What Drives Nft Prices? A Machine Learning Analysis

Non-Fungible Tokens (NFTs) have garnered significant attentions as an emerging digital asset class with unique properties that cannot be replicated. In this paper, we utilize decision tree and random forest regression methodologies to conduct an analysis of the factors that influence the pricing of NFTs, with a specific focus on CryptoPunks. Our study reveals that various attributes of CryptoPunks exhibit significant variability and exert an influence on their prices. These finding provides valuable insights into the pricing dynamics of NFTs and shed light on the key attributes that impact their value in the market