SFS Cavalcade North America 2024
Georgia State University | May 19-22, 2024
Conference Agenda
Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).
Please note that all times are shown in the time zone of the conference. The current conference time is: 1st May 2025, 10:16:15am EDT
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Session Overview |
Session | ||
Track M1-3: FinTech
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Presentations | ||
Digital Veblen Goods 1Temple University; 2University of Chicago We propose a new framework for understanding non-fungible tokens (NFTs), crypto-assets that typically represent digital artwork. We posit that NFTs are digital Veblen goods: consumers demand them partly because other consumers do. Demand for NFT collections is thus fragile; issuers respond by underpricing their NFTs in primary markets, creating profit opportunities for "scalpers." We construct a simple model of NFT markets emphasizing social forces on demand and verify its predictions empirically. Our results have implications for redesigning NFT primary markets and for interpreting NFT returns.
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