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Table 6 NFT event study This table presents a selection of news announcements concerning the adoption of NFT architecture by the third generation blockchains. These blockchains have higher throughput, lower transaction costs, and faster finality as compared to Bitcoin or Ethereum. CAR is the average two-day (-1 to 0) cumulative abnormal return estimated using market model methodology, where the market return is proxied by the return on bitcoin. Valuation effect is calculated as the product of the circulating supply of the blockchain native cryptocurrency, its daily close price on day -1, and CAR. Blockchain Algorand Avalanche Polkadot Solana Tezos Zilliqa Ticker Date ALGO 3 June 2021 AVAX 27 April 2021 DOT 31 March 2021 SOL 18 May 2021 XTZ 17 June 2021 ZIL 27 May 2021 NFT event Curate integrates Algo payments to mint NFT on Algorand Unifty launches NFT farming incentives on Avalanche Enjin raises funding to build NFT blockchain Efinity on Polkadot 1) NFT art market and gallery VR- All-Art integrates with Solana; 2) Only1 first social NFT platform built on Solana McLaren to build NFT platform on Tezos Polaris Sports exclusive NFT collection on Zilliqa CAR Valuation effect ($bn) 16.68% 0.60 18.37% 1.07 4.57% 1.53 22.02% 3.00 7.83% 0.21 14.38% 0.22 37PDF Image | NFT The Analysis of Risk and Return
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