Statistics

Coherence (philosophical gambling strategy)

Economics

Computer science

Business

Coronavirus disease 2019 (COVID-19)

Mathematics

Monetary economics

Infectious disease (medical specialty)

Internal medicine

Artificial intelligence

Financial economics

Medicine

Pandemic

Disease

Wavelet

Finance research letters

Non-fungible tokens (NFTs) revolutionize crypto-landscape, becoming popular among investors and general public. This first-ever study of coherence between returns of NFTs and major assets employs the wavelet approach. The pairwise returns coherence between the considered markets grows throughout the Covid-19. Before the pandemic, NFTs lag behind stocks (2017) and bitcoin (2018), while lead gold (2018). We reveal that the returns coherence between NFTs and other assets is high/low for the two-week-plus/below-to-weeks investment horizons. We refine Aharon and Demir´s (2021) findings stating that NFTs absorbed risk during Covid-19 by demonstrating that this conclusion holds only in the short-run for below-two-weeks horizons.

Covid-19 impact on NFTs and major asset classes interrelations: Insights from the wavelet coherence analysis