Linkage of Non-Fungible (NFT) Tokens to Measures of Uncertainty: Does Fear Bode Well for NFT Holders?

The study investigates the relationship between returns of Non-Fungible Tokens (NFT) and its categories; fear indices during times crisis. considered are Global Fear Index (GFI), Economic Policy Uncertainty (GEPU), Twitter based (TEU), Consumer Confidence (CCI), Infectious Diseases Equity Market Volatility (IDEMV) Crypto (CVI). Employing Granger Causality Test, Autoregressive Distributed Lag technique ARDL Bounds test on data for period starting 1st February 2020 ending 28th 2022, it is found that short run association exists TEU, CVI NFT returns. Further, GFI leads Art while TEU Metaverse by lag 5 2 respectively. No metrics Collectible, Game utility observed. long in except which influences It concluded NFT, have positive to at least one index turmoil, especially run.