A note on the determinants of non‐fungible tokens returns

Theodore Panagiotidis and Georgios Papapanagiotou

International Journal of Finance & Economics, 2025, vol. 30, issue 3, 3201-3211

Abstract: We aim to identify the determinants of non‐fungible tokens (NFTs) returns. The 10 most popular NFTs based on their price, trading volume, and market capitalisation are examined. Twenty‐three potential drivers of the returns of each NFT are considered. We employ a Bayesian LASSO model which takes into account stochastic volatility and leverage effect. The results indicate that NFTs returns are primarily driven by volatility and ethereum returns. We find a weak connection between NFTs returns and conventional assets, such as stock, oil, and gold markets.

Date: 2025
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https://doi.org/10.1002/ijfe.3008

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