Determine whether repeated exposure or investor composition changes name preferences

Determine whether preferences for token names change with repeated exposure or with changes in the investor base, rather than declining solely because a focal name has been repeatedly used.

Background

The paper examines whether repeated use of the same token name reduces the attention and capital that the name attracts. Early inflow declines substantially with the name’s use order, a pattern that is consistent with the coordination explanation that a focal point becomes used up through repeated use.

The authors note that this decline does not establish that coordination is the only mechanism. Preferences might also change as investors encounter a name repeatedly or as the composition of the investor base changes. The paper does not resolve whether either of these preference-based mechanisms contributes to the observed decline in appeal.