非同質化代幣(NFT)是架構在區塊鏈上的一種新興應用，具有稀有性、交易公開透明、不可替代等特性。隨著金融科技發展，NFT之定價為重要之實證議題。過去文獻證實稀有性是影響NFT價值的重要變量，但對於其他影響成交價因素的文獻仍相當匱乏。本研究以三個不同類別的熱門NFT項目(分別屬於頭像類、收藏品類、實用品類)為研究樣本，探討在2021年5月1日至2022年8月31日間NFT交易之銷售者身份和成交價之關聯性。實證結果發現，當銷售者地址為巨鯨或超級藍籌持有者身份時，成交價顯著高於非巨鯨或非超級藍籌持有者身份；當銷售者地址為巨鯨並同時具備超級藍籌持有者身份時，成交價顯著高於其他市場參與者。上述實證結果支持本文假說，亦即，投資者容易有非理性投資行為，導致銷售者身份的確會顯著影響NFT交易之成交價。另外，本研究亦發現，實用品類的NFT項目其銷售者身分對成交價之影響力較為薄弱，推測此結果可能是因為精明投資者偏好具有收藏價值之NFT，而實用品類NFT較不具收藏性質所導致。

Non-Fungible token (NFT) is an emerging application built on the blockchain, which has the characteristics of rarity, open and transparent transactions, and non-substitutable. With the development of financial technology(FinTech), the pricing of NFT has been an important empirical issue. Past literature has confirmed that rarity is an important variable affecting the value of NFT, but the literature on other factors that affect transaction prices is still quite scarce. This study uses three different categories of popular NFT collectibles (respectively belonging to avatars, collectibles, and utilities) as research samples to explore the relation between identity of the seller and the price of NFT transactions during May 1, 2021 and August 31, 2022. The empirical results show that when the seller's address is the identity of the whale or super blue chip holder, the transaction price is significantly higher than that of the non-whale or non-super blue chip holder. When the seller's address is a whale and the super blue chip holder, the transaction price is significantly higher than other market participants. The above empirical results support the hypothesis that investors are prone to irrational investment behavior, and the identity of the seller will indeed significantly affect the transaction price of NFT transactions. In addition, this study also found that the influence of the identity of the seller of practical NFT projects on the transaction price is relatively weak, and it is speculated that this result may be due to the preference of sophisticated investors for collectible NFTs, while practical NFT is less collectible.

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