Non-Fungible Tokens (NFTs) and Cryptocurrencies: Efficiency and Comovements

Non-fungible tokens (NFTs) are a type of digital record ownership used in unique way: ensuring authenticity and uniqueness. Due to these characteristics, NFTs have been several markets: games, arts, sports, among others. In 2020, the volume negotiations was about USD 200 million. Despite strong interest economic agents operating with NFTs, there still gaps literature, regarding their dynamics price interrelation other potentially related assets, which deserve be studied. this sense, main purpose paper is analyze cross-correlation between larger cryptocurrencies. To end, our methodological approach based on Detrended Cross-Correlation Analysis correlation coefficient, sliding windows approach. Our finding that cross-correlations not significant, except for few cryptocurrencies, weak significance at some moments time. We also carried out an analysis long-term memory demonstrated antipersistence results seemingly corroborating market inefficiency hypothesis. particularly important different classes investors, due time scales.