The impact of Ethereum market fluctuations on the value of the Bored Ape Yacht Club (BAYC) NFT collection

Abstract

This dissertation investigates the market dynamics of non-fungible tokens (NFTs), specifically the Bored Ape Yacht Club (BAYC) collection on the Ethereum blockchain. Using VAR and VECM models, the study analyzes the short-term and long-term relationship between Ethereum prices and BAYC prices, and finds a positive correlation between the two variables. The findings have implications for the NFT market and the broader blockchain industry, and highlight the importance of considering both short-term and long-term relationships when making investment decisions.