A Deep Dive into NFT Whales: A Longitudinal Study of the NFT Trading Ecosystem

Na Hyeon ParkHanna KimChanhee LeeChanghoon YoonSeunghyeon LeeYoungjin jinSeungwon Shin

Na Hyeon ParkHanna KimChanhee Lee ...+3 Seungwon Shin

Feb 2023

摘要

NFT (Non-fungible Token) has drastically increased in its size, accountingfor over \$16.9B of total market capitalization. Despite the rapid growth ofNFTs, this market has not been examined thoroughly from a financialperspective. In this paper, we conduct methodical analyses to identify NFTmarket movers who play a significant role in potentially manipulating andoscillating NFT values. We collect over 3.8M NFT transaction data from theEthereum Blockchain from January 2021 to February 2022 to extract tradinginformation in line with the NFT lifecycle: (i) mint, (ii) transfer/sale, and(iii) burn. Based on the size of held NFT values, we classify NFT traders intothree groups (whales, dolphins, and minnows). In total, we analyze 430K tradersfrom 91 different NFT collection sources. We find that the top 0.1\% of NFTtraders (i.e., whales) drive the NFT market with consistent, high returns. Wethen identify and characterize the NFT whales' unique investment strategies(e.g., mint/sale patterns, wash trading) to empirically understand the whalesin the NFT market for the first time.

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