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