Non-Fungible Token (NFT) Prices, Cryptocurrencies, Interest Rate and Gold: An Econometric Analysis (Jan. 2019-Aug. 2022)

Q2 Economics, Econometrics and Finance

International Journal of Economics and Finance Studies Pub Date : 2022-11-30 DOI:10.5539/ijef.v15n1p1

P. Vartanian, Álvaro Alves de Moura Jr, J. Racy, Roberto Simioni Neto

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Abstract

In May 2014, the animation “Quantum” was the first work to be associated with a non-fungible token (NFT) type certificate. As of 2020, the market has evolved considerably, with the millionaire figures and exponential growth typical of new disruptive technologies. Considering the recent rise of the NFT market, it is important to understand how it works and, above all, the determinants of the prices of NFTs are highlighted. Based on a detailed analysis of this new market, a GARCH multivariate econometric model is applied in order to assess whether it is possible to identify the price determinants of NFTs, based on the behavior of the prices of cryptocurrencies (Bitcoin and Ethereum), the US interest rate and the price of gold. The research is based on the study by Dowling (2022a), which sought to analyze relations between the prices of NFTs and cryptocurrencies. The results found coincide with the prices of NFTs that are similar and independent of cryptocurrencies, the interest rate and the price of gold, some specific differences to identify a determined period.

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不可替代代币(NFT)价格、加密货币、利率和黄金:计量经济学分析(2019年1月- 8月)2022)

2014年5月，动画《量子》是第一部与不可替代令牌(NFT)类型证书相关联的作品。截至2020年，市场已经发生了很大的变化，百万富翁的数量和典型的新颠覆性技术的指数级增长。考虑到NFT市场最近的崛起，了解它是如何运作的很重要，最重要的是，NFT价格的决定因素得到了强调。基于对这个新市场的详细分析，应用GARCH多元计量经济模型，以评估是否有可能根据加密货币(比特币和以太坊)的价格行为、美国利率和黄金价格来确定nft的价格决定因素。该研究基于Dowling (2022a)的研究，该研究试图分析nft价格与加密货币之间的关系。这一结果与nft的价格相吻合，nft的价格相似，独立于加密货币、利率和黄金价格，一些具体的差异可以确定一个确定的时期。

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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