Abstract
Rarity is known to be a factor in the price of non-fungible tokens (NFTs). Most investors make their purchasing decisions based on the rarity score or rarity rank of NFTs. However, not all rare NFTs are associated with a higher price, especially for play-to-earn gaming NFTs. In this paper, we studied the top-ranked play-to-earn gaming NFTs on Axie Infinity. We found that, in addition to rarity, utility is also a significant factor influencing the price. Furthermore, we use utility as a predictor to predict the price of Axies using the XGBoost regressor. Our results reveal that, compared to using rarity-based predictors only, leveraging utility-based predictors can improve the prediction accuracy, thus highlighting utility as a price determinant for play-to-earn gaming NFTs. Copyright © 2022 IEEE.
| Original language | English |
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| Title of host publication | Proceedings of 2022 IEEE International Conference on Systems, Man, and Cybernetics (SMC) |
| Place of Publication | USA |
| Publisher | IEEE |
| Pages | 1161-1166 |
| ISBN (Electronic) | 9781665452588 |
| DOIs | |
| Publication status | Published - 2022 |