论文标题
加密货币泡沫，财富效应和不可杀死的令牌价格：来自元土地的证据
Cryptocurrency bubbles, the wealth effect, and non-fungible token prices: Evidence from metaverse LAND
论文作者
论文摘要
加密货币价格的迅速上涨引起了人们的担忧（例如金融稳定委员会），这种财富积累可能会有害地溢出到经济的其他地区，但证据是有限的。我们利用元元素以及代表虚拟房地产所有权（Land）的不可杀菌令牌（NFTS）发行自己的加密货币的趋势，以提供财富效应的证据。加密货币价格及其相应的房地产价格高度相关（超过0.96），加密货币价格Granger会导致土地价格。这种元群泡沫让人想起了1929年股市崩溃之前的1920年代美国房地产泡沫。
The rapid rise of cryptocurrency prices led to concerns (e.g. the Financial Stability Board) that this wealth accumulation could detrimentally spill over into other parts of the economy, but evidence is limited. We exploit the tendency for metaverses to issue their own cryptocurrencies along with non-fungible tokens (NFTs) representing virtual real estate ownership (LAND) to provide evidence of the wealth effect. Cryptocurrency prices and their corresponding real estate prices are highly correlated (more than 0.96), and cryptocurrency prices Granger cause LAND prices. This metaverse bubble reminisces the 1920s American real estate bubble that preceded the 1929 stock market crash.
