Digital art and non-fungible-token: Bubble or revolution?

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.