NFTs and Cryptocurrencies—The Metamorphosis of the Economy under the Sign of Blockchain: A Time Series Approach

Abstract

Although NFTs (non-fungible tokens) and cryptocurrencies are active on the same market, their prices are not so closely related over time. The objective of this paper is to identify the relationship between the two types of assets (NFTs and the cryptocurrencies Ethereum, Crypto Coin, and Bitcoin), using data for the period between September 2020 until February 2022. The conclusions of the study are useful for cryptocurrency and NFT issuers, but also for investors on the financial market who are reconfiguring their portfolios with increasing frequency, and use these new assets for speculative or hedging purposes based on blockchain technology. The results highlighted relationships between NFTs and Ethereum, between Ethereum and Crypto Coin, and between Bitcoin and Ethereum, Ethereum being a bridge between all four. Therefore, NFTs present a relationship with Ethereum, the NFTs price had a causal effect on the price of Ethereum.

Cryptocurrencies as Gamblified Financial Assets and Cryptocasinos: Novel Risks for a Public Health Approach to Gambling

“…Finally, given the exceptionally limited literature, non-fungible tokens (NFTs) were not covered in this review. NFTs are cryptographic digital assets (e.g., images, and songs) that rely on blockchain technology to secure their value, which is closely related to the price of Ethereum (Apostu et al 2022;White et al 2022). Despite both NFTs and cryptocurrencies being based on blockchain technology they are not the same, as NFTs cannot be exchanged as currency (Dowling 2022).…”

Recognition and Measurement of Crypto-Assets from the Perspective of Retail Holders

“…Non-fungible tokens (NFTs) are intrinsically linked to crypto-art [22], targeted at investors willing to invest in Ethereum (ETH) and other cryptocurrencies [67]. As their name suggests, these assets are not fungible, and thus each item is uniquely identified on the blockchain.…”

The Influences of AI and Emerging Technologies on the Imagery Stock Industry as Exemplified by the Visual China Group

“…However, as a generational division of technology emergence, this article uses Web 3.0 as a label for subsequent use. In the past 3 years, the phenomenon of almost simultaneous breakthroughs in several different fields has once again emerged in the entire technological evolution, with media technologies such as VR/AR as the forerunner, followed by NFT (Non-Fungible Token) applications (Apostu et al, 2022) the threshold of image content generation to the unprecedented bottom line of natural language prompts, making imagination (language expression) and judgment (aesthetic preference) the only two core elements of human participation in creation and abandoning all professional photographic equipment, creation software, and other end-application capabilities. As illustrated in Figure 3, we predict that future creative participants will be divided into two camps: one for the general public, who will only use their linguistic and aesthetic abilities and rely on the AIGC platform to create personalized content, and the other for the AIGC platform, whose participants will include professional content creators who will be responsible for providing training data.…”

“…However, as a generational division of technology emergence, this article uses Web 3.0 as a label for subsequent use. In the past 3 years, the phenomenon of almost simultaneous breakthroughs in several different fields has once again emerged in the entire technological evolution, with media technologies such as VR/AR as the forerunner, followed by NFT (Non-Fungible Token) applications (Apostu et al, 2022) based on blockchain technology and AIGC scenarios arising from AI technology based on the extension of the emerging technology family.…”