Covid-19 impact on NFTs and major asset classes interrelations: Insights from the wavelet coherence analysis

【Author】 Umar, Zaghum; Gubareva, Mariya; Teplova, Tamara; Tran, Dang K.

【Source】FINANCE RESEARCH LETTERS

【影响因子】9.848

【Abstract】Non-fungible tokens (NFTs) revolutionize crypto-landscape, becoming popular among investors and general public. This first-ever study of coherence between returns of NFTs and major assets employs the wavelet approach. The pairwise returns coherence between the considered markets grows throughout the Covid-19. Before the pandemic, NFTs lag behind stocks (2017) and bitcoin (2018), while lead gold (2018). We reveal that the returns coherence between NFTs and other assets is high/low for the two-week-plus/below-to-weeks investment horizons. We refine Aharon and Demir ' s (2021) findings stating that NFTs absorbed risk during Covid-19 by demonstrating that this conclusion holds only in the short-run for below-two-weeks horizons.

【Keywords】Return connectedness; Covid-19; Non-Fungible Tokens; Spillover

【发表时间】2022 JUN

【收录时间】2022-07-10

【文献类型】实证性文章

【主题类别】

区块链治理-市场治理-市场分析