The hedge and safe haven properties of non-fungible tokens (NFTs): Evidence from the nonlinear autoregressive distributed lag (NARDL) model

【Author】 Zhang, Zhiyuan; Sun, Qinglin; Ma, Yongfan

【Source】FINANCE RESEARCH LETTERS

【影响因子】9.848

【Abstract】In this paper, we employ the NARDL model to examine whether non-fungible tokens (NFTs) can act as hedges and safe havens for stocks, bonds, US dollar, gold, crude oil and Bitcoin. In addition to examining whether NFTs can act as hedges for other assets during the full period (January 1, 2018-March 31, 2022), we also study the hedging properties of NFTs during the pre-COVID-19 period and the safe haven properties of NFTs in times of stress after the COVID-19 outbreak. The empirical results show that in the full period, NFTs are hedges for bonds, US dollar and gold on average; in the pre-COVID-19 period, NFTs are hedges for stocks and US dollar on average; in the COVID-19 period, NFTs can act as safe havens for US dollar. Our empirical findings have important implications for investors looking for hedging and safe haven instruments for major asset classes.

【Keywords】Non-fungible tokens; Hedge; Safe haven; NARDL model

【发表时间】2022 DEC

【收录时间】2023-01-08

【文献类型】实证数据

【主题类别】

区块链治理-市场治理-市场分析