capture both direct and indirect (through economic development and industrial structure) influences of land finance on carbon emissions. Using the provincial panel data for the period of 1998â2016, the empirical results indicate that the direct influences are dominant, and the total impact of land finance on carbon emissions is non-linear and is dependent on the level of Gross Domestic Product (GDP) per capita. After 2003, the total effect is that carbon emissions increase continuously along with the economic development. To balance economic development and environmental protection and to enhance sustainable development, the traditional style of land finance should be changed as soon as possible.
Mary Abed Al Ahad, Ali Chalak, Souha Fares, Patil Mardigian ¡ 5 authors
Rapid urbanization, closure of dumps, and insufficient infrastructure funding in Lebanon have resulted in improper municipal solid waste management (MSWM), creating a continuing trash crisis in recent years. In Beirut and Mount Lebanon, MSWM was carried out in centralized waste processing and disposal facilities operated by the government. The trash crisis and failure of the centralized system prompted several municipal authorities to decentralize MSWM by establishing local facilities, paid by the council taxes charged to beneficiary households. To study the feasibility of decentralized MSWM, a survey of 228 households in a rural village in Lebanon explored households' willingness to pay (WTP) for a local MSWM service. For data analysis, a multivariate Tobit model was used to examine the determinants of the WTP amount. Results showed that 79% of surveyed households in the studied village were willing to support local MSWM improvements by contributing an average yearly fee of US$48, representing a 30% increase in their current council taxes. Analysis showed a significant positive association between the WTP amount and the household monthly income level, the residents perceived needs for urgency to act on solid waste management, and the households' responsibility to be involved in MSWM. An interview with the municipality mayor later revealed that financial, technical, and land resources are lacking to enable consideration of a decentralized project for MSWM in the village. Municipalities in rural areas have limited resources and are unable to sustain a decentralized MSWM service unless adjacent towns join effort in supporting and financing MSWM initiatives.
This chapter explores the variation across states in size, condition, and financing of the nationâs highway system and suggests ways to build and maintain the system to meet the needs of the 21st century economy. It provides preliminary evidence of how the differences lead to regional differences in the net return to highway capital. The chapter examines the decentralized approach to financing highways and the selection of highway projects. It also explores evidence of the extent to which this mechanism allows for states and local entities to pursue the sometimes conflicting goals of meeting local demand by businesses and residents for transportation services and providing for an efficient national highway system. A hallmark of the nationâs highway system is the federal-state partnership in which states select the projects they wish to undertake and the federal government matches state funding by up to 90 percent of total project costs on eligible highway projects.
Blockchain is highly secure in design and can hand huge data efficiently. A smart contract, based on a blockchain, can automate the entire process and make the contract self-executing in nature. Since the first introduction of these technologies in the 1990s, they have been at the center interest for academia and industry. Numerous researchers and practitioners have investigated the principles and usage of blockchain and smart contracts. However, little is coincidental regarding estimating the consumerâs additional willingness to pay (WTP) and analyzing the relationship with socio-economic characteristics of the consumer for blockchain and smart contracts in the insurance sector. This study conducted the survey on 1000 heads of the household or homemakers who represent population well in South Korea and estimated additional WTP using one-and-one-half-bounded dichotomous choice contingent valuation (OOHB DC CV) method. About 65% of sample respondents answered they are willing to pay some additional premium for blockchain and smart contracts. The mean WTP has the value of KRW 28,425.43 (USD 25.38) and the median WTP is KRW 16,111.71 (USD 14.39). Those with high incomes, high education and more insurance contracts are more likely to pay extra for insurance policies using blockchain and smart contracts. Considering the total number of households in South Korea, the aggregated additional WTP is about 8 percent of the net income of the insurance industry in fiscal year of 2017. Consequently, strategic development of insurance products using block chains and smart contracts targeting educated consumers with high-income will increase the number of policyholders, which can in turn increase premium revenues.
Sierra Ison, Jeremy Hills, Cherie W. Morris, Selina M. Stead
Marine Protected Areas (MPA) are mostly studied from an environmental context. A review of available information identified a lack of knowledge in sustainable mechanisms to finance MPA networks. At the United Nations Ocean Conference in 2017, Fiji reaffirmed its voluntary commitment to make 30% of its inshore and offshore marine area MPAs by 2020 under Sustainable Development Goal 14. The work presented here uses empirical data to explore potential benefits from selected community-based MPAs to recipient local stakeholders. A Willingness to Pay (WTP) and Willingness to Contribute Time (WtCT) method was used to explore the extent to which bottom-up governance systems represent a potential financing mechanism of a MPA network. Results of 115 interviews concluded that proximity to a fishing market, dependence on marine resources, food security, income and international commitments were significant variables influencing stakeholder's WTP and WtCT to manage a MPA. We argue that there is a discrepancy between WtCT and WTP driven by income constraints. Thus, by using WTP and WtCT to support financing of a MPA network, a Provincial Trust Fund (PTF) could promote an equitable and benefits-based contribution. Equally important, a PTF has a polycentric and decentralized governance model, which endorses sustainable management of traditional fishing communities. The conclusions provide insight into a bottom-up approach for long-term financial sustainability of Fiji's national MPA commitments.
Open access
Economic and Environmental Valuation
Coral and Marine Ecosystems Studies
Conservation, Biodiversity, and Resource Management
This paper analyses the heterogeneity of household consumer preferences for electricity service contracts in a smart grid context. Platform pricing strategies that could incentivise consumers to participate in a two-sided electricity platform market are discussed. The research is based on original data from a discrete choice experiment on electricity service contracts that was conducted with 1,892 electricity consumers in Great Britain in 2015. We estimate a flexible mixed logit model in willingness to pay space and exploit the results in posterior analysis. The findings suggest that while consumers are willing to pay for technical support services, they are likely to demand significant compensation to share their usage and personally identifying data and to participate in automated demand response programs involving remote monitoring and control of electricity usage. Cross-subsidisation of consumers combining appropriate participation payments with sharing of bill savings could incentivise participation of the number of consumers required to provide the optimal level of demand response. We also examine the preference heterogeneity to suggest how, by targeting customers with specific characteristics, smart electricity service providers could significantly reduce their customer acquisition costs.
Alison Wood, Michael Blackhurst, Desmond F. Lawler
Household sewage causes several problems if not managed properly. Centralized wastewater treatment systems have long been considered the preferred form of sewage treatment, but they can be expensive. Several decentralized wastewater technologies can manage household sewage safely and effectively and may appear to be less expensive than centralized systems on a life cycle cost basis. Homeowners may be reluctant to bear the costs of these technologies, forcing municipalities to weigh the expense of monetary incentives to householders against the costs of centralized systems. Accurate life cycle cost comparisons rely on the use of discount rates representative of the appropriate investors. Centralized systems are typically financed by public municipalities, who use market interest rates or âsocialâ discount rates in life cycle cost calculations, whereas homeowners have been observed to demonstrate much higher âimplicit discount rates.â When system costs are compared using appropriate discount rates, decentralized systems might lose their cost advantage. We examine this phenomenon with two case studies. The methodology developed herein can be applied to any case in which centralized and decentralized technologies may be appropriate solutions; it also gives a basis for sound decisions about incentivizing homeowner adoption of decentralized technologies.