The Economics of Non-Fungible Tokens

Researcher(s)

Yukun Liu

Date of Talk

Abstract

We construct a comprehensive dataset on a near universe of non-fungible token (NFT) transactions, create indices for the NFT market and its components, and analyze their properties. The NFT market return is significantly exposed to the cryptocurrency market return, but the majority of the NFT market variations remain unexplained. NFT market returns have low exposures to other cryptocurrency factors and factors from traditional asset markets. In the time-series, volatility and the NFT valuation ratio significantly predict NFT market returns. In the cross-section, NFT returns exhibit size and return reversal effects.

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First Nations land acknowledegement

We acknowledge that the UBC Point Grey campus is situated on the traditional, ancestral, and unceded territory of the xʷməθkʷəy̓əm.

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Computing, Information and Cognitive Systems, ICICS 179 – 2366 Main Mall
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Research Excellence Clusters at UBC Vancouver is a joint initiative of the Provost and Vice-President, Academic, UBC Vancouver and the Vice-President, Research and Innovation. Funding support for the clusters is provided by Academic Excellence Funds – UBC Vancouver.

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