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stock exchange. The first-day NFT volume is also abnormally high, pointing to a large value of assets changing hands on the first day of listing. Second, we show that NFTs provide superior long-term returns, both on the raw and the risk-adjusted basis. By way of comparison, the returns to NFTs are substantially higher than both long-term returns to IPO and returns from VC investments (about 23% NFTs in our sample give a return greater than 1,000%). Furthermore, volatility of NFTs remains excessively high (11% daily or 175% annually), implying that NFTs are for investors who are willing to bear relatively high level of risk. On the other hand, knowing that the correlation between NFTs and S&P500 is nearly zero, NFTs can reduce portfolio variance, while maintaining portfolio expected return. This last attribute renders NFT an appealing diversifier. Third, we estimate NFT alphas and betas. We find that at the portfolio level, NFTs deliver positive and significant alpha and have an above-average beta. Finally, we run an event-study and estimate blockchain valuation effects that come about as a result of implementing the NFT technology. We show that incorporating NFTs into the existing blockchain networks can boosts their market valuations by over 20%. A natural extension of our study would be to look into the on-chain activity of the NFT startups as potential predictors of their market performance. We leave this challenging question for future research. 24PDF Image | NFT The Analysis of Risk and Return
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