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level. According to the standard interpretation, alpha captures returns unrelated to the market that may reflect additional risks unaccounted for in the existing model. From a different angle, alpha indicates how well the assets perform relative to the given benchmark. In our context, NFTs generate significantly higher returns than the average cryptocurrency in the crypto market. When we turn to betas, we find that 12 out of 19 NFTs (63%) have betas significantly greater than one, with the average being 1.1. The highest beta estimate is 2 (TLM) and the lowest is 0.8 (FLOW). There are four other NFTs with betas ranging from 1.5 to 1.7 (ALICE, BAKE, CAKE, and SUPER). It is interesting to note that almost all best performing NFTs on both the absolute and the risk-adjusted basis have betas that remain lower than one (AXS, THETA, TFUEL, SAND, MANA, AUDIO). 4.4. NFT price index We construct the equal-weighted NFT index by scaling the NFT price series by their first- listing-day prices at market close. Then we average them out using the simple average. We do the same with the price of bitcoin and use it as a backdrop. The plots are depicted in Figure 6, Panel A. The series runs from 10 April 2019, which is the initial trading day for the oldest NFT in the sample Theta (THETA). The plot has a cut-off point on 1 July 2020, as prior to that date, NFT price index and bitcoin move in very close parallel. Therefore, for the sake of visual clarity, we do not to report it. As seen on Panel A, the portfolio of NFTs outperforms bitcoin by a factor of 4. Investing in NFTs in the bear market of 2019 would have generated after 2.5 years roughly $3800 for each $100 invested. On the other hand, in the same period, bitcoin would have yielded $9400 for each $100 investment. These returns are simple buy-and-hold returns that do not use compounding. [Place Figure 6 about here] If we exclude the superior performing NFT of Axie Infinity Shards (AXS), the NFT portfolio underperforms bitcoin (Figure 6 Panel B). The NFT investment multiple drops to 7 19PDF Image | NFT The Analysis of Risk and Return
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