Graduation Year


Date of Submission


Document Type

Open Access Senior Thesis

Degree Name

Bachelor of Arts



Reader 1

Professor Janet Smith

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Non-fungible tokens (NFTs) have emerged as a new means of digital asset ownership and many companies are building projects that revolve around the technology. These companies are blockchain-based and raise capital for their projects through cryptocurrency token sales, which have become a new mechanism of entrepreneurial finance. In a sample of 62 NFT-related companies, I examine which company, fundraising, and token sale process characteristics are associated with the performance of 7-day and 60-day market returns after a token’s public listing. A multivariate regression analysis finds that the total amount of capital raised before a token launch has a negative relationship with the 7-day and 60-day market returns. Ethereum returns, the length of the team token lock-up period and the presence of a vesting schedule have positive relationships with 60-day token returns.