Gender and racial price disparities in the NFT marketplace

IF 5.9 2区 管理学 Q1 BUSINESS
Yuan Yuan, Xiao Liu, Shunyuan Zhang, Kannan Srinivasan
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Abstract

This paper empirically investigates the causal impact of avatar gender and race on transaction prices within the Non-Fungible Token (NFT) marketplace. The impetus behind this investigation is grounded in the observation that NFT investors frequently represent a younger, wealthier, and politically progressive demographic, which raises the question of whether this marketplace is less susceptible to prejudice and social bias. Contrary to such expectations, our analysis reveals pronounced gender and racial disparities in NFT prices. Specifically, CryptoPunks avatars are transacted at a 36.8% lower price compared to their counterparts (i.e., avatars with similar image attributes), while CryptoPunks avatars are transacted at a 30.7% lower price compared to their counterparts. We further identify that avatar features linked to high-tech or higher education attributes (e.g., 3D glasses, Virtual Reality glasses, Nerd glasses) can effectively counter these disparities. We verify the causal patterns revealed in the NFT dataset with a controlled experiment, where NFT buyers are randomly shown the comparable avatars that exhibit variations in race or gender, enabling us to evaluate the impact of these attributes on buyer choices and willingness-to-pay. The experiment confirms the (male) and (white) price premium in the NFT market and suggests that buyers exhibit a preference for NFT avatars resembling their personal identity. We offer insights into policy strategies aimed at promoting racial and gender equity within the NFT marketplace.
NFT 市场上的性别和种族价格差异
本文通过实证研究,探讨了虚拟化身的性别和种族对不可兑换代币(NFT)市场交易价格的因果影响。这项调查背后的推动力源于这样一种观察,即 NFT 投资者通常代表着更年轻、更富有、政治上更进步的人群,这就提出了这样一个问题,即这个市场是否不太容易受到偏见和社会偏见的影响。与这种预期相反,我们的分析揭示了 NFT 价格中明显的性别和种族差异。具体来说,CryptoPunks 头像的交易价格比同类头像(即具有相似图像属性的头像)低 36.8%,而 CryptoPunks 头像的交易价格比同类头像低 30.7%。我们进一步发现,与高科技或高等教育属性相关的头像特征(如 3D 眼镜、虚拟现实眼镜、书呆子眼镜)可以有效地消除这些差异。我们通过一个受控实验来验证 NFT 数据集中揭示的因果模式,即随机向 NFT 买家展示在种族或性别上存在差异的可比化身,从而评估这些属性对买家选择和支付意愿的影响。该实验证实了 NFT 市场中(男性)和(白人)的价格溢价,并表明买家对与其个人身份相似的 NFT 头像表现出偏好。我们为旨在促进 NFT 市场种族和性别平等的政策战略提供了见解。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
11.80
自引率
4.30%
发文量
77
审稿时长
66 days
期刊介绍: The International Journal of Research in Marketing is an international, double-blind peer-reviewed journal for marketing academics and practitioners. Building on a great tradition of global marketing scholarship, IJRM aims to contribute substantially to the field of marketing research by providing a high-quality medium for the dissemination of new marketing knowledge and methods. Among IJRM targeted audience are marketing scholars, practitioners (e.g., marketing research and consulting professionals) and other interested groups and individuals.
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