NFTs versus conventional cryptocurrencies: A comparative analysis of market efficiency around COVID-19 and the Russia-Ukraine conflict

IF 2.9 3区经济学 Q1 ECONOMICS

Quarterly Review of Economics and Finance Pub Date : 2024-03-06 DOI:10.1016/j.qref.2024.03.001

David Iheke Okorie , Elie Bouri , Mieszko Mazur

引用次数: 0

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.

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NFT 与传统加密货币：围绕 COVID-19 和俄乌冲突的市场效率比较分析

本文以包括比特币和以太坊在内的可替代代币（FTs）市场为背景，研究了不可替代代币（NFTs）市场的效率。我们将重点放在两个重要的冲击上：COVID-19 的爆发和俄罗斯-乌克兰冲突。为此，我们采用了马氏差分序列和条件异方差估计技术。我们发现，这两个市场的效率会随时间波动，而上述冲击会对外贸和内贸产生深远影响。更具体地说，我们发现 COVID-19 对两个市场的影响是异质的，而俄罗斯入侵乌克兰的影响对 NFTs 是同质的，但对 FTs 则是异质的。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Quarterly Review of Economics and Finance ECONOMICS-

CiteScore

6.00

自引率

2.90%

发文量

118

期刊介绍： The Quarterly Review of Economics and Finance (QREF) attracts and publishes high quality manuscripts that cover topics in the areas of economics, financial economics and finance. The subject matter may be theoretical, empirical or policy related. Emphasis is placed on quality, originality, clear arguments, persuasive evidence, intelligent analysis and clear writing. At least one Special Issue is published per year. These issues have guest editors, are devoted to a single theme and the papers have well known authors. In addition we pride ourselves in being able to provide three to four article "Focus" sections in most of our issues.