A relação dos criptoativos no mercado financeiro mundial e a utilização de NFTs no mercado bancário brasileiro

Resumo

The growth in the use of crypto assets has been occurring exponentially within the last few years. One example to demonstrate this phenomenon of crypto is that of the Non-Fungible Tokens (NFTs), which have emerged as one of the possible stars of the crypto market as they allow for the representation and effectuation of both a digital asset and a physical asset as a crypto asset. Hence, it is natural that the banking industry yearns to promote products and services focused tangentially or directly on NFTs. Notwithstanding, the banking market within Brazil and some other countries is somewhat less receptive than others to employing NFTs; these assets are still showing a prominent future ahead. At the same time, correlating crypto assets to other traditional ones is still a point of contingency with scholars around the world, as they demonstrate to be more troublesome than other assets to provide equivalency. One of the objectives of this production was to correlate indexes of crypto assets such as the NCI-Nasdaq Crypto Index with traditional assets such as commodities, indexes, stock market values, and many others to empirically evaluate the perception of the usage of NFTs (the state-of-the-art technology of blockchain for tokenization) on the Brazilian banking market. The correlation between assets was determined by utilizing the Spillover Index and applying the GARCH, VAR, TVP-VAR, and LASSO models, which adequately capture much of the spillover between assets as much as for Returns and for Volatilities within them. This undertaking found peculiar results, those being the correlation of NCI with real estate indexes from Canada as well as for Returns and Volatilities for the assets utilizing the four aforementioned models. Furthermore, it is perceivably demonstrable that the Brazilian banking market has an immense propensity for the effectuation of NFT operations. By aligning the results of this undertaking, it is demonstrable that there is endless potential in the usage of NFTs on the Brazilian market, associating them with the most conservative assets. The results from this paper are amusing, notwithstanding; further research with an even more ample approach must be rendered in order to minutely identify applicable niches of business and assets to be utilized. Taking everything into account, a clear and explicit limitation of this paper was due to the nature of the recent existence of NCI, which can evidence unstable correlations. The occurrence of extreme events such as the COVID-19 pandemic as well as the Russia-Ukraine military conflict might have partially distorted the findings of this research.

Ficha do documento

Tipo

Dissertação

Ano

2023

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Acesso aberto

Identificador

oai:repositorio.fgv.br:10438/34451

Temas

EconomiaTecnologiaDados

Palavras-chave

NFTNasdaq Crypto IndexÍndice SpillOverCriptoativosMercado bancárioNCICryptoassetsSpillover indexNon-Fungible TokensEconomiaMercado financeiroBlockchains (Base de dados)BitcoinÍndices de mercado de açõesBancos - Brasil