This article explores the pricing dynamics of Non-Fungible Tokens (NFTs), particularly focusing on racial and gender bias. While preliminary studies indicated disparities in the CryptoPunks collection, this research expands to the broader NFT market. Results support the existence of racial bias, with darker-skinned NFTs being valued less than their lighter-skinned equivalents. Interestingly, no significant gender bias was found. The study introduces a new dataset with gender-labeled NFT collections, aiming to enhance the understanding of social equity in the evolving NFT landscape, demonstrating the necessity for awareness and potential changes in valuation practices.
Our study finds evidence of racial bias in NFT pricing, showing that darker-skinned NFTs are predominantly valued less than lighter-skinned counterparts, revealing social inequities in this art form.
While previous research suggested gender bias in NFTs, our findings show that, unlike racial disparities, gender does not significantly impact NFT prices in the broader market.
The introduction of gender-labeled datasets is pivotal for advancing research on social equity in the NFT market, paving the way for deeper analysis of representation and valuation.
The NFT market's rapid growth necessitates scrutiny regarding diversity and equity, as our exploratory analysis reveals persistent racial bias against darker-skinned NFTs.
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