Fertile LAND: Pricing Non Fungible Tokens
The current popularity of non fungible token (NFT) markets is one of the most notable public successes of blockchain technology. NFTs are blockchain traded rights to any digital asset; including images, videos, music, even the parts of virtual worlds. As a first study of NFT pricing, we explore the pricing of parcels of virtual real estate in the largest blockchain virtual world, Decentraland; an NFT simply termed LAND. We show a LAND price series characterised by both inefficiency and a steady rise in value.