Characterizing the OpenSea NFT Marketplace

White, Bryan A.; Mahanti, Anirban; Passi, Kalpdrum

doi:10.1145/3487553.3524629

Cited by 43 publications

(15 citation statements)

References 8 publications

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“…In reality, real-world markets diverge greatly along these dimensions. For instance, OpenSea [15] enables users to put free bids on as many things as they like, whereas the market costs users a (gas) fee to place a bid. While NBA Top Shot [14] or Axie Infinity [13] forbade the use of third-party bots and restricted associated accounts, OpenSea promoted their use.…”

Section: Prons Consmentioning

confidence: 99%

A New Era of Automated Market-Makers (AMM) powered by Non-Fungible Tokens- A Review

Gupta

Malsa

2023

Glo.Jou.of.Innov.and.Eme.Tech

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The most well-known cryptocurrency, Bitcoin, is one of many that are sweeping the globe. Along with them, fungible tokens traded on numerous centralised or decentralised exchanges are different from non-fungible tokens traded on NFT marketplaces. The majority of NFTs are currently digital, and in the future, producers may innovate in this area to allow for more innovative user experiences. The blockchain and its NFTs can provide fantastic chances for artists and content producers to profit from their work. The NFT Marketplace intends to be at the centre of all these fantastic use cases for NFTs by giving users a platform to produce and exchange non-fungible tokens. NFTs offer a wide range of application cases. Automated Market Makers, which are essentially decentralised markets for crypto-tokens and offer users three core operations—depositing crypto tokens in exchange for AMM shares, performing a dual operation in which shares are obtained in exchange for base tokens, and exchanging two tokens for one another—are some of the main applications of DeFi. This conceptual research discusses AMMs that are already in existence on the Ethereum blockchain and their developments, including the AMM that is now being created on the Tezos blockchain. The goal of this study is to present a thorough understanding of blockchain technology and all of its practical uses, including voting, trading NFTs, etc. It then focuses on how NFTs are traded on various platforms before aiming for improved NFT trading marketplaces, namely Automated Market Makers on various blockchains like Ethereum and Tezos.

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Section: Prons Consmentioning

confidence: 99%

A New Era of Automated Market-Makers (AMM) powered by Non-Fungible Tokens- A Review

Gupta

Malsa

2023

Glo.Jou.of.Innov.and.Eme.Tech

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“…They also investigated the predictability of NFT sales given the sale history and NFT price given the visual features. White et al analyzed the sales data from OpenSea between Jan 2019 and Dec 2021 and found that a small group of whale NFT collectors are driving massive market growth [31]. Franceschet proposed a rating method for utilizing artists and collectors trading networks and evaluates the data of the SuperRare NFT market, then has some network metrics to suggest investment strategies [11].…”

Section: Nft Market Analysismentioning

confidence: 99%

Understanding NFT Price Moves through Social Media Keywords Analysis

Luo¹,

Jia²,

Li³

2022

Preprint

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Non-Fungible Token (NFT) is evolving with the rise of the cryptocurrency market and the development of blockchain techniques, which leads to an emerging NFT market that has become prosperous rapidly. The overall rise procedure of the NFT market has not been well understood. To this end, we consider that social media communities evolving alongside the market growth, are worth exploring and reasoning about, as the mineable information might unveil the market behaviors. We explore the procedure from the perspective of NFT social media communities and its impact on the NFT price moves with two experiments. We perform a Granger causality test on the number of tweets and the NFT price time series and find that the number of tweets has a positive impact on (Granger-causes) the price or reversely for more than half of the 19 top authentic NFT projects but seldom copycat projects. Besides, to investigate the price moves predictability using social media features, we conduct an experiment of predicting Markov normalized NFT price (representing the direction and magnitude of price moves) given social-media-extracted word features and interpret the feature importance to find insights into the NFT communities. Our results show that social media words as the predictors result in all 19 top projects having a testing accuracy above the random baseline. Based on the feature importance analysis, we find that both general market-related words and NFT event-related words have a markedly positive contribution in predicting price moves.

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“…The nature of NFT makes each one unique and authentic, which solves a big problem for the art and luxury industries. [4] For example, LV is preparing to launch NFT to prove the authenticity of its luxury goods, or to track the life-cycle journey of a single backpack. Another characteristic is that ownership belongs to the user.…”

Section: The Characteristics Of Nftmentioning

confidence: 99%

“…The most closely watched is the art NFTS due to the rising price of NFT arts ; NFTS can also be used for blockchain-based decentralized finance, the typical application scenario is the use of NFT loan ; In games area, game users can create NFTS for free trade; The following describes the application scenarios of NFT in the above fields. [4]…”

Section: A Variety Of Major Applications Of Nftsmentioning

confidence: 99%

The Research of NFT Money Laundering Risks and Regulatory Measures

Zheng¹

2022

FBEM

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Due to the imperfect laws and regulations, China's NFT is still in its infancy. But with the growth of the NFT trade and various digital collections, use NFT carry out crimes that have been quietly carried out around the world, and with them comes the risk of money laundering. At present, there are no clear legal constraints and regulatory regulations for NFT in china. This paper is aimed to disclose the risks behind NFT trading via NFT applications and trade system, the insecure NFT market can be improve by 3 measures: 1. Enhance the reliability of identification for each NFT trading platform. 2. Having access to every transaction on the platform, monitoring trade to promote security. 3. Enhance the entry standard for new trading platform to prevent illegal trade.

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Characterizing the OpenSea NFT Marketplace

Cited by 43 publications

References 8 publications

A New Era of Automated Market-Makers (AMM) powered by Non-Fungible Tokens- A Review

A New Era of Automated Market-Makers (AMM) powered by Non-Fungible Tokens- A Review

Understanding NFT Price Moves through Social Media Keywords Analysis

The Research of NFT Money Laundering Risks and Regulatory Measures

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