Decentraland NFT (LAND) Market Efficiency & Responsiveness to Events

Abstract

This thesis aims to measure and describe the market characteristics of virtual land NFTs known as LAND. NFTs are a relatively new technology and have gained widespread attention, beginning with their use in the digital art space. In parallel, increased corporate interest in building the metaverse raises questions about what types of digital infrastructure can be used to support this future digital environment. This thesis connects these two trends by considering the case of NFTs being used as digital infrastructure in the metaverse. Specifically, this thesis investigates the market for LAND and adds to the limited body of literature that studies NFTs through an economic lens. By incorporating new data points and events into analysis, the results uniquely describe a section of the NFT ecosystem. Further, the results of this thesis aim to encourage further exploration of this technology and its different markets.