ORIGINAL RESEARCH article
Front. Blockchain
Sec. Financial Blockchain
Volume 8 - 2025 | doi: 10.3389/fbloc.2025.1588837
Has the Fan Economy affected the price of Non-Fungible Tokens (NFTs)?
Provisionally accepted
- 1Macau University of Science and Technology, Taipa, Macao, SAR China
- 2Shantou University, Shantou, Guangdong Province, China
Select one of your emails
You have multiple emails registered with Frontiers:
Notify me on publication
Please enter your email address:
If you already have an account, please login
You don't have a Frontiers account ? You can register here
In recent years, with the rapid development of blockchain technology, the emergence of Non-Fungible Tokens (NFTs) has become a disruptive and innovative application that has attracted widespread attention and triggered frenzy. This study examines the momentous but may be easily neglected price factor in the NFT market. Using hand-collected daily data on the number of followers of 150 NFTs on Discord from April 18 to October 15, 2022, empirical results find that the fan economy on social media platforms has a positive impact on NFT pricing. Furthermore, this impact has a certain time-lagged effect. To ensure the robustness of the research, this paper also collects Twitter followers as an alternative indicator to measure the fan economy, and all the empirical results of the Twitter platform are significant. The findings of this paper are of great significance for studying the factors affecting the price of NFTs and provide certain assistance for the decisionmaking of NFT issuers and investors.
Keywords: nFTS, Blockchain, Fan economy, Social media platforms, Time-lagged effect
Received: 06 Mar 2025; Accepted: 09 Jun 2025.
Copyright: © 2025 Zhang, Cao and Wen. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY). The use, distribution or reproduction in other forums is permitted, provided the original author(s) or licensor are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.
* Correspondence: Qun Cao, Macau University of Science and Technology, Taipa, Macao, SAR China
Disclaimer: All claims expressed in this article are solely those of the authors and do not necessarily represent those of their affiliated organizations, or those of the publisher, the editors and the reviewers. Any product that may be evaluated in this article or claim that may be made by its manufacturer is not guaranteed or endorsed by the publisher.