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When network products and services become more valuable as their userbasegrows (network effects), this tendency can become a major determinant of howthey compete with each other in the market and how the market is structured.Network effects are traditionally linked to high market concentration,early-mover advantages, and entry barriers, and in the cryptoasset market theyhave been used as a valuation tool too. The recent resurgence of Bitcoin hasbeen partly attributed to network effects too. We study the existence ofnetwork effects in six cryptoassets from their inception to obtain a high-leveloverview of the application of network effects in the cryptoasset market. Weshow that contrary to the usual implications of network effects, they do notserve to concentrate the cryptoasset market, nor do they accord any onecryptoasset a definitive competitive advantage, nor are they consistent enoughto be reliable valuation tools. Therefore, while network effects do occur incryptoasset networks, they are not a defining feature of the cryptoasset marketas a whole.

Cryptoasset Competition and Market Concentration in the Presence of Network Effects