가치 신호로서 텍스트 감성: NFT 작품 제목 감성이 거래 가격에 미치는 영향

초록

This study examines how text-based cues–specifically, the sentiment of artwork titles – affect sales prices in the Non-Fungible Token (NFT) market. While prior research has emphasized objective determinants such as scarcity and visual features of artwork, the role of linguistic and psychological signals remains underexplored. Using 4,041 sales transactions from Damien Hirst’s The CurrencyNFT collection, we find that title sentiment has a significant negative effect on prices. Contrary to conventional expectations, more positive sentiment does not lead to higher valuations; instead, negatively valenced titles are associated with higher prices. These findings suggest that investors rely on intuitive text-based heuristics when evaluating digital assets, even in highly transparent blockchain environments. This study extends the information economics and behavioral finance literature by highlighting the influence of linguistic cues on pricing determinants in digital markets.

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