Stylized facts of GameFi

Boxiang Jia and Dehua Shen

Research in International Business and Finance, 2025, vol. 77, issue PB

Abstract: This paper investigates the stylized facts of GameFi, a rapidly growing segment within the blockchain and gaming industries. Our empirical results show that GameFi exhibits heavy-tail distributions, short-term autocorrelations, volatility clustering and reverse leverage effects. We also observe long-range dependence in both returns and volatility, which suggests that shocks to GameFi markets can have persistent effects over time. By testing the power-law correlation between price and volume, we show that high trading volumes tend to be associated with significant price movements. Hence, our findings highlight that GameFi tokens share several fundamental stylized facts align with traditional financial markets, even though they refer to a relatively new and emerging asset class.

Keywords: Stylized facts; GameFi; Volatility clustering; Heavy tails; Hurst exponent (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:riibaf:v:77:y:2025:i:pb:s0275531925002089

DOI: 10.1016/j.ribaf.2025.102952

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