A0845
Title: Empirical analysis of the metaverse non-fungible tokens
Authors: Stephen Chan - American University of Sharjah (United Arab Emirates) [presenting]
Jeffrey Chu - Renmin University of China (China)
Yuanyuan Zhang - University of Manchester (United Kingdom)
Abstract: A thorough investigation of non-fungible tokens (NFTs) in the metaverse is presented, initiated by exploring the metaverse's development, the rise of NFTs, and their transformative impacts. Furthermore, it conducts a detailed empirical analysis of five specific metaverse NFTs. Adopting a comprehensive analytical approach, this research utilizes descriptive statistics, Hill's estimator, detrended fluctuation analysis, volatility and asymmetric volatility clustering, and quantile-on-quantile regression. This robust methodology reveals distinctive market behaviors, pricing dynamics, and investor trends in the metaverse NFT domain. The results shed light on the complex intricacies of the NFT market, offering essential insights for investors, creators, and regulators. It underscores the importance of innovative strategies and thoughtful regulatory frameworks to effectively navigate the metaverse's evolving landscape. To ensure the reliability of the conclusions, a comparative analysis is conducted using metaverse indices from Bloomberg (BBMI) and data from Yield Guild Games (YGG), providing a solid foundation for our findings.
