Digital token valuation : cryptocurrencies, NFTs, decentralized finance, and blockchains / / Roberto Moro Visconti, Andrea Cesaretti

• Autore: Moro-Visconti Roberto
• Pubblicazione: Cham : , : Palgrave Macmillan, , 2023; ©2023
• Edizione: 1st ed.
• Descrizione fisica: 1 online resource (xvii, 500 pages) : illustrations (chiefly color)
• Disciplina: 332.4
• Soggetto topico: Blockchains (Databases); Cryptocurrencies; NFTs (Tokens)
• Altri autori: CesarettiAndrea
• Note generali: Includes index.
• Nota di contenuto: Intro -- Contents -- List of Figures -- List of Tables -- 1 Introduction -- 2 Asset Class Taxonomy and General Valuation Approaches -- 2.1 Purpose of the Firm Evaluation -- 2.2 Back-to-the Earth: Functional Analysis and Business Planning as a Prerequisite for Valuation -- 2.3 Are Cryptocurrencies an Asset Class? -- 2.4 General Valuation Approaches -- The Balance Sheet-Based Approach -- Monetary Equity -- 2.5 The Income Approach -- Estimated Normalized Income -- Choice of the Capitalization Rate -- Choice of the Capitalization Formula -- 2.6 The Value Added -- Use Value and Exchange Value -- Practical Example-The Value-Added Cake -- Cash is King: The Superiority of the Financial Approach -- Empirical Approaches -- 2.7 Terminal Value -- References -- 3 The Scalable Valuation of Digital Intangibles -- 3.1 The Intangible Roadmap -- 3.2 Accounting for Intellectual Property as a Prerequisite for Valuation -- Intangible Assets and Capitalized Costs -- Valuation Drivers, Overcoming the Accounting Puzzle -- 3.3 Intangible Assets Valuation According to IVS 210 -- 3.4 Financial Evaluation -- "With or Without" Incremental Valuation -- 3.5 Value Co-creation and Economic Marginality -- 3.6 The Valuation of Scalable Digital Platforms -- 3.7 Sliding Doors: Network-Bridging Multisided Platforms -- References -- 4 Cryptocurrencies and Non-Fungible Tokens -- 4.1 Taxonomy and Features -- 4.2 Taxonomy of the Main Cryptocurrencies, With Some Evaluation Hints -- Backed Stablecoins-More on Value and Key Features -- Crypto-Collateralized Stablecoins-More on Value and Key Features -- Algorithmic Stablecoins-More on Value and Key Features -- 4.3 Crypto Risk -- 4.4 Impact of the SWOT Analysis on the Valuation of Cryptocurrencies -- 4.5 The Impact of Cryptocurrency Volatility on Market Value -- 4.6 Non-Fungible Tokens (NFT): Main Features -- 4.7 NFT Valuation -- References. ; 5 Digital Art and Non-Fungible Tokens -- 5.1 Digital Art -- 5.2 Timestamps -- 5.3 Evaluation Approaches -- 5.4 Interactive Art (Participatory or Relational) and Value Co-Creation -- 5.5 Copyright Framework and Valuation -- Exploitation and Copyright Protection -- From Copyright to Copyleft and Creative Commons -- 5.6 Reproducibility of Works, Real Options, and Digital Scalability -- The Secondary Market -- Non-Fungible Tokens (NFT) -- References -- 6 Blockchains, Internet of Value, and Smart Transactions -- 6.1 Blockchains: Definition and Main Features -- 6.2 Disrupting Traditional Business Models -- 6.3 Internet of Value -- 6.4 The Legal Nature of Public or Private Blockchains as a Prerequisite for Valuation -- 6.5 Valuation Patterns -- 6.6 Blockchains and Cryptocurrencies -- References -- 7 The Metaverse -- 7.1 The Metaverse: Definition and Business Applications -- 7.2 Scale-Free Networks and the Metaverse Topology -- 7.3 Scalability and the Network Effect -- 7.4 Multilayer Networks -- 7.5 Sliding Doors: Network-Bridging Multisided Platforms -- 7.6 From the Internet to the Metaverse -- 7.7 Synchronizing the Physical and Virtual: the Avatar Bridging Node -- 7.8 A Holistic Ecosystem: From Physical Reality to the Internet and the Metaverse -- 7.9 From Business Modeling to Economic Valuation -- 7.10 Crypto-Backed Metaverse -- 7.11 Metaverse and Decentralized Finance -- 7.12 Metaverse, Blockchains, and Cryptocurrencies -- References -- 8 Networking Digital Platforms and Virtual Marketplaces -- 8.1 Definition and Features -- 8.2 Legal Aspects -- 8.3 Networked Governance Around Digital Platforms -- 8.4 Digital (Smart) Supply Chains -- 8.5 The Assumptions of Evaluation, Between Digital Scalability and Network Theory -- 8.6 A Theoretical Background for the Economic Valuation -- 8.7 Open Source Platforms -- 8.8 Proprietary (Commercial) Platforms. ; 8.9 Adaptation of the General Valuation Approaches -- 8.10 Specific Valuation Approaches -- 8.11 The Valuation of Virtual Marketplaces -- References -- 9 Decentralized Finance (DeFi) -- 9.1 The Architecture of Decentralized Finance -- A Closer Look at Liquidity Pools -- A Closer Look at Automated Market Makers -- 9.2 DeFi vs Traditional Finance -- The Ethereum Name Service, ENS -- A Hypothetical Venture Capital Protocol -- 9.3 The Blockchain -- Traditional Versus Blockchain Networks -- Blockchain and Its "Nodes" in a DeFi Protocols -- 9.4 The Value of the DeFi -- 9.5 Key Characteristics of DeFi -- 9.6 Benefits and Potential of DeFi -- 9.7 A DeFi Project in Deep -- The Protocol -- The Players -- Pools -- The Process -- Process of Choice of Investment by Voting Pool -- Control Over the Target Company -- Smart Contracts -- Required Standards of the Projects -- 9.8 Challenges and Risks of DeFi -- Systemic Risk -- 9.9 DeFi Valuation -- Market Approach -- Income Approach -- Further Elements to Be Analyzed in Any Valuation Approach of DeFi Projects -- Risk Assessment -- References -- 10 Cybersecurity -- 10.1 Introduction -- 10.2 SWOT Analysis -- 10.3 Digital Tokens and Cybersecurity -- 10.4 Valuation -- References -- 11 Digital Token Valuation: Looking for a New Gold Standard? -- 11.1 The Digital Token Underlying as a Prerequisite for the Valuation -- Tokenomics -- 11.2 Asset Class Valuation -- 11.3 Digital Token Valuation -- 11.4 Valuation of the Digital Tokens Linked to the DeFi Projects -- 11.5 Income approach -- The perpetuity growth rate -- The Discount or Required Rate of Return -- 11.6 Market Approach -- 11.7 The Total Value Locked ratio -- 11.8 The Market Cap to Total Value Locked Ratio -- 11.9 The Price to Earnings Ratio (P/E) -- 11.10 Valuation of Non-backed Cryptocurrencies Locked Up in Staking on a Proof-of-Stake Network -- 11.11 Conclusion. ; References -- 12 The Cryptocurrency Crash of 2022: Which Lessons for the Future? -- 12.1 Annus horribilis -- 12.2 The Cryptocurrency Bubble -- 12.3 Which Lessons for the Future? -- 12.4 Volatility Does Not Give Guarantees -- The Role of the Exchanges in the Volatility of the Cryptocurrencies -- Ownership Concentration -- The Ghost of Charles Ponzi is Still Among Us -- 12.5 Due Diligence is Still in Fashion -- 12.6 Pump and dump -- 12.7 The Crypto Assets Are of This World -- 12.8 "Too Big to Fail" Doesn't Work in the Crypto World -- 12.9 Contagion is Real -- 12.10 Let's Get Physical -- References -- 13 FinTech and Digital Payment Systems Valuation -- 13.1 Introduction -- 13.2 The Digital Ecosystem -- 13.3 Financial Bottlenecks: Inefficiencies and Friction Points -- 13.4 The Accounting Background for Valuation -- 13.5 FinTech Business Models -- 13.6 Digital Payment Systems -- 13.7 Banks Versus FinTechs: Cross-Pollination and Scalability -- Cross-Pollination -- Scalability -- 13.8 Insights from Listed FinTechs -- 13.9 Valuation Methods -- The Financial Approach -- The Cash Flow Available to the Company (Free Cash Flow to the Firm) -- The (Residual) Cash Flow Available to Shareholders -- Empirical Approaches (Market Multipliers) -- 13.10 Market Stress Tests and Business Model Sensitivity -- 13.11 Challenges and Failures: Why FinTechs Burn Out -- 13.12 Concluding Remarks -- References -- 14 Digitalization and ESG-Driven Valuation -- 14.1 Introduction -- 14.2 Sustainable Business Planning -- 14.3 The Cost of Collecting Capital: A Comparison between Traditional and ESG-Firms -- 14.4 Sustainability Patterns -- Circular Economy -- Resilient Supply and Value Chains -- Sharing Economy and Collaborative Commons -- Scalability and Real Options -- Impact of ESG Parameters on the Valuation of Digital Tokens and Cryptocurrencies -- References -- Index.
• Sommario/riassunto: This book looks at the analogic application of standard corporate valuation approaches to trendy digital tokens, expressed by cryptocurrencies, and validated through blockchain systems. Whereas traditional firm appraisal follows institutional guidelines and best practices, frontier research still must define the boundaries of these issues, linking a strong theoretical background to practical advances that still need finetuning. This book, written by an academic and a senior consultant, combines theoretical rigor with practical insights, providing an innovative framework for evaluators, managers, practitioners and academics of corporate valuation and financial technology.
• Titolo autorizzato: Digital Token Valuation
• ISBN: 3-031-42971-0
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910754092803321
• Lo trovi qui: Univ. Federico II