Interplay of NFT Trade and Ownership Dynamics: Tokenization Trends in the Digital Economy

Non-Fungible Tokens (NFTs) have transformed digital asset markets by enabling verifiable ownership of unique items on the blockchain. However, while these platforms promote decentralization, emerging patterns suggest centralization in asset accumulation and trading activity. This study investigates the structure and dynamics of NFT ecosystems by constructing and analyzing two distinct but complementary network models: the NFT trade network and the NFT ownership network. Drawing from over six million transactions across five major marketplaces—OpenSea, CryptoKitties, Atomic, Decentraland, and GodsUnchained—we analyze topological features such as density, average degree, modularity, and centrality. The trade network reveals sparse but community-driven interactions, with high modularity and low density, whereas the ownership network exhibits dense clustering and low modularity, highlighting asset accumulation within specific wallets. Degree centrality and power-law distribution analysis indicate significant market concentration on platforms like OpenSea and CryptoKitties, while GodsUnchained and Decentraland show more decentralized behaviors. These findings reveal fundamental differences in how NFTs are traded versus how they are owned. Our dual-network framework offers an analytical basis for understanding decentralization, equity, and influence in blockchain based markets. This approach provides a foundation for monitoring user behavior, detecting market manipulation, and informing policy or design interventions in emerging digital economies.