Four-Layer Valuation Framework for Non-Fungible Tokens (NFTs): Asset, Market, Technology, and Ecosystem Perspectives
Year: 2026
Type: article
Abstract: In this study, we propose a structured valuation framework for non-fungible tokens (NFTs), a distinct class of digital assets whose pricing mechanisms remain insufficiently understood. Based on previous empirical studies and illustrative case analyses of three major NFT collections, we synthesize insights from non-cash-flow asset theory, market microstructure, and behavioral finance to construct a four-layer valuation framework consisting of the Asset, Market, Technology, and Ecosystem layers. We identify three NFT-specific mechanisms—verified digital scarcity, pseudonymous signaling, and on-chain herding—that modify or extend traditional valuation paradigms. Empirical evidence from the literature suggests that rarity-driven asset features and social-influence dynamics are dominant price determinants, while wash trading, fragmented liquidity, and platform incentive structures generate persistent distortions in price discovery. Case analyses of CryptoPunks, Bored Ape Yacht Club, and Pudgy Penguins demonstrate how differing risk exposures across the four layers translate into distinct valuation trajectories. With this framework, we obtain a basis for improved risk assessment, regulatory oversight, and business model design in NFT markets.
DOI: 10.3390/jrfm19040245
Authors: Tae-Woong Ham, Se-Hak Chun
Institution: Seoul National University of Science and Technology
Language: English
Subfield: Information Systems
Field: Computer Science
Domain: Physical Sciences
Open Access status: hybrid
Estimated APC paid: $1,689
OpenAlex ID: W7141131765