Metaverse tokens belong to a virtual world that has recently emerged and their growth potential is of interest to numerous parties. Theoretically, the number of ecosystems may increase infinitely. However, strong financing and technological backing are required for the survival of the projects. Thus, various factors may influence these tokens’ returns. How these tokens’ returns are affected by each other is analyzed via a multi-regression model. ENJIN returns are found to be the sole factor in MANA returns for our sample (99%). The remaining results of the study indicate that returns of metaverse tokens are interrelated when everything else is held constant and trading volumes have an impact on these returns. The future for these ecosystems may depend on various factors and they are discussed in the light of literature as well.

The COVID-19-Crisis impacted economic growth globally, opening up the need for public spending. These conditions put national fiscal authorities under pressure, challenging them primarily to remedy the economic downturn, and secondly to balance fiscal resources. We analyze whether alternative institutional frameworks, fiscal rules and political regimes across numerous countries can explain different economic outcomes following the COVID-19-Crisis. The empirical results show that growth in GDP affects gross debt negatively, government revenue positively, and national savings positively for all subsets, except for the federal subset. The effect on government revenue for fiscal subset is higher than for no fiscal rule. In almost all the subgroup models, it can be observed that the COVID-19 period has a positive effect on gross government debt and a negative on government revenue, except for federal countries and countries with a fiscal rule and a majority government. For all subsets the effect of the COVID-19 variable is not significant in the national savings regression models. For the countries in the federal subset the explanatory variables are unable to reduce the government debt. Conclusively, we could propose adaptive fiscal rules, which motivate fiscal authorities to maintain fiscal balance in long debt and in the annual budget.

Crypto Indexes are spreading and increasing in numbers recently. HODL is an index reflecting 75% of changes in the crypto market. Investors who aim to have exposure to crypto market may invest in these indexes. Volume of the HODL is found to be statistically significant on HODL return. İt shows that volume triggers demand for this Index. VIX and volume of HODL are both found to have a negative effect (95%) and (90%), respectively on BTC returns. VIX is found to have a positive effect (95%) but HODL volume has a negative effect (95%) on BTC Volume. This study also aims to discuss crypto currency investment rationale and the risks embedded in these investments. The future of tokens and coins is addressed with the related literature. Crypto currencies as an asset class may be an alternative for investors; the robustness of such an option is challanged in this study.