Publication
Non-Fungible Tokens (NFTs) and Cryptocurrencies: Efficiency and Comovements
| dc.contributor.author | Éder Pereira | |
| dc.contributor.author | Ferreira, Paulo | |
| dc.contributor.author | Quintino, Derick | |
| dc.date.accessioned | 2023-03-17T14:27:25Z | |
| dc.date.available | 2023-03-17T14:27:25Z | |
| dc.date.issued | 2022-10 | |
| dc.date.updated | 2023-02-20T12:15:02Z | |
| dc.description.abstract | Non-fungible tokens (NFTs) are a type of digital record of ownership used in a unique way: ensuring authenticity and uniqueness. Due to these characteristics, NFTs have been used in several markets: games, arts, and sports, among others. In 2020, the volume of negotiations of the NFTs was about USD 200 million. Despite the strong interest of economic agents in operating with NFTs, there are still gaps in the literature, regarding their dynamics and price interrelation with other potentially related assets, which deserve to be studied. In this sense, the main purpose in this paper is to analyze the cross-correlation between NFTs and larger cryptocurrencies. To this end, our methodological approach is based on a Detrended Cross-Correlation Analysis correlation coefficient, with a sliding windows approach. Our main finding is that the cross-correlations are not significant, except for a few cryptocurrencies, with weak significance at some moments of time. We also carried out an analysis of the long-term memory of NFTs, which demonstrated the antipersistence of these assets, with results seemingly corroborating the market inefficiency hypothesis. Our results are particularly important for different classes of investors, due to the analysis on different time scales. | pt_PT |
| dc.description.version | N/A | pt_PT |
| dc.identifier.doi | 10.3390/fintech1040023 | pt_PT |
| dc.identifier.slug | cv-prod-3138223 | |
| dc.identifier.uri | http://hdl.handle.net/10400.26/44211 | |
| dc.language.iso | eng | pt_PT |
| dc.peerreviewed | yes | pt_PT |
| dc.relation | Research Center for Endogenous Resource Valorization | |
| dc.subject | Non-fungible tokens | pt_PT |
| dc.subject | Detrended fluctuation analysis | pt_PT |
| dc.subject | Detrended cross-correlation analysis | pt_PT |
| dc.subject | Efficiency | pt_PT |
| dc.title | Non-Fungible Tokens (NFTs) and Cryptocurrencies: Efficiency and Comovements | pt_PT |
| dc.type | journal article | |
| dspace.entity.type | Publication | |
| oaire.awardTitle | Research Center for Endogenous Resource Valorization | |
| oaire.awardURI | info:eu-repo/grantAgreement/FCT/6817 - DCRRNI ID/UIDB%2F05064%2F2020/PT | |
| oaire.citation.title | FinTech | pt_PT |
| oaire.fundingStream | 6817 - DCRRNI ID | |
| person.familyName | Ferreira | |
| person.familyName | Quintino | |
| person.givenName | Paulo | |
| person.givenName | Derick | |
| person.identifier.ciencia-id | B513-B46A-E5F3 | |
| person.identifier.ciencia-id | 5B10-E595-4CC7 | |
| person.identifier.orcid | 0000-0003-1951-889X | |
| person.identifier.orcid | 0000-0002-9382-8442 | |
| person.identifier.rid | P-9622-2016 | |
| person.identifier.scopus-author-id | 35745865300 | |
| project.funder.identifier | http://doi.org/10.13039/501100001871 | |
| project.funder.name | Fundação para a Ciência e a Tecnologia | |
| rcaap.cv.cienciaid | B513-B46A-E5F3 | Paulo Jorge Silveira Ferreira | |
| rcaap.rights | openAccess | pt_PT |
| rcaap.type | article | pt_PT |
| relation.isAuthorOfPublication | cef169d9-c594-4505-ab57-7c6f92868cb6 | |
| relation.isAuthorOfPublication | 0593de6e-e96b-427c-8979-f174ce462473 | |
| relation.isAuthorOfPublication.latestForDiscovery | cef169d9-c594-4505-ab57-7c6f92868cb6 | |
| relation.isProjectOfPublication | 05110dfa-e1d5-4a80-ad88-5c36b9c4552f | |
| relation.isProjectOfPublication.latestForDiscovery | 05110dfa-e1d5-4a80-ad88-5c36b9c4552f |
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