Dynamic Efficiency and Herd Behavior During Pre- and Post-COVID-19 in the NFT Market: Evidence from Multifractal Analysis

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dc.authoridOzdemir, Onur/0000-0002-3804-0062
dc.contributor.authorOzdemir, Onur
dc.contributor.authorKumar, Anoop S.
dc.date.accessioned2024-09-11T19:50:15Z
dc.date.available2024-09-11T19:50:15Z
dc.date.issued2024
dc.departmentİstanbul Gelişim Üniversitesien_US
dc.description.abstractThis study investigates how the lockdowns during the COVID-19 outbreak affect the multifractal features of four Non-Fungible Tokens (NFTs) (i.e., Cryptokitties, Cryptopunks, SuperRare, and Decentraland) using daily price data ranging from 23 June 2017 to 15 February 2022. The major concern is to assess whether the presence of herd investing and the level of market inefficiency altered for the period between pre-first-lockdown (i.e., 23 June 2017-22 March 2020) and post-first-lockdown (i.e., 23 March 2020-15 February 2022). The generalized Hurst exponents are measured towards a multifractal detrended fluctuation approach. In particular, the empirical results document that multifractality exists for each NFT during the COVID-19 outbreak. Besides, the level of market inefficiency differs among the selected NFTs. The results refer to the case that the post-first-lockdown period is more prone to herd investing for Cryptokitties, Cryptopunks, and Decentraland. Furthermore, testing for MLM (inefficiency) index, the empirical findings show that Cryptokitties became more vulnerable in the post-first-lockdown period. Regarding the impacts of this far-reaching outbreak, the highest MLM (inefficiency) index value is attributed to Cryptopunks before the first lockdown and Cryptokitties after the first lockdown periods.en_US
dc.identifier.doi10.1007/s10614-023-10522-z
dc.identifier.endpage1279en_US
dc.identifier.issn0927-7099
dc.identifier.issn1572-9974
dc.identifier.issue3en_US
dc.identifier.scopus2-s2.0-85179337726en_US
dc.identifier.startpage1255en_US
dc.identifier.urihttps://doi.org/10.1007/s10614-023-10522-z
dc.identifier.urihttps://hdl.handle.net/11363/7594
dc.identifier.volume63en_US
dc.identifier.wosWOS:001118089500001en_US
dc.identifier.wosqualityQ2en_US
dc.indekslendigikaynakWeb of Scienceen_US
dc.language.isoenen_US
dc.publisherSpringeren_US
dc.relation.ispartofComputational Economicsen_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/closedAccessen_US
dc.snmz20240903_Gen_US
dc.subjectNon-fungible tokensen_US
dc.subjectMultifractal detrended fluctuation analysisen_US
dc.subjectMLM (inefficiency) indexen_US
dc.subjectHerding behavioren_US
dc.subjectCOVID-19 pandemicen_US
dc.subjectC1en_US
dc.subjectG1en_US
dc.subjectG14en_US
dc.titleDynamic Efficiency and Herd Behavior During Pre- and Post-COVID-19 in the NFT Market: Evidence from Multifractal Analysisen_US
dc.typeArticleen_US

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