Herding in the Non-fungible Token (NFT) Market

Bao, Te; Ma, Mengzhong; Wen, Yonggang

doi:10.2139/ssrn.4285007

Cited by 3 publications

(1 citation statement)

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“…For example, recent research has explored the role of NFTs on 'Play to Earn' (PTE) online gaming (Delic and Delfabbro 2022;Aguila and Bartolata 2022), as well as their use for in-game collectables such as VGO skins (Gonserkewitz et al 2022). Additionally, NFTs have also been compared to highly speculative markets, where investors expect to profit from 'hyped' digital assets valued substantially above their actual price (Ma and Wen 2022). A recent study also found that despite its potential for high returns, the NFT market is highly volatile (White et al 2022).…”

Section: Discussionmentioning

confidence: 99%

Cryptocurrencies as Gamblified Financial Assets and Cryptocasinos: Novel Risks for a Public Health Approach to Gambling

Andrade

Newall

2023

Risks

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Policymakers’ attempts to prevent gambling-related harm are affected by the ‘gamblification’ of, for example, video games and investing. This review highlights related issues posed by cryptocurrencies, which are decentralised and volatile digital assets, and which underlie ‘cryptocasinos’—a new generation of online gambling operators. Cryptocurrencies can be traded around the clock and provide the allure of big potential lottery-like wins. Frequent cryptocurrency traders often suffer from gambling-related harm, which suggests that many users are taking on substantial risks. Further, the lack of regulation around cryptocurrencies and social media echo chambers increases users’ risk of being scammed. In comparison to the conventional regulated online gambling sector, cryptocasinos pose novel risks for existing online gamblers, and can also make online gambling accessible to the underage, the self-excluded, and those living in jurisdictions where online gambling is illegal. Researchers and policymakers should continue to monitor developments in this fast-moving space.

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