非同質化代幣（NFT）虛擬頭像的市場整體表現、流通性與不同價值的關係

The overall market performance and relationship between liquidity and different values of non-fungible token (NFT) avatars

本研究探討了非同質化代幣（NFT）虛擬頭像的市場價格行為，即經濟流動性如何被美感、藝術價值等影響因子所影響。在明確研究目的情況下對NFT相關文獻及美感價值理論進行蒐集和整理，研究分為兩個部分：首先，對Opensea交易平台的NFT虛擬頭像樣本進行抽樣後分層，藉由整體均價曲線的分層結果對市場現況做出敘述性說明；其次，通過問卷調查、數據收集和階層回歸分析，探討多個影響因子對NFT虛擬頭像流動性（以日均交易額衡量）的影響。研究結果顯示，大部分NFT虛擬頭像的價格低於原價，整體市場表現不樂觀。社群媒體活躍度是影響流動性的重要因素，美感對NFT虛擬頭像的流動性具有負向作用，而獨特性有正向影響。

This study explores the market price behavior of non-fungible token (NFT) virtual avatars, that is, how economic liquidity is affected by factors such as aesthetics and artistic value. In the case of a clear research purpose, the NFT-related literature and aesthetic value theory are collected and organized. The research is divided into two parts: first, the NFT avatar samples of the Opensea are sampled and stratified, and the analysis of the overall average price curve is carried out. The hierarchical results make a narrative description of the current market situation; secondly, through questionnaire survey, data collection and hierarchical regression analysis, the influence of multiple influencing factors on the liquidity of NFT avatars (measured by daily average transaction volume) is discussed. The research results show that the price of most NFT avatars is lower than the original price, and the overall market performance is not optimistic. Social media is an important factor affecting liquidity. Aesthetics has a negative effect on the fluidity of NFT avatars, while uniqueness has a positive effect.