Author ORCID Identifier
https://orcid.org/0000-0002-4819-7821
Date Available
5-6-2027
Year of Publication
2025
Document Type
Doctoral Dissertation
Degree Name
Doctor of Philosophy (PhD)
College
Business and Economics
Department/School/Program
Accountancy
Faculty
Brian Bratten
Faculty
Brian Bratten
Abstract
This study investigates how information dissemination technology influences creative outcomes. I collect unique data from the non-fungible token (NFT) market, where creators sell digital artwork to collectors and investors. Specifically, I examine the market consequences following the introduction of a mobile app by a primary NFT marketplace, which disseminated market information among creators and investors. Using a difference-in-differences research design, I find that increased information dissemination is associated with decreased creativity in NFTs, as measured by the visual uniqueness of NFTs computed through deep learning algorithms. Additionally, increased information dissemination is associated with lower market prices of NFTs and a decreased market response to NFT creativity. Moreover, I develop and estimate a structural model of the creative process. The structural estimation results are consistent with two underlying mechanisms: information dissemination technology (i) decreases creators’ efficiency in transforming labor into creative outputs; and (ii) attenuates the market’s response to creativity, thus weakening creators’ incentives to pursue creativity. Finally, I find that information dissemination technology is associated with higher trading volumes and increased market participation from NFT creators and investors. Overall, my results suggest that information dissemination technology shapes market-wide creative outcomes and the pricing of intangible assets.
Digital Object Identifier (DOI)
https://doi.org/10.13023/etd.2025.81
Funding Information
Deloitte Foundation Doctoral Fellowship, Deloitte Foundation, 2022-2024
Von Allmen Fellowship, Douglas J. Von Allmen, 2021-2024
Block Funding Scholarship, University of Kentucky Gatton College of Business and Economics, 2023-2024
Recommended Citation
Cheng, Sung-Yuan, "INFORMATION DISSEMINATION, CREATIVITY, AND PRICING: EVIDENCE FROM THE NON-FUNGIBLE TOKEN (NFT) MARKET" (2025). Theses and Dissertations--Accountancy. 24.
https://uknowledge.uky.edu/accountancy_etds/24
