Global macroeconomic factors and the connectedness among NFTs and (un)conventional assets

Christian Urom*, Gideon Ndubuisi, Khaled Guesmi

*Corresponding author for this work

Research output: Contribution to journalArticleScientificpeer-review


This paper examines return and volatility connectedness among Non-Fungible Tokens (NFTs) and (un)conventional financial assets across various market conditions using a Quantile-VAR connectedness technique. It also explores the predictive powers of major global macroeconomic and geopolitical indicators on both connectedness across these market conditions. First, we find that return and volatility connectedness vary across market conditions, with higher levels during extreme events. Except during bullish periods, return connectedness dominates volatility connectedness. Second, NFTs are decoupled from both (un)conventional assets during normal market condition but it is a net return shocks receiver except under bullish market period, where it is a net transmitter. However, it is a net volatility shocks receiver irrespective of the market situation. Lastly, geopolitical risks, business condition and economic policy uncertainty are important predictors of return and volatility connectedness, although the strength and direction are heterogeneous. We discuss the policy implications of these findings.

Original languageEnglish
Article number102429
Number of pages27
JournalResearch in International Business and Finance
Publication statusPublished - 2024


Green Open Access added to TU Delft Institutional Repository ‘You share, we take care!’ – Taverne project
Otherwise as indicated in the copyright section: the publisher is the copyright holder of this work and the author uses the Dutch legislation to make this work public.


  • Gray energy
  • Green energy
  • Non-fungible tokens
  • Quantile connectedness
  • Spillovers


Dive into the research topics of 'Global macroeconomic factors and the connectedness among NFTs and (un)conventional assets'. Together they form a unique fingerprint.

Cite this