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Digital Veblen Goods - EPFL
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class="event-time">13:00</span> </td> </tr> <tr> <td class="align-top pr-2">Speaker</td> <td class="align-top"> <span itemprop="performer" itemscope="" itemtype="http://schema.org/Person" class="text-break"> <span itemprop="name">Anthony Lee Zhang - University of Chicago</span> </span> </td> </tr> <tr> <td class="align-top pr-2">Location</td> <td class="align-top"> <div itemprop="location" itemscope itemtype="http://schema.org/Place"> <svg class="icon feather" aria-hidden="true"> <use xlink:href="#map-pin"></use> </svg> <span itemprop="address" itemscope itemtype="http://schema.org/PostalAddress"></span> <span itemprop="name">UniL Campus, Room Extra 126</span><br> </div> </td> </tr> <tr> <td class="align-top pr-2">Category</td> <td class="align-top">Conferences - Seminars</td> </tr> <tr> <td class="align-top pr-2">Event Language</td> <td class="align-top"> English </td> </tr> </tbody> </table> </div> </div> </div> </div> <div class="container mt-5"> <div class="row"> <div class="col-lg-6 col-md-5"> <span itemprop="description"><p>We propose a new framework for understanding non-fungible tokens (NFTs), cryptoassets that typically represent digital artwork. We posit that NFTs are digital Veblen goods: consumers demand them partly because other consumers do. Demand for NFT collections is thus fragile; issuers respond by underpricing their NFTs in primary markets, creating profit opportunities for “scalpers.” We construct a simple model of NFT markets emphasizing social forces on demand and verify its predictions empirically. Our results have implications for redesigning NFT primary markets and for interpreting NFT returns.<br> </p></span> </div> <div class="col-lg-4 col-md-6 offset-lg-2 offset-md-1 mt-4 mt-md-0"> <div class="mb-5"> <h2 class="h6">Links</h2> <ul class="list-bullet text-break"> <li><a class="link-pretty" href="https://www.chicagobooth.edu/faculty/directory/z/anthony-lee-zhang">Homepage</a></li> </ul> </div> <div class="mb-5"> <h2 class="h6">Practical information</h2> <ul class="list-bullet"> <li>Informed public</li> <li>Free</li> </ul> </div> <div class="mb-5"> <h2 class="h6">Contact</h2> <ul class="list-bullet"> <li><a href="/cdn-cgi/l/email-protection" class="__cf_email__" data-cfemail="dba8b4abb3b2bef5b8babfbeb5bab0baaea19bbeabbdb7f5b8b3">[email protected]</a></li> </ul> </div> <div class="mb-5"> <h2 class="h6">Export Event</h2> <ul class="list-bullet"> <li> <a target="_blank" href="https://www.google.com/calendar/event?action=TEMPLATE&text=Digital+Veblen+Goods&details=Anthony+Lee+Zhang+-+University+of+Chicago%0A%3Cp%3EWe+propose+a+new+framework+for+understanding+non-fungible+tokens+%28NFTs%29%2C+cryptoassets+that+typically+represent+digital+artwork.+We+posit+that+NFTs+are+digital+Veblen+goods%3A+consumers+demand+them+partly+because+other+consumers+do.+Demand+for+NFT+collections+is+thus+fragile%3B+issuers+respond+by+underpricing+their+NFTs+in+primary+markets%2C+creating+profit+opportunities+for+%E2%80%9Cscalpers.%E2%80%9D+We+construct+a+simple+model+of+NFT+markets+emphasizing+social+forces+on+demand+and+verify+its+predictions+empirically.+Our+results+have+implications+for+redesigning+NFT+primary+markets+and+for+interpreting+NFT+returns.%3Cbr%3E%0D%0A%C2%A0%3C%2Fp%3E&location=UniL+Campus%2C+Room+Extra+126&ctz=Europe%2FZurich&dates=20250325T114500%2F20250325T130000"> Add to Google Calendar </a> </li> <li> <a href="https://memento.epfl.ch/event/export/112794/"> 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