Researcher ORCID Identifier

Graduation Year


Date of Submission


Document Type

Campus Only Senior Thesis

Degree Name

Bachelor of Arts



Reader 1

Darren Filson

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© 2021 Kwan Hei Hui


The worldwide growth of non-fungible tokens (NFTs) has seen digital artwork sell for prices in the millions. This paper uses cross sectional data on 200 collections in the ‘collectible’ category to identify the factors correlated with the sales price of NFTs. In the expanded regression model covering 31 independent variables, sale price is found to be positively correlated with the price of Bitcoin, number of unique buyers in the market, parent collection sales (volume of past seven-day sales, volume of all-time sales), parent collection description length, parent collection asset count, presence of a linked Twitter account, being sold on the weekends, market popularity (daily search popularity score, volume of total sales), and rarity of payment cryptocurrency (being sold to USD Coin, Gala Coin, and Wrapped Ethereum). On the other hand, sale price demonstrates a negative correlation with the price of Ethereum, number of unique sellers in the market, number of traits in the artwork, number of previous sales, number of owners in the parent collection, number of possible trait variation in the parent collection, number of cryptocurrency types the parent collection accepted in the past 20 sales, creation year of the parent collection, being sold during presale, and presence of a linked Discord server or external website. Findings from this paper contributes to the understanding on art valuation in the form of NFTs and beyond.

This thesis is restricted to the Claremont Colleges current faculty, students, and staff.