{"title":"不可替代代币（NFTS）和加密货币之间的关系","authors":"İbrahim Dağlı, Ceren Pehlivan, Ferhat Özbay","doi":"10.3233/hsm-220196","DOIUrl":null,"url":null,"abstract":"BACKGROUND: Like Bitcoin or any other cryptocurrencies, non-fungible tokens (NFTs) count on blockchain technology, and NFTs are the latest and the most popular in a series of blockchain solutions. Traders in this ecosystem need to pay a dynamic fee, called a gas fee, for making any transactions on the Ethereum blockchain. The gas fee is measured by gwei, and traders must consider this as an additional cost. So, the current price of this fee may affect the decision of NFT creators or traders. OBJECTIVE: This study investigates the interrelationships between NTFs, cryptocurrencies (Ethereum and BTC), and gas fees using daily market data from January 2019 to November 2021. METHOD: Fourier Shin’s (2016) cointegration test, Fully Modified Ordinary Least Squares, and Group Dynamic Least Squares tests were employed to analyze the data. Then, the variance Decomposition method was applied to determine what other variables explain the percentage of the total variance on NFTs— it also used Impulse-response functions for measuring the response of the NFTs variable for one standard deviation shock. RESULTS: Results show that an increase in gas fees, the daily volume of Bitcoin, and the daily volume of Ethereum decrease NFTs sales. There is a unidirectional relationship between lnSales and lnGasFee variables. Also, there is a determined unidirectional relationship between lnBTC and lnSales variables. Lastly, there is a one-way causality relationship between lnSales and lnETH variables. CONCLUSIONS: The primary causation of the relationship between NFTs, gas fees and Ethereum fees is most likely related to the use of Ethereum as the primary means of payment in the NFTs market and gas fees being a significant cost element in NFTs trading. Another point of view is that the dominance of Bitcoin in the market is very effective in pricing of other cryptocurrencies and in the sales and pricing of NFTs indirectly. It is supported by empirical findings that the main elements in the blockchain ecosystem are interrelated.","PeriodicalId":13113,"journal":{"name":"Human systems management","volume":null,"pages":null},"PeriodicalIF":1.5000,"publicationDate":"2023-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The nexus between non-fungible tokens (NFTS) and cryptocurrencies\",\"authors\":\"İbrahim Dağlı, Ceren Pehlivan, Ferhat Özbay\",\"doi\":\"10.3233/hsm-220196\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"BACKGROUND: Like Bitcoin or any other cryptocurrencies, non-fungible tokens (NFTs) count on blockchain technology, and NFTs are the latest and the most popular in a series of blockchain solutions. Traders in this ecosystem need to pay a dynamic fee, called a gas fee, for making any transactions on the Ethereum blockchain. The gas fee is measured by gwei, and traders must consider this as an additional cost. So, the current price of this fee may affect the decision of NFT creators or traders. OBJECTIVE: This study investigates the interrelationships between NTFs, cryptocurrencies (Ethereum and BTC), and gas fees using daily market data from January 2019 to November 2021. METHOD: Fourier Shin’s (2016) cointegration test, Fully Modified Ordinary Least Squares, and Group Dynamic Least Squares tests were employed to analyze the data. Then, the variance Decomposition method was applied to determine what other variables explain the percentage of the total variance on NFTs— it also used Impulse-response functions for measuring the response of the NFTs variable for one standard deviation shock. RESULTS: Results show that an increase in gas fees, the daily volume of Bitcoin, and the daily volume of Ethereum decrease NFTs sales. There is a unidirectional relationship between lnSales and lnGasFee variables. Also, there is a determined unidirectional relationship between lnBTC and lnSales variables. Lastly, there is a one-way causality relationship between lnSales and lnETH variables. CONCLUSIONS: The primary causation of the relationship between NFTs, gas fees and Ethereum fees is most likely related to the use of Ethereum as the primary means of payment in the NFTs market and gas fees being a significant cost element in NFTs trading. Another point of view is that the dominance of Bitcoin in the market is very effective in pricing of other cryptocurrencies and in the sales and pricing of NFTs indirectly. It is supported by empirical findings that the main elements in the blockchain ecosystem are interrelated.\",\"PeriodicalId\":13113,\"journal\":{\"name\":\"Human systems management\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":1.5000,\"publicationDate\":\"2023-03-03\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Human systems management\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.3233/hsm-220196\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"MANAGEMENT\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Human systems management","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.3233/hsm-220196","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"MANAGEMENT","Score":null,"Total":0}
The nexus between non-fungible tokens (NFTS) and cryptocurrencies
BACKGROUND: Like Bitcoin or any other cryptocurrencies, non-fungible tokens (NFTs) count on blockchain technology, and NFTs are the latest and the most popular in a series of blockchain solutions. Traders in this ecosystem need to pay a dynamic fee, called a gas fee, for making any transactions on the Ethereum blockchain. The gas fee is measured by gwei, and traders must consider this as an additional cost. So, the current price of this fee may affect the decision of NFT creators or traders. OBJECTIVE: This study investigates the interrelationships between NTFs, cryptocurrencies (Ethereum and BTC), and gas fees using daily market data from January 2019 to November 2021. METHOD: Fourier Shin’s (2016) cointegration test, Fully Modified Ordinary Least Squares, and Group Dynamic Least Squares tests were employed to analyze the data. Then, the variance Decomposition method was applied to determine what other variables explain the percentage of the total variance on NFTs— it also used Impulse-response functions for measuring the response of the NFTs variable for one standard deviation shock. RESULTS: Results show that an increase in gas fees, the daily volume of Bitcoin, and the daily volume of Ethereum decrease NFTs sales. There is a unidirectional relationship between lnSales and lnGasFee variables. Also, there is a determined unidirectional relationship between lnBTC and lnSales variables. Lastly, there is a one-way causality relationship between lnSales and lnETH variables. CONCLUSIONS: The primary causation of the relationship between NFTs, gas fees and Ethereum fees is most likely related to the use of Ethereum as the primary means of payment in the NFTs market and gas fees being a significant cost element in NFTs trading. Another point of view is that the dominance of Bitcoin in the market is very effective in pricing of other cryptocurrencies and in the sales and pricing of NFTs indirectly. It is supported by empirical findings that the main elements in the blockchain ecosystem are interrelated.
期刊介绍：
Human Systems Management (HSM) is an interdisciplinary, international, refereed journal, offering applicable, scientific insight into reinventing business, civil-society and government organizations, through the sustainable development of high-technology processes and structures. Adhering to the highest civic, ethical and moral ideals, the journal promotes the emerging anthropocentric-sociocentric paradigm of societal human systems, rather than the pervasively mechanistic and organismic or medieval corporatism views of humankind’s recent past. Intentionality and scope Their management autonomy, capability, culture, mastery, processes, purposefulness, skills, structure and technology often determine which human organizations truly are societal systems, while others are not. HSM seeks to help transform human organizations into true societal systems, free of bureaucratic ills, along two essential, inseparable, yet complementary aspects of modern management: a) the management of societal human systems: the mastery, science and technology of management, including self management, striving for strategic, business and functional effectiveness, efficiency and productivity, through high quality and high technology, i.e., the capabilities and competences that only truly societal human systems create and use, and b) the societal human systems management: the enabling of human beings to form creative teams, communities and societies through autonomy, mastery and purposefulness, on both a personal and a collegial level, while catalyzing people’s creative, inventive and innovative potential, as people participate in corporate-, business- and functional-level decisions. Appreciably large is the gulf between the innovative ideas that world-class societal human systems create and use, and what some conventional business journals offer. The latter often pertain to already refuted practices, while outmoded business-school curricula reinforce this problematic situation.
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