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Non-fungible tokens: a hedge or a safe haven?

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  • Hyungjin Ko
  • Jaewook Lee

Abstract

This study conducted the econometric analysis to test the hedge and safe haven effects of Non-fungible Tokens (NFTs) on major traditional asset markets in the global financial system. We investigate the estimates of these effects in times of extreme market conditions and the COVID-19 crisis. Our empirical results show evidence of the hedge and safe haven properties of NFTs, confirming two main findings: (i) NFTs act as a hedge and safe haven for particular stock markets and oil, bond, and USD indices, even though the degree of effects varies across asset classes; and (ii) NFTs also serve as sheltering facilities for the markets mentioned above, with more substantial safe haven benefits for bond and USD indices during the recent pandemic crisis.

Suggested Citation

  • Hyungjin Ko & Jaewook Lee, 2024. "Non-fungible tokens: a hedge or a safe haven?," Applied Economics Letters, Taylor & Francis Journals, vol. 31(14), pages 1278-1285, August.
    • Handle: RePEc:taf:apeclt:v:31:y:2024:i:14:p:1278-1285
    DOI: 10.1080/13504851.2023.2182402
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