一張JPEG要一千萬：為什麼NFT的價格這麼高？

Abstract

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Non-fungible tokens, or NFTs is seen as one of the most impactful phenomena in the finance, tech, and art sectors. To most that are unfamiliar with this technology, NFTs are seen only as a digital image stored on a network that has an authentication mechanism. The mysterious and anonymous nature of NFTs has begged many questions to be answered. How can a digital image cost so much and hold its value? What are the factors in creating a successful NFT? It is evident through this research that NFT value has many explicit and implicit explanations. The explicit values lie in its historical rise in value to extraordinary levels, while the implicit value is covered by utility and hype. This explicit perceived value of hoping to cash in on the next great NFT was enough to trigger a mass entrance of buyers to the market. Utility can be easily defined but the value of that utility can vary between buyers, hence making it an implicit value overall. Hype is a psychological phenomenon that drives people to act in unordinary ways and can be triggered by various factors. Most notably, a high expectation of high demand ultimately drives this hype and is by far the largest factor that affects the prices of NFTs. As explained in the research, NFTs guarantee a sense of authentic ownership and hype is directly correlated with the demand of owning a high-end product and being able to prove to the world of its ownership.