2023届研究生硕士学位论文
分类号：学校代码：10269_
密级：学号：51204410006_
East China Normal University
硕士学位论文
MASTER’S DISSERTATION
论文题目：社交媒体平台NFT 验证
对NFT 价值的影响
院系：亚欧商学院
专业：市场营销学
研究方向：精品品牌管理
指导教师：王雪华副教授
学位申请人：刘彦汝
2023年4月
Dissertation for Master’s Degree in 2023
University code:10269
Student ID:51204410006
East China Normal University
Title:Influence of Social Media Platform Adding NFT
Verification Function on NFT Valuation
Department/School:Asia Europe Business School
Major:Marketing
Research direction:High-end Brand Management
Supervisor:Wang Xuehua Associate Professor
Candidate:Liu Yanru
April,2023
华东师范大学硕士学位论文
摘要
社交平台巨头推特（Twitter）于2022年1月20日正式上线有关NFT（非同质化
代币，Non-Fungible Token）验证的新功能，用户仅需支付2.99美元的“蓝V认证
（Twitter Blue）”订阅费用，即可连接自己的加密货币钱包，从而导入各自的
OpenSea收藏，实现编辑个人资料时选择已持有的NFT之一作为其推特头像。由
于NFT六边形头像的特殊性，这些加密用户能够很容易地与使用传统圆形头像的
用户区别开来。随着NFT不断地被有影响力的人改为推特头像并成为炫耀的资本，
本文重点探究社交平台添加检验NFT图片验证功能这一外生冲击对NFT交易价
格的影响，提出价格和流行度在此作用中具有调节效应。
本文使用构建双重差分模型验证了上述机制。通过对头像类（150）、游戏
类（102）以及音乐类（98）三类共计350个NFT，在2021年9月29日至2022年5月
11日期间，共计4226条交易数据的观测样本进行回归分析，本文研究发现，NFT
图片验证功能的推出对NFT交易价格的提高有显著的促进作用。进一步地，通过
分组回归和交互项回归证明价格和流行度的调节作用成立。具体而言，调节变量
价格使得社交平台添加检验NFT图片验证功能后，价格高的NFT交易价格上升，
价格低的NFT交易价格反而降低。调节变量流行度加强了社交平台添加检验NFT
图片验证功能对NFT交易价格的正向关系。最后，本文通过社交平台添加检验
NFT图片验证功能这一外生冲击对NFT交易价格的影响以及价格和流行度的调
节机制研究，提出了相应的管理启示。
关键词：非同质化代币，流行度，价格，双重差分模型
I
华东师范大学硕士学位论文
ABSTRACT
Social platform giant Twitter officially launched a new feature on January 20,2022
regarding NFT (Non-Fungible Token)verification,for a 2.99“Twitter Blue”
subscription that allows users to connect to a cryptocurrency wallet when editing their
profile and import their OpenSea collection and subsequently select one of their NFT
holdings as an avatar.These users are easily distinguished from those who are not yet
encrypted by the shape of their avatar:the new NFT avatars are hexagonal,rather than
the traditional round shape.As NFTs continue to be changed to Twitter avatars by
influencers and become bragging rights,this dissertation focuses on exploring the
impact of the exogenous shock of adding NFT image verification function to social
platforms on NFT trading prices,suggesting that price and popularity have moderating
effects in this role.
This dissertation validates the above mechanism using the construction of a
difference-in-differences model.Through regression analysis of a total of 350NFTs in
three categories:PFP (150),Game (102),and Music (98),with a total of 4,226
transaction data in the observation sample between September 29,2021and May 11,
2022,this dissertation finds that the addition of the NFT image verification feature to
social platforms has a significant effect on the increase of NFT transaction prices.
Further,the moderating effects of price and popularity are demonstrated to hold by
group regression and interaction term regression.Specifically,the moderating variable
“price”makes the transaction price of high-priced NFTs increase and the transaction
price of low-priced NFTs decrease after adding the NFT image verification function to
social platforms.The moderating variable “popularity”strengthens the positive
relationship between the addition of the NFT image verification function on social
platforms on NFT transaction prices.Finally,this dissertation proposes corresponding
management insights by examining the impact of the exogenous shock of adding the
NFT image verification function to a social platform on NFT trading price,as well as
the moderating mechanism of price and popularity.
Keywords:Non Fungible Token (NFT),Popularity,Price,Difference-in-Differences
II
目录
第一章绪论...............................................................................................1
1.1研究背景...........................................................................................1
1.2研究目的...........................................................................................3
1.3研究意义...........................................................................................5
1.4研究流程...........................................................................................6
1.5研究方法...........................................................................................7
1.6研究创新点.......................................................................................8
1.7本文组织架构...................................................................................8
第二章理论基础和文献综述................................................................11
2.1NFT 概述.........................................................................................11
2.1.1NFT 定义...................................................................................11
2.1.2NFT 应用...................................................................................13
2.1.3NFT 研究现状...........................................................................14
2.2炫耀性消费概述.............................................................................16
2.3DID 双重差分模型.........................................................................18
第三章理论模型构建和假设提出........................................................20
3.1构建理论模型.................................................................................20
3.2社交平台添加NFT 图片验证功能对NFT 交易价格的影响.20
3.3价格对社交平台添加NFT 图片验证功能对NFT 交易价格的
影响的调节..........................................................................................21
3.4流行度对社交平台添加NFT 图片验证功能对NFT 交易价格
的影响的调节......................................................................................22
第四章数据说明和实证方法................................................................24
4.1关键变量测度.................................................................................24
4.2样本选择与数据来源.....................................................................24
4.3计量模型构建.................................................................................26
第五章数据分析....................................................................................28
5.1描述性统计分析.............................................................................28
5.2基准回归.........................................................................................29
5.3平行趋势检验.................................................................................30
5.4安慰剂检验.....................................................................................31
5.4.1虚构政策发生时间...................................................................31
5.4.2虚构实验组...............................................................................32
5.5稳健性检验.....................................................................................33