A Compressive Review of NFT Marketplace

A Compressive Review of NFT Marketplace

Author Name : Prof. M. M. Panchariya, Miss. Manjiri Gawande, Mr. Prajwal M. Nerkar, Mr. Shubham R. Bulle, Mr. Prajwal S. Belsare, Miss. Rutuja Manchalwar

ABSTRACT Non-fungible tokens (NFTs) represent unique digital assets verified through blockchain technology, enabling ownership of both virtual and physical items. Despite the rapid growth in the creation and trading of NFTs, comprehensive research on their market dynamics remains limited. This study examines the transaction network among NFT buyers and sellers, focusing on the structural characteristics of NFT trade interactions. Our analysis reveals that a small number of participants account for most NFT transactions, while most addresses engage in only a few trades. We explore the structural properties of the NFT trades network, including centrality measures, clustering coefficients, and assortativity, and track their evolution over time. Additionally, we construct a graph of NFT relationships, identifying four major communities and highlighting leading projects within each. Our findings also indicate patterns in co-purchases, revealing which NFT projects are frequently bought together. This research contributes to a deeper understanding of the NFT market's structural dynamics and participant behaviour.