Howard Zhong

Howard  Zhong
MIT EECS | Keel Foundation Undergraduate Research and Innovation Scholar
Advisor: William T. Freeman
Department: EECS
Areas of Research: Computer Vision, Economics
Years: 2021-2022
Research Project Title:

Understanding Pricing in the NFT Market

abstract:Non-Fungible Tokens (NFTs) are non-fungible assets, usually digital art, that are verified and stored on the blockchain. What makes NFTs special is the non-fungible property, which guarantees that there cannot exist two of the same NFT. The NFT market skyrocketed since summer 2021, with prices more volatile than most cryptocurrencies. Up to $300 million worth of NFTs traded per day on the Ethereum network, so one may question why people value digital art so much.
About:

We are interested in what factors cause some art to be worth up to a million dollars and others worth zero. Many factors go into pricing: rarity, publicity, aesthetics, utility. We seek to create a neural network that takes in the image, rarity information, twitter following, time-series information, and other metadata to predict approximate pricing. The goal is to interpret this neural network to understand what factors are most influential in determining the value of a NFT.