NFT Liquidity Analysis: Hedera versus Ethereum

This paper analyses NFT liquidity on Hedera and Ethereum using on-chain data, introducing multiple dimensions for measuring token liquidity and comparing market concentration across both networks. It highlights key differences in how NFTs are created and circulated, offering a tentative exploration of the underlying factors driving these patterns. 

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The findings provide insight into the structural and behavioural distinctions between Hedera and Ethereum’s NFT ecosystems.