Spatial heterogeneity and non-fungible token sales: Evidence from Decentraland LAND sales
This research is a first word on the real asset properties of a class of non-fungible tokens (NFTs), LAND. Although virtual, LAND exhibits real asset characteristics, satisfying conditions for hedonic price modeling. This study values access to local amenities in virtual space, showing evidence that...
Ausführliche Beschreibung
Autor*in: |
Yencha, Christopher [verfasserIn] |
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Format: |
E-Artikel |
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Sprache: |
Englisch |
Erschienen: |
2023 |
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Schlagwörter: |
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Übergeordnetes Werk: |
Enthalten in: Finance research letters - New York : Elsevier Science, 2004, 58 |
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Übergeordnetes Werk: |
volume:58 |
DOI / URN: |
10.1016/j.frl.2023.103628 |
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Katalog-ID: |
ELV065645677 |
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10.1016/j.frl.2023.103628 doi (DE-627)ELV065645677 (ELSEVIER)S1544-6123(23)00002-8 DE-627 ger DE-627 rda eng 330 VZ Yencha, Christopher verfasserin (orcid)0000-0002-0046-8637 aut Spatial heterogeneity and non-fungible token sales: Evidence from Decentraland LAND sales 2023 nicht spezifiziert zzz rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier This research is a first word on the real asset properties of a class of non-fungible tokens (NFTs), LAND. Although virtual, LAND exhibits real asset characteristics, satisfying conditions for hedonic price modeling. This study values access to local amenities in virtual space, showing evidence that LAND prices attenuate with distance to roads and attractions, despite access to near-instant and -costless travel. Furthermore, in demonstrating the costs of omitted variable bias due to spatial autocorrelation, this research stands as a warning to investors in and researchers of virtual property markets to treat NFTs as non-interchangeable and unique with regards to location. Asset pricing NFT Non-fungible token Metaverse Enthalten in Finance research letters New York : Elsevier Science, 2004 58 Online-Ressource (DE-627)387481583 (DE-600)2145766-9 (DE-576)259272752 1544-6123 nnns volume:58 GBV_USEFLAG_U GBV_ELV SYSFLAG_U GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 58 |
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10.1016/j.frl.2023.103628 doi (DE-627)ELV065645677 (ELSEVIER)S1544-6123(23)00002-8 DE-627 ger DE-627 rda eng 330 VZ Yencha, Christopher verfasserin (orcid)0000-0002-0046-8637 aut Spatial heterogeneity and non-fungible token sales: Evidence from Decentraland LAND sales 2023 nicht spezifiziert zzz rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier This research is a first word on the real asset properties of a class of non-fungible tokens (NFTs), LAND. Although virtual, LAND exhibits real asset characteristics, satisfying conditions for hedonic price modeling. This study values access to local amenities in virtual space, showing evidence that LAND prices attenuate with distance to roads and attractions, despite access to near-instant and -costless travel. Furthermore, in demonstrating the costs of omitted variable bias due to spatial autocorrelation, this research stands as a warning to investors in and researchers of virtual property markets to treat NFTs as non-interchangeable and unique with regards to location. Asset pricing NFT Non-fungible token Metaverse Enthalten in Finance research letters New York : Elsevier Science, 2004 58 Online-Ressource (DE-627)387481583 (DE-600)2145766-9 (DE-576)259272752 1544-6123 nnns volume:58 GBV_USEFLAG_U GBV_ELV SYSFLAG_U GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 58 |
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10.1016/j.frl.2023.103628 doi (DE-627)ELV065645677 (ELSEVIER)S1544-6123(23)00002-8 DE-627 ger DE-627 rda eng 330 VZ Yencha, Christopher verfasserin (orcid)0000-0002-0046-8637 aut Spatial heterogeneity and non-fungible token sales: Evidence from Decentraland LAND sales 2023 nicht spezifiziert zzz rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier This research is a first word on the real asset properties of a class of non-fungible tokens (NFTs), LAND. Although virtual, LAND exhibits real asset characteristics, satisfying conditions for hedonic price modeling. This study values access to local amenities in virtual space, showing evidence that LAND prices attenuate with distance to roads and attractions, despite access to near-instant and -costless travel. Furthermore, in demonstrating the costs of omitted variable bias due to spatial autocorrelation, this research stands as a warning to investors in and researchers of virtual property markets to treat NFTs as non-interchangeable and unique with regards to location. Asset pricing NFT Non-fungible token Metaverse Enthalten in Finance research letters New York : Elsevier Science, 2004 58 Online-Ressource (DE-627)387481583 (DE-600)2145766-9 (DE-576)259272752 1544-6123 nnns volume:58 GBV_USEFLAG_U GBV_ELV SYSFLAG_U GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 58 |
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10.1016/j.frl.2023.103628 doi (DE-627)ELV065645677 (ELSEVIER)S1544-6123(23)00002-8 DE-627 ger DE-627 rda eng 330 VZ Yencha, Christopher verfasserin (orcid)0000-0002-0046-8637 aut Spatial heterogeneity and non-fungible token sales: Evidence from Decentraland LAND sales 2023 nicht spezifiziert zzz rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier This research is a first word on the real asset properties of a class of non-fungible tokens (NFTs), LAND. Although virtual, LAND exhibits real asset characteristics, satisfying conditions for hedonic price modeling. This study values access to local amenities in virtual space, showing evidence that LAND prices attenuate with distance to roads and attractions, despite access to near-instant and -costless travel. Furthermore, in demonstrating the costs of omitted variable bias due to spatial autocorrelation, this research stands as a warning to investors in and researchers of virtual property markets to treat NFTs as non-interchangeable and unique with regards to location. Asset pricing NFT Non-fungible token Metaverse Enthalten in Finance research letters New York : Elsevier Science, 2004 58 Online-Ressource (DE-627)387481583 (DE-600)2145766-9 (DE-576)259272752 1544-6123 nnns volume:58 GBV_USEFLAG_U GBV_ELV SYSFLAG_U GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 58 |
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10.1016/j.frl.2023.103628 doi (DE-627)ELV065645677 (ELSEVIER)S1544-6123(23)00002-8 DE-627 ger DE-627 rda eng 330 VZ Yencha, Christopher verfasserin (orcid)0000-0002-0046-8637 aut Spatial heterogeneity and non-fungible token sales: Evidence from Decentraland LAND sales 2023 nicht spezifiziert zzz rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier This research is a first word on the real asset properties of a class of non-fungible tokens (NFTs), LAND. Although virtual, LAND exhibits real asset characteristics, satisfying conditions for hedonic price modeling. This study values access to local amenities in virtual space, showing evidence that LAND prices attenuate with distance to roads and attractions, despite access to near-instant and -costless travel. Furthermore, in demonstrating the costs of omitted variable bias due to spatial autocorrelation, this research stands as a warning to investors in and researchers of virtual property markets to treat NFTs as non-interchangeable and unique with regards to location. Asset pricing NFT Non-fungible token Metaverse Enthalten in Finance research letters New York : Elsevier Science, 2004 58 Online-Ressource (DE-627)387481583 (DE-600)2145766-9 (DE-576)259272752 1544-6123 nnns volume:58 GBV_USEFLAG_U GBV_ELV SYSFLAG_U GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 58 |
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Yencha, Christopher |
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spatial heterogeneity and non-fungible token sales: evidence from decentraland land sales |
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Spatial heterogeneity and non-fungible token sales: Evidence from Decentraland LAND sales |
abstract |
This research is a first word on the real asset properties of a class of non-fungible tokens (NFTs), LAND. Although virtual, LAND exhibits real asset characteristics, satisfying conditions for hedonic price modeling. This study values access to local amenities in virtual space, showing evidence that LAND prices attenuate with distance to roads and attractions, despite access to near-instant and -costless travel. Furthermore, in demonstrating the costs of omitted variable bias due to spatial autocorrelation, this research stands as a warning to investors in and researchers of virtual property markets to treat NFTs as non-interchangeable and unique with regards to location. |
abstractGer |
This research is a first word on the real asset properties of a class of non-fungible tokens (NFTs), LAND. Although virtual, LAND exhibits real asset characteristics, satisfying conditions for hedonic price modeling. This study values access to local amenities in virtual space, showing evidence that LAND prices attenuate with distance to roads and attractions, despite access to near-instant and -costless travel. Furthermore, in demonstrating the costs of omitted variable bias due to spatial autocorrelation, this research stands as a warning to investors in and researchers of virtual property markets to treat NFTs as non-interchangeable and unique with regards to location. |
abstract_unstemmed |
This research is a first word on the real asset properties of a class of non-fungible tokens (NFTs), LAND. Although virtual, LAND exhibits real asset characteristics, satisfying conditions for hedonic price modeling. This study values access to local amenities in virtual space, showing evidence that LAND prices attenuate with distance to roads and attractions, despite access to near-instant and -costless travel. Furthermore, in demonstrating the costs of omitted variable bias due to spatial autocorrelation, this research stands as a warning to investors in and researchers of virtual property markets to treat NFTs as non-interchangeable and unique with regards to location. |
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7.400505 |