Spillover analysis on NFTs, NFT-affiliated tokens and NFT submarkets
Since the beginning of 2021, non-fungible tokens (NFTs) have been in the spotlight. Cryptocurrencies play a vital role in the NFT market because they can be used to purchase NFTs. Specifically, the native cryptocurrency associated with the corresponding NFT is called an NFT-affiliated token. One may...
Ausführliche Beschreibung
Gespeichert in:
| Autor*in: |
Ho, Kin-Hon [verfasserIn] Law, Monica [verfasserIn] Hou, Yun [verfasserIn] Chan, Tse-Tin [verfasserIn] |
|---|
| Format: |
E-Artikel |
|---|---|
| Sprache: |
Englisch |
| Erschienen: |
2023 |
|---|
| Schlagwörter: |
|---|
| Übergeordnetes Werk: |
Enthalten in: Finance research letters - New York : Elsevier Science, 2004, 60 |
|---|---|
| Übergeordnetes Werk: |
volume:60 |
| DOI / URN: |
10.1016/j.frl.2023.104598 |
|---|
| Katalog-ID: |
ELV066872243 |
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| 520 | |a Since the beginning of 2021, non-fungible tokens (NFTs) have been in the spotlight. Cryptocurrencies play a vital role in the NFT market because they can be used to purchase NFTs. Specifically, the native cryptocurrency associated with the corresponding NFT is called an NFT-affiliated token. One may be interested in exploring the relationship between NFTs and their associated tokens. Through spillover analysis, we found limited spillovers between these two asset classes. In addition, there are multiple submarkets within an NFT and multiple submarkets of the same type across different NFTs. We conducted spillover analyses to examine the extent of shock transmission among these submarkets. Our results show that NFTs are distinct from cryptocurrencies and their associated tokens. Furthermore, there is limited spillover between submarkets belonging to the same NFT and across different NFTs. This demonstrates that effective risk management can be achieved through diversification by adding NFT-affiliated tokens and submarkets to a non-diversified NFT portfolio. | ||
| 650 | 4 | |a Cryptocurrency | |
| 650 | 4 | |a Non-fungible token (NFT) | |
| 650 | 4 | |a NFT-affiliated token | |
| 650 | 4 | |a NFT submarket | |
| 650 | 4 | |a Spillover | |
| 700 | 1 | |a Law, Monica |e verfasserin |0 (orcid)0000-0001-7926-5789 |4 aut | |
| 700 | 1 | |a Hou, Yun |e verfasserin |0 (orcid)0000-0002-5206-4554 |4 aut | |
| 700 | 1 | |a Chan, Tse-Tin |e verfasserin |0 (orcid)0000-0001-9235-7813 |4 aut | |
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2023 |
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10.1016/j.frl.2023.104598 doi (DE-627)ELV066872243 (ELSEVIER)S1544-6123(23)00970-4 DE-627 ger DE-627 rda eng 330 VZ Ho, Kin-Hon verfasserin (orcid)0000-0002-2524-6950 aut Spillover analysis on NFTs, NFT-affiliated tokens and NFT submarkets 2023 nicht spezifiziert zzz rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Since the beginning of 2021, non-fungible tokens (NFTs) have been in the spotlight. Cryptocurrencies play a vital role in the NFT market because they can be used to purchase NFTs. Specifically, the native cryptocurrency associated with the corresponding NFT is called an NFT-affiliated token. One may be interested in exploring the relationship between NFTs and their associated tokens. Through spillover analysis, we found limited spillovers between these two asset classes. In addition, there are multiple submarkets within an NFT and multiple submarkets of the same type across different NFTs. We conducted spillover analyses to examine the extent of shock transmission among these submarkets. Our results show that NFTs are distinct from cryptocurrencies and their associated tokens. Furthermore, there is limited spillover between submarkets belonging to the same NFT and across different NFTs. This demonstrates that effective risk management can be achieved through diversification by adding NFT-affiliated tokens and submarkets to a non-diversified NFT portfolio. Cryptocurrency Non-fungible token (NFT) NFT-affiliated token NFT submarket Spillover Law, Monica verfasserin (orcid)0000-0001-7926-5789 aut Hou, Yun verfasserin (orcid)0000-0002-5206-4554 aut Chan, Tse-Tin verfasserin (orcid)0000-0001-9235-7813 aut Enthalten in Finance research letters New York : Elsevier Science, 2004 60 Online-Ressource (DE-627)387481583 (DE-600)2145766-9 (DE-576)259272752 1544-6123 nnns volume:60 GBV_USEFLAG_U GBV_ELV SYSFLAG_U GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 60 |
| spelling |
10.1016/j.frl.2023.104598 doi (DE-627)ELV066872243 (ELSEVIER)S1544-6123(23)00970-4 DE-627 ger DE-627 rda eng 330 VZ Ho, Kin-Hon verfasserin (orcid)0000-0002-2524-6950 aut Spillover analysis on NFTs, NFT-affiliated tokens and NFT submarkets 2023 nicht spezifiziert zzz rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Since the beginning of 2021, non-fungible tokens (NFTs) have been in the spotlight. Cryptocurrencies play a vital role in the NFT market because they can be used to purchase NFTs. Specifically, the native cryptocurrency associated with the corresponding NFT is called an NFT-affiliated token. One may be interested in exploring the relationship between NFTs and their associated tokens. Through spillover analysis, we found limited spillovers between these two asset classes. In addition, there are multiple submarkets within an NFT and multiple submarkets of the same type across different NFTs. We conducted spillover analyses to examine the extent of shock transmission among these submarkets. Our results show that NFTs are distinct from cryptocurrencies and their associated tokens. Furthermore, there is limited spillover between submarkets belonging to the same NFT and across different NFTs. This demonstrates that effective risk management can be achieved through diversification by adding NFT-affiliated tokens and submarkets to a non-diversified NFT portfolio. Cryptocurrency Non-fungible token (NFT) NFT-affiliated token NFT submarket Spillover Law, Monica verfasserin (orcid)0000-0001-7926-5789 aut Hou, Yun verfasserin (orcid)0000-0002-5206-4554 aut Chan, Tse-Tin verfasserin (orcid)0000-0001-9235-7813 aut Enthalten in Finance research letters New York : Elsevier Science, 2004 60 Online-Ressource (DE-627)387481583 (DE-600)2145766-9 (DE-576)259272752 1544-6123 nnns volume:60 GBV_USEFLAG_U GBV_ELV SYSFLAG_U GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 60 |
| allfields_unstemmed |
10.1016/j.frl.2023.104598 doi (DE-627)ELV066872243 (ELSEVIER)S1544-6123(23)00970-4 DE-627 ger DE-627 rda eng 330 VZ Ho, Kin-Hon verfasserin (orcid)0000-0002-2524-6950 aut Spillover analysis on NFTs, NFT-affiliated tokens and NFT submarkets 2023 nicht spezifiziert zzz rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Since the beginning of 2021, non-fungible tokens (NFTs) have been in the spotlight. Cryptocurrencies play a vital role in the NFT market because they can be used to purchase NFTs. Specifically, the native cryptocurrency associated with the corresponding NFT is called an NFT-affiliated token. One may be interested in exploring the relationship between NFTs and their associated tokens. Through spillover analysis, we found limited spillovers between these two asset classes. In addition, there are multiple submarkets within an NFT and multiple submarkets of the same type across different NFTs. We conducted spillover analyses to examine the extent of shock transmission among these submarkets. Our results show that NFTs are distinct from cryptocurrencies and their associated tokens. Furthermore, there is limited spillover between submarkets belonging to the same NFT and across different NFTs. This demonstrates that effective risk management can be achieved through diversification by adding NFT-affiliated tokens and submarkets to a non-diversified NFT portfolio. Cryptocurrency Non-fungible token (NFT) NFT-affiliated token NFT submarket Spillover Law, Monica verfasserin (orcid)0000-0001-7926-5789 aut Hou, Yun verfasserin (orcid)0000-0002-5206-4554 aut Chan, Tse-Tin verfasserin (orcid)0000-0001-9235-7813 aut Enthalten in Finance research letters New York : Elsevier Science, 2004 60 Online-Ressource (DE-627)387481583 (DE-600)2145766-9 (DE-576)259272752 1544-6123 nnns volume:60 GBV_USEFLAG_U GBV_ELV SYSFLAG_U GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 60 |
| allfieldsGer |
10.1016/j.frl.2023.104598 doi (DE-627)ELV066872243 (ELSEVIER)S1544-6123(23)00970-4 DE-627 ger DE-627 rda eng 330 VZ Ho, Kin-Hon verfasserin (orcid)0000-0002-2524-6950 aut Spillover analysis on NFTs, NFT-affiliated tokens and NFT submarkets 2023 nicht spezifiziert zzz rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Since the beginning of 2021, non-fungible tokens (NFTs) have been in the spotlight. Cryptocurrencies play a vital role in the NFT market because they can be used to purchase NFTs. Specifically, the native cryptocurrency associated with the corresponding NFT is called an NFT-affiliated token. One may be interested in exploring the relationship between NFTs and their associated tokens. Through spillover analysis, we found limited spillovers between these two asset classes. In addition, there are multiple submarkets within an NFT and multiple submarkets of the same type across different NFTs. We conducted spillover analyses to examine the extent of shock transmission among these submarkets. Our results show that NFTs are distinct from cryptocurrencies and their associated tokens. Furthermore, there is limited spillover between submarkets belonging to the same NFT and across different NFTs. This demonstrates that effective risk management can be achieved through diversification by adding NFT-affiliated tokens and submarkets to a non-diversified NFT portfolio. Cryptocurrency Non-fungible token (NFT) NFT-affiliated token NFT submarket Spillover Law, Monica verfasserin (orcid)0000-0001-7926-5789 aut Hou, Yun verfasserin (orcid)0000-0002-5206-4554 aut Chan, Tse-Tin verfasserin (orcid)0000-0001-9235-7813 aut Enthalten in Finance research letters New York : Elsevier Science, 2004 60 Online-Ressource (DE-627)387481583 (DE-600)2145766-9 (DE-576)259272752 1544-6123 nnns volume:60 GBV_USEFLAG_U GBV_ELV SYSFLAG_U GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 60 |
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10.1016/j.frl.2023.104598 doi (DE-627)ELV066872243 (ELSEVIER)S1544-6123(23)00970-4 DE-627 ger DE-627 rda eng 330 VZ Ho, Kin-Hon verfasserin (orcid)0000-0002-2524-6950 aut Spillover analysis on NFTs, NFT-affiliated tokens and NFT submarkets 2023 nicht spezifiziert zzz rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Since the beginning of 2021, non-fungible tokens (NFTs) have been in the spotlight. Cryptocurrencies play a vital role in the NFT market because they can be used to purchase NFTs. Specifically, the native cryptocurrency associated with the corresponding NFT is called an NFT-affiliated token. One may be interested in exploring the relationship between NFTs and their associated tokens. Through spillover analysis, we found limited spillovers between these two asset classes. In addition, there are multiple submarkets within an NFT and multiple submarkets of the same type across different NFTs. We conducted spillover analyses to examine the extent of shock transmission among these submarkets. Our results show that NFTs are distinct from cryptocurrencies and their associated tokens. Furthermore, there is limited spillover between submarkets belonging to the same NFT and across different NFTs. This demonstrates that effective risk management can be achieved through diversification by adding NFT-affiliated tokens and submarkets to a non-diversified NFT portfolio. Cryptocurrency Non-fungible token (NFT) NFT-affiliated token NFT submarket Spillover Law, Monica verfasserin (orcid)0000-0001-7926-5789 aut Hou, Yun verfasserin (orcid)0000-0002-5206-4554 aut Chan, Tse-Tin verfasserin (orcid)0000-0001-9235-7813 aut Enthalten in Finance research letters New York : Elsevier Science, 2004 60 Online-Ressource (DE-627)387481583 (DE-600)2145766-9 (DE-576)259272752 1544-6123 nnns volume:60 GBV_USEFLAG_U GBV_ELV SYSFLAG_U GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 60 |
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Spillover analysis on NFTs, NFT-affiliated tokens and NFT submarkets |
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Spillover analysis on NFTs, NFT-affiliated tokens and NFT submarkets |
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Ho, Kin-Hon |
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Ho, Kin-Hon Law, Monica Hou, Yun Chan, Tse-Tin |
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10.1016/j.frl.2023.104598 |
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spillover analysis on nfts, nft-affiliated tokens and nft submarkets |
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Spillover analysis on NFTs, NFT-affiliated tokens and NFT submarkets |
| abstract |
Since the beginning of 2021, non-fungible tokens (NFTs) have been in the spotlight. Cryptocurrencies play a vital role in the NFT market because they can be used to purchase NFTs. Specifically, the native cryptocurrency associated with the corresponding NFT is called an NFT-affiliated token. One may be interested in exploring the relationship between NFTs and their associated tokens. Through spillover analysis, we found limited spillovers between these two asset classes. In addition, there are multiple submarkets within an NFT and multiple submarkets of the same type across different NFTs. We conducted spillover analyses to examine the extent of shock transmission among these submarkets. Our results show that NFTs are distinct from cryptocurrencies and their associated tokens. Furthermore, there is limited spillover between submarkets belonging to the same NFT and across different NFTs. This demonstrates that effective risk management can be achieved through diversification by adding NFT-affiliated tokens and submarkets to a non-diversified NFT portfolio. |
| abstractGer |
Since the beginning of 2021, non-fungible tokens (NFTs) have been in the spotlight. Cryptocurrencies play a vital role in the NFT market because they can be used to purchase NFTs. Specifically, the native cryptocurrency associated with the corresponding NFT is called an NFT-affiliated token. One may be interested in exploring the relationship between NFTs and their associated tokens. Through spillover analysis, we found limited spillovers between these two asset classes. In addition, there are multiple submarkets within an NFT and multiple submarkets of the same type across different NFTs. We conducted spillover analyses to examine the extent of shock transmission among these submarkets. Our results show that NFTs are distinct from cryptocurrencies and their associated tokens. Furthermore, there is limited spillover between submarkets belonging to the same NFT and across different NFTs. This demonstrates that effective risk management can be achieved through diversification by adding NFT-affiliated tokens and submarkets to a non-diversified NFT portfolio. |
| abstract_unstemmed |
Since the beginning of 2021, non-fungible tokens (NFTs) have been in the spotlight. Cryptocurrencies play a vital role in the NFT market because they can be used to purchase NFTs. Specifically, the native cryptocurrency associated with the corresponding NFT is called an NFT-affiliated token. One may be interested in exploring the relationship between NFTs and their associated tokens. Through spillover analysis, we found limited spillovers between these two asset classes. In addition, there are multiple submarkets within an NFT and multiple submarkets of the same type across different NFTs. We conducted spillover analyses to examine the extent of shock transmission among these submarkets. Our results show that NFTs are distinct from cryptocurrencies and their associated tokens. Furthermore, there is limited spillover between submarkets belonging to the same NFT and across different NFTs. This demonstrates that effective risk management can be achieved through diversification by adding NFT-affiliated tokens and submarkets to a non-diversified NFT portfolio. |
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| title_short |
Spillover analysis on NFTs, NFT-affiliated tokens and NFT submarkets |
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Law, Monica Hou, Yun Chan, Tse-Tin |
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