Does unit of account affect willingness to pay? Evidence from metaverse LAND transactions*

【Author】 Nakavachara, Voraprapa; Saengchote, Kanis

【Source】FINANCE RESEARCH LETTERS

【影响因子】9.848

【Abstract】LAND is a non-fungible token (NFT) representing virtual real estate ownership in The Sandbox metaverse, a digital world built on the Ethereum blockchain. The open nature of a blockchainbased metaverses like The Sandbox allows users to transact in multiple denominations/currencies. We analyze more than 71,000 transactions and find that when transactions are settled in The Sandbox's native utility token (SAND), users pay 3.4% more compared to ETH (in effective USD prices). There are also evidences that users pay less when transactions are settled in wETH and USD-pegged stablecoins (USDC). Thus, the cryptocurrency/token settlement choice (i.e., unit of account) matters for willingness to pay.

【Keywords】Metaverse; NFT; Unit of account; Willingness to pay

【发表时间】2022 OCT

【收录时间】2022-08-15

【文献类型】实证数据

【主题类别】

区块链应用-虚拟经济-NFT