short-paper

Characterizing the Solana NFT Ecosystem

Authors:

Wenkai LiAuthors Info & Claims

WWW '24: Companion Proceedings of the ACM Web Conference 2024

Pages 766 - 769

https://doi.org/10.1145/3589335.3651478

Published: 13 May 2024 Publication History

Abstract

Non-Fungible Tokens (NFTs) are digital assets recorded on the blockchain, providing cryptographic proof of ownership over digital or physical items. Although Solana has only begun to gain popularity in recent years, its NFT market has seen substantial transaction volumes. In this paper, we conduct the first systematic research on the characteristics of Solana NFTs from two perspectives: longitudinal measurement and wash trading security audit. We gathered 132,736 Solana NFT from Solscan and analyzed the sales data within these collections. Investigating users'economic activity and NFT owner information reveals that the top users in Solana NFT are skewed toward a higher distribution of purchases. Subsequently, we employ the Local Outlier Factor algorithm to conduct a wash trading audit on 2,175 popular Solana NFTs. We discovered that 138 NFT pools are involved in wash trading, with 8 of these NFTs having a wash trading rate exceeding 50%. Fortunately, none of these NFTs have been entirely washed out.

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Cited By

Aysan ASyarif M(2024)Shaping the halal tourism industry landscape through NFT and metaverse: new horizons for halal brand and halal booking hotelJournal of Islamic Marketing10.1108/JIMA-07-2023-0206Online publication date: 30-Jul-2024
https://doi.org/10.1108/JIMA-07-2023-0206

Index Terms

Characterizing the Solana NFT Ecosystem
1. Applied computing
  1. Arts and humanities
    1. Media arts
2. Security and privacy
  1. Human and societal aspects of security and privacy
    1. Economics of security and privacy

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Published In

cover image ACM Conferences

WWW '24: Companion Proceedings of the ACM Web Conference 2024

May 2024

1928 pages

ISBN:9798400701726

DOI:10.1145/3589335

General Chairs:
Tat-Seng Chua
National University of Singapore
,
Chong-Wah Ngo
Singapore Management University
,
Program Chairs:
Ravi Kumar
Google
,
Hady W. Lauw
Singapore Management University
,
Roy Ka-Wei Lee
Singapore University of Technology and Design

Copyright © 2024 ACM.

Permission to make digital or hard copies of all or part of this work for personal or classroom use is granted without fee provided that copies are not made or distributed for profit or commercial advantage and that copies bear this notice and the full citation on the first page. Copyrights for components of this work owned by others than the author(s) must be honored. Abstracting with credit is permitted. To copy otherwise, or republish, to post on servers or to redistribute to lists, requires prior specific permission and/or a fee. Request permissions from [email protected].

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New York, NY, United States

Publication History

Published: 13 May 2024

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Funding Sources

the National Natural Science Foundation of China(No.62362021)
CCF-Tencent Rhino-Bird Open Research Fund (No.RAGR20230115)
Hainan Provincial Department of Education Project (No.HNJG2023-10)

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WWW '24

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SIGWEB

WWW '24: The ACM Web Conference 2024

May 13 - 17, 2024

Singapore, Singapore

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Cited By

Aysan ASyarif M(2024)Shaping the halal tourism industry landscape through NFT and metaverse: new horizons for halal brand and halal booking hotelJournal of Islamic Marketing10.1108/JIMA-07-2023-0206Online publication date: 30-Jul-2024
https://doi.org/10.1108/JIMA-07-2023-0206

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