Samuel Rosen
Assistant Professor of Finance, Temple University
Talk title
Preference-Driven Herding in the Market for Non-Fungible Tokens
Abstract
Social goods are difficult to study because of selection bias: available data tends to focus on "winners." The non-fungible token (NFT) market offers a rare exception, as the blockchain records every launch, success, and failure. We validate the predictions of social-goods models using comprehensive NFT market data from 2021–2024. Buyers herd in primary market sales: collections either sell out or fail, with demand accelerating as sellouts approach. Early shocks to success persist for months, consistent with preference-driven rather than informational herding. Issuers also substantially underprice NFTs in primary markets, creating profit opportunities exploited by "scalpers."
Bio
Samuel Rosen is an assistant professor of finance at the Fox School of Business at Temple University. His research areas include macro-finance, financial institutions, commercial lending, and fintech. In fintech, he tests economic theories using data from blockchain-based digital asset markets, including non-fungible tokens and initial coin offerings. He received his PhD in finance from the University of North Carolina at Chapel Hill (Kenan-Flagler Business School) and a BA in economics from Cornell University.