 Non-fungible token artworks: More crypto than art?Giulio Anselmi and Giovanni Petrella Finance Research Letters, 2023, vol. 51, issue C Abstract: Non-Fungible Tokens (NTFs) artworks attract relevant trading volume in the secondary market. Their prices, primarily denominated in Ethereum cryptocurrency, recently experienced a substantial increase. In this paper, we first investigate whether the market for crypto art is informationally efficient and, secondly, if crypto art can be considered as an alternative to real-world art rather than a haven for crypto-money speculative traders. We find evidence of market inefficiency with long-lasting autoregressive patterns in price discovery. As for the nature of crypto art as an asset class, our findings support the idea that crypto art is unrelated to real-world art. Crypto art prices are mostly determined by gains in the cryptocurrency of denomination, whereas real-world art is mostly unrelated to the financial markets. We conclude that crypto art is far from being another medium to express artistic content and is currently just a storing unit for crypto-money, in absence of relevant alternatives. Keywords: Crypto art; Cryptocurrencies; Blockchain; Ethereum; Bitcoin; Non-fungible tokens; NFT; Art; Real-world art; Collectibles; Market efficiency; Asset pricing; Safe haven (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:51:y:2023:i:c:s1544612322006493 DOI: 10.1016/j.frl.2022.103473 Access Statistics for this article Finance Research Letters is currently edited by R. Gençay More articles in Finance Research Letters from Elsevier |
Is your work missing from RePEc? Here is how to contribute.
Questions or problems? Check the EconPapers FAQ or send mail to .
EconPapers is hosted by the
School of Business at Örebro University.