Non-Fungible Token (NFT) Prices, Cryptocurrencies, Interest Rate and Gold: An Econometric Analysis (Jan. 2019-Aug. 2022)

  •  Pedro Raffy Vartanian    
  •  Álvaro Alves de Moura Jr    
  •  Joaquim Carlos Racy    
  •  Roberto Simioni Neto    


In May 2014, the animation “Quantum” was the first work to be associated with a non-fungible token (NFT) type certificate. As of 2020, the market has evolved considerably, with the millionaire figures and exponential growth typical of new disruptive technologies. Considering the recent rise of the NFT market, it is important to understand how it works and, above all, the determinants of the prices of NFTs are highlighted. Based on a detailed analysis of this new market, a GARCH multivariate econometric model is applied in order to assess whether it is possible to identify the price determinants of NFTs, based on the behavior of the prices of cryptocurrencies (Bitcoin and Ethereum), the US interest rate and the price of gold. The research is based on the study by Dowling (2022a), which sought to analyze relations between the prices of NFTs and cryptocurrencies. The results found coincide with the prices of NFTs that are similar and independent of cryptocurrencies, the interest rate and the price of gold, some specific differences to identify a determined period.

This work is licensed under a Creative Commons Attribution 4.0 License.