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blockchian architecture (5). Most of these projects issue tokens that intend to facilitate the governance of the network. About half of them intend to converge gradually into the decentralized autonomous organizations (DAO). Most of the networks are run either on their native blockchains or recently have switched from Ethereum into much cheaper and faster Proof-of-Stake (PoS) layer 1 or layer 2 systems. To be included in the main analysis, the NFT token must be listed on Binance for at least 1 month, therefore we exclude from most tests 3 projects, as they begin trading in August 2021 and do not accumulate enough data (ERN, MBOX, and GHST). Thus, our final sample includes 17 projects with 19 different tokens. Among them, there are two projects that issue two different tokens each: Axie Infinity (AXS, SLP) and Theta (THETA, TFUEL). Arguably, the cross-section of 19 cryptocurrencies constitute broad enough sample. Existing studies use very few cryptocurrencies in the analysis, mostly bitcoin, ethereum, and ripple, as in Makarov and Schoar (2020). Equally important, ours is the first study that investigates NFT-based startups listed on cryptocurrency exchange. It is also the first paper to seriously consider risk and return characteristics of the NFTs. 4. Results In this section we report the results of our main analyses. We begin by presenting NFT initial- listing-day characteristics. Then, we move to estimating NFT volatilities, raw-returns, Sharpe ratios, and returns on the market-adjusted basis. In the next step, we analyze NFT alphas and betas. Subsequently, we construct NFT price index that tracks NFT price movement over the long-run. We conclude by carrying out an event study to measure NFT-induced blockchain valuation effects. 4.1. NFT listing characteristics, risk, and raw return Table 2 displays some key listing characteristics of the NFT cryptocurrencies as well as their riskiness and raw return performance. Column 1 reports the name of the NFT with the exception 12PDF Image | NFT The Analysis of Risk and Return
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