Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments February 18, 2022 erstellt
Description:
Amid surging market values and widespread regulatory discussion, NFT and DeFi markets are widely perceived as being simply speculative, bubble, assets. This paper detects the existence and dates of price bubbles in the NFT and DeFi market by applying SADF and GSADF tests. We document that NFT and DeFi markets both exhibit speculative bubbles, and NFT bubbles are more recurrent and have higher magnitudes than DeFi bubbles. The price bubbles in the NFT and DeFi markets are highly correlated with market hype and with more general cryptocurrency market uncertainty. We do find periods where bubbles are not detected, suggesting that these markets do have some intrinsic value and should not be dismissed as simply bubbles