Analysis of Influencing Factors on Collectibles NFT Value

This study investigates how factors such as the number of properties, property rarity, and the number of trades influence NFT value, using path analysis within a structural equation modeling framework. Focusing on the Bored Ape Yacht Club (BAYC), a leading example of collectible NFTs, this analysis indicates that higher rarity and fewer trades generally correlate with greater NFT value. While some inconsistencies were observed in the relationship between rarity and the number of trades, an overall negative correlation emerged, suggesting that rarer NFTs are traded less frequently. The study also identifies an indirect effect of the number of trades on the relationship between rarity and NFT value, highlighting that both rarity and trading activity are valuable considerations when predicting NFT value trends. Interestingly, the number of properties exhibited varying impacts on value, emphasizing an area that warrants further exploration. Furthermore, findings confirm that the rarity of essential properties has a stronger influence on NFT value than additional properties, aligning with previous research. This highlights the importance of prioritizing essential property rarity when assessing NFT values. Collectively, these insights contribute to a deeper understanding of factors shaping NFT value and offer guidance for creators, investors, and collectors navigating the evolving NFT market.