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Call for Papers: PIER Research Workshop 2025
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Discussion Paperdp
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Year
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22 February 2022
20221645488000000
No. 172

Is Metaverse LAND a Good Investment? It Depends on Your Unit of Account!

Abstract

The Sandbox metaverse LAND non-fungible token (NFT) prices increased by than 300 times (in USD) between December 2019 and January 2022, but when measured in its native utility token (SAND), the increase is only 3 times. Depending on how prices are denominated, investment returns and effective transaction prices vary. We analyze more than 71,000 transactions and find that users are willing to pay 3–4% more when transactions are settled in SAND, and 30% less when settled in wETH (a smart contract version of ETH) when compared to ETH, so unit of account matters. Our results contribute to the discussions of blockchain-based, virtual economy management and the digitalization of money (Brunnermeier et al., 2019).

Published Version

Nakavachara, V., & Saengchote, K. (2022). Does unit of account affect willingness to pay? Evidence from metaverse LAND transactions. Finance Research Letters, 103089.

Download full text
JEL: F3G00R30
Tags: metaversereal estate price indexnftunit of accountimpossible trinity
The views expressed in this workshop do not necessarily reflect the views of the Puey Ungphakorn Institute for Economic Research or the Bank of Thailand.
Voraprapa Nakavachara
Voraprapa Nakavachara
Chulalongkorn University
Kanis Saengchote
Kanis Saengchote
Chulalongkorn University

Puey Ungphakorn Institute for Economic Research

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Phone: 0-2283-6066

Email: pier@bot.or.th

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