HOW RETURNS OF METAVERSE TOKENS ARE INTERRELATED?

Metaverse tokens belong to a virtual world that has recently emerged and their growth potential is of interest to numerous parties. Theoretically, the number of ecosystems may increase infinitely. However, strong financing and technological backing are required for the survival of the projects. Thus, various factors may influence these tokens' returns. How these tokens' returns are affected by each other is analyzed via a multi-regression model. ENJIN returns are found to be the sole factor in MANA returns for our sample (99%). The remaining results of the study indicate that returns of metaverse tokens are interrelated when everything else is held constant and trading volumes have an impact on these returns. The future for these ecosystems may depend on various factors and they are discussed in the light of literature as well