Recently, the art market has proposed the trading of NFTs. We focus on these research questions: a) does the increase in the value of cryptocurrencies affect the value of NTFs; b) does the interest of public opinion influence the value of NFTs. We apply causality and spill-over analyses to determine relationships and answers to our research questions. We find that NFTs present peculiar dynamics, unrelated or scarcely associated with cryptocurrencies and media attention, with the exception of stable coins. Our results suggest that NFT in digital art represents an opportunity in terms of diversification.

中文翻译：

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数字艺术和不可替代的代币：泡沫还是革命？

最近，艺术市场提出了 NFT 的交易。我们关注这些研究问题：a) 加密货币价值的增加是否会影响 NTF 的价值；b) 公众舆论的兴趣是否会影响 NFT 的价值。我们应用因果关系和溢出分析来确定我们研究问题的关系和答案。我们发现 NFT 呈现出奇特的动态，与加密货币和媒体关注无关或几乎没有关联，但稳定币除外。我们的结果表明，数字艺术中的 NFT 代表了多元化的机会。