非同質化代幣（NFT）虛擬頭像的流動性與價值的關係

Abstract

本論文重點在於對非同質化代幣（Non-Fungible Token，以下簡稱NFT）虛擬頭像的探討，NFT虛擬頭像是一種利用區塊鏈，為個人虛擬化身或頭貼（avatar）為主題的圖像附上可溯源識別代碼的一種新的商品形式，因其與藝術品存在相同的稀缺性的特性，也被一部分人稱為NFT藝術或加密藝術（crypto art）。在2021-2022年間的NFT虛擬頭像熱潮中，許多參與者與資金湧入市場，經過持續的交易，某些NFT虛擬頭像項目的價格以倍數的趨勢增長，有些甚至達到了天價，隨後市場的沒落引發一股泡沫風潮。在這個新興的加密藝術產業發展過程中，NFT虛擬頭像的藝術價值與價格的不對等、市場的投機行為等引發爭議。本研究以日均交易額作為基礎流動性衡量指標，探討NFT虛擬頭像產生的經濟流動及其市場價格與美感、藝術價值及其他影響因子的關係。研究主要分為三大部分，第一部分著重在NFT的相關文獻及藝術、美感價值理論進行蒐集與整理；第二部分，分為三個階段，研究A針對交易平台「Opensea」的NFT虛擬頭像樣本進行隨機抽樣，並對NFT虛擬頭像的整體均價曲線進行分層，藉由分層結果對市場現況做出敘述性說明；研究B對已抽樣的NFT虛擬頭像項目的美感影響因子進行操作化定義，對美感影響因子進行問卷調查，並根據問卷結果做相關分析；研究C對已抽樣的NFT虛擬頭像項目的多項影響因子進行操作化定義和數據收集，將多項影響因子的數據和美感影響因子的問卷數據共同導入階層回歸分析，探討多項影響因子和美感影響因子對流動性的影響；第三部分結合藝術、美感價值理論及研究結果等，對NFT虛擬頭像的藝術、美感價值進行討論，最後得出結論及建議，期待進一步對NFT虛擬頭像、數位藝術品或數位「代幣化」的新形態有更完善的認識。研究A的結果表明，83.2 %NFT虛擬頭像項目價值低於原本發售的價格，但從整體均價曲線的分析結果來看，NFT虛擬頭像市場並不樂觀；研究B相關分析中，揭示了美感影響因子，美感、獨特性、內部個別差異性之間緊密的相互關聯；研究C的結果表明，社群媒體活躍度對於NFT虛擬頭像的流動性影響最大，其次為數量上的絕對稀缺性。在美感影響因素方面，美感對於NFT虛擬頭像的價值呈現負向作用，本研究提出的獨特性的審美範疇在其中發揮正向的作用。最後在美感、藝術價值方面的探討，結合不同學者的觀點與藝術理論，提出NFT虛擬頭像的審美價值是藝術商業化的延續的觀點，並認為NFT及NFT虛擬頭像核心的探索性、反霸權因素來源於區塊鏈，與其本身的價值無關，NFT及NFT虛擬頭像的價值仍是關注藝術本身的探索性及藝術價值，但仍然不排除某些NFT虛擬頭像存在藝術價值。

The focus of this thesis is on the discussion of Non-Fungible Token (hereinafter referred to as NFT) virtual avatars. NFT avatars are images with the theme of avatars using blockchain. A new form of commodity with a traceable identification code is also called NFT art or crypto art by some people because of the same scarcity characteristics as artworks. During the upsurge of NFT avatars in 2021-2022, many participants and funds flooded into the market. After continuous transactions, the prices of some NFT avatar projects increased by multiples, and some even reached sky-high prices, and then the market declined. Trigger a wave of bubbles. In the development process of this emerging encrypted art industry, the unequal artistic value and price of NFT avatars, and market speculation have caused controversy. This study uses the average daily transaction volume as the basic liquidity measurement index to explore the economic flow generated by NFT avatars and the relationship between their market price and aesthetics, artistic value and other influencing factors.The research is mainly divided into three parts. The first part focuses on the collection and arrangement of NFT-related literature and art and aesthetic value theories; the second part is divided into three stages, research A is aimed at the NFT avatar samples of the trading platform Opensea Conduct random sampling and stratify the overall average price curve of NFT avatars, and use the stratified results to make a narrative description of the current market situation; Research B operationally defines the aesthetic impact factors of the sampled NFT avatar projects , conducted a questionnaire survey on the aesthetic impact factors, and performed correlation analysis based on the questionnaire results; research C carried out operational definition and data collection of multiple impact factors of the sampled NFT avatar project, and combined the data of multiple impact factors with the aesthetic impact factors. The questionnaire data are jointly introduced into hierarchical regression analysis to explore the impact of multiple influencing factors and aesthetic influencing factors on liquidity; the third part combines art and aesthetic value theory and research results to discuss the artistic and aesthetic value of NFT avatars, and finally obtains Draw conclusions and suggestions, and look forward to a better understanding of NFT avatars, digital artworks, or new forms of digital ‘tokenization’.The results of Study A show that the value of 83.2% of NFT avatar items is lower than the original sale price, but from the analysis results of the overall average price curve, the NFT avatar market is not optimistic; in the related analysis of Study B, it reveals the influence of aesthetics Factors, aesthetics, uniqueness, and internal individual differences are closely related to each other; the results of Study C show that social media activity has the greatest impact on the liquidity of NFT avatars, followed by absolute scarcity in quantity. In terms of influencing factors of aesthetics, aesthetics has a negative effect on the value of NFT avatars, and the unique aesthetic category proposed in this study plays a positive role in it. Finally, in terms of aesthetics and artistic value, combined with the views of different scholars and artistic theories, it is proposed that the aesthetic value of NFT avatars is the continuation of art commercialization, and that the core of NFT and NFT avatars is exploratory and anti-hegemonic. Originating from the blockchain, it has nothing to do with its own value. The value of NFT and NFT avatars still focuses on the exploratory nature and artistic value of art itself, but it still does not rule out that some NFT avatars have artistic value.