NFTs and Cryptocurrencies—The Metamorphosis of the Economy under the Sign of Blockchain: A Time Series Approach

Simona Andreea Apostu, Mirela Panait (), Làszló Vasa, Constanta Mihaescu and Zbyslaw Dobrowolski
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Simona Andreea Apostu: Department of Statistics and Econometrics, Bucharest University of Economic Studies, 010552 Bucharest, Romania
Mirela Panait: Institute of National Economy, 050771 Bucharest, Romania
Làszló Vasa: Management Campus, Széchenyi István University, 9026 Gyor, Hungary
Constanta Mihaescu: Department of Statistics and Econometrics, Bucharest University of Economic Studies, 010552 Bucharest, Romania
Zbyslaw Dobrowolski: Department of Institute of Public Affairs, Jagiellonian University, 30-387 Kraków, Poland

Mathematics, 2022, vol. 10, issue 17, 1-13

Abstract: Although NFTs (non-fungible tokens) and cryptocurrencies are active on the same market, their prices are not so closely related over time. The objective of this paper is to identify the relationship between the two types of assets (NFTs and the cryptocurrencies Ethereum, Crypto Coin, and Bitcoin), using data for the period between September 2020 until February 2022. The conclusions of the study are useful for cryptocurrency and NFT issuers, but also for investors on the financial market who are reconfiguring their portfolios with increasing frequency, and use these new assets for speculative or hedging purposes based on blockchain technology. The results highlighted relationships between NFTs and Ethereum, between Ethereum and Crypto Coin, and between Bitcoin and Ethereum, Ethereum being a bridge between all four. Therefore, NFTs present a relationship with Ethereum, the NFTs price had a causal effect on the price of Ethereum.

Keywords: NFT; Bitcoin; Ethereum; Crypto Coin; digitalization; VAR; granger causality (search for similar items in EconPapers)
JEL-codes: C (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

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