Abstract
Supporting Non-Fungible Token (NFT) Software Development enables the creation and sale of blockchain-based NFTs backed by unique digital or physical assets. Its value classification is important to justify investment in software development. This study surveys the rapid increase in NFT popularity and proposes a methodology to assess the valuation of an NFT and be able to predict the ultimate success of an NFT. The main influential factors identified in the study are the community and scarcity, our result confirms these two main factors that can affect an NFT's valuation, and this poster paper will look in depth at the correlation between the factors and the value of the NFT and provides the future direction of research. III. COMMUNITY The community or consumers of an NFT are one of the main influential factors that can influence whether or not an NFT is successful. This is because if an NFT has a large community prior to its release then the buyers know that there will be other guaranteed buyers. [3] An NFT's price point is very dependent on whether or not the consumers believe that their return on investments will be high or not, therefore a large community is crucial for the success of an NFT. Many successful NFT's before their day of mint (the first day people can buy the NFT) already had a large community of tens of thousands of potential buyers [4]. From the research conducted and the data gathered, the Pearson correlation coefficient was calculated. The Pearson correlation coefficient for the relationship between sales volume and twitter followers resulted in an R value of 0.582[6]. The threshold for a strong coefficient is anything above 0.7, therefore it can be concluded that there is only a weak correlation between twitter followers and the total sales volume of an NFT. Figure 1 shows a graphical relationship between the social media followers and the total sales volume. It can be concluded that there is a positive correlation between them as the line has a positive gradient. Keywords-NFT Valuation, Blockchain Software, Digital Asset, Cryptocurrency I. INTRODUCTION) NFTs or non-fungible tokens are becoming more important recently, from being used to