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the anticipated strategic implementations of the NFT. We use one factor market model to measure abnormal performance and a two-day event window (-1 to 0). Similar to previous tests, we proxy for the return on the market with the return on bitcoin. This approach is akin to using S&P500 as a benchmark for evaluating fund performance, including those with different investment styles and funds with foreign holdings (e.g., Becker, Ferson, Myers, and Schill, 1999). The results are reported in Table 5. As seen in the table, a couple of NFT events concerning Solana blockchain are associated with the average unexpected 22% price increase of SOL (Solana’s native cryptocurrency), a move which translates into the increase in the aggregate market capitalization of the Solana network on the order of $3 billion. Similarly, the transmission of news concerning the new NFT dedicated blockchain Efinity built on Polkadot, raises instantaneously the value of Polkadot network by over $1.5 billion or 4.6%, whereas the announcement of the Unifty launching NFT farming incentives on the Avalanche blockchain, boosts the value of the Avalanche network by over $1 billion (18%). The above demonstrates massive value creation for blockchans that expand their functionality into the realm of NFT. 5. Conclusion This study examines the risk and return characteristics of the NFT-based startups whose valuations are determined on a cryptocurrency exchange. Recent months have seen a surge in the use of NFTs, including primary NFT offerings and feverish NFT trading on the secondary markets. The NFT industry represents another important use case for blockchains, in addition to fundraising, remittance, store of value, borrowing, and lending. A number of interesting results emerge from our dataset along the NFT risk and return attributes. First, we find that NFTs earn large first-day returns of 130% on average. This is an order of magnitude higher than returns on IPOs - startup firms going public on a traditional 23PDF Image | NFT The Analysis of Risk and Return
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