This paper presents a statistical analysis examining gender and racial biases in CryptoPunks and the broader NFT market. It concludes that while gender bias is statistically insignificant, racial bias is evident, particularly in price disparities linked to perceived race. The study emphasizes that such biases could influence the evolving metaverse and advocates for awareness and access initiatives to address injustices. Future research is encouraged to label additional NFT datasets by race to confirm these findings across a broader range of NFTs.
The analysis found that while gender bias is not significant in CryptoPunks, racial bias is present, as evidenced by price disparities based on perceived race.
Disparities in CryptoPunks' prices suggest early investor perceptions of race may shape the NFT market, indicating a potential need for broader awareness and reform.
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