 NFTs versus conventional cryptocurrencies: A comparative analysis of market efficiency around COVID-19 and the Russia-Ukraine conflictDavid Okorie, Elie Bouri and Mieszko Mazur The Quarterly Review of Economics and Finance, 2024, vol. 95, issue C, 126-151 Abstract: This paper examines the efficiency of the market for non-fungible tokens (NFTs) against the backdrop of the market for fungible tokens (FTs) that includes Bitcoin and Ethereum. We focus on two important shocks: the outbreak of COVID-19 and the Russia-Ukraine conflict. To this end, we employ martingale difference sequence and conditional heteroscedasticity estimation techniques. We find that the efficiency of both markets fluctuates in time and the aforementioned shocks have a profound effect on FTs and NFTs. More specifically, we find that the effect of COVID-19 is heterogeneous for both markets, whereas that of the Russian invasion of Ukraine is homogenous for NFTs but heterogeneous for FTs. Keywords: Market efficiency; cryptocurrencies; Adaptive markets hypothesis; Non-fungible tokens (NFTs); Bitcoin; Russia-Ukraine conflict; covid-19; blockchain (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:quaeco:v:95:y:2024:i:c:p:126-151 DOI: 10.1016/j.qref.2024.03.001 Access Statistics for this article The Quarterly Review of Economics and Finance is currently edited by R. J. Arnould and J. E. Finnerty More articles in The Quarterly Review of Economics and Finance from Elsevier |
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