This study introduces a novel bidirectional ripple effect method to identify the risky center, hedging center, and duration of ripple effects. This method is used to examine the static and dynamic ripple effects among NFTs using idiosyncratic volatility measures. The findings indicate that, overall, correlations and bidirectional ripple effects among NFTs are prominent over the sample period. Only a few NFTs are significant ripple centers. Decentraland is a significant risky center, while CryptoVoxels serves as a reliable hedging center. The outcomes of rolling window tests and durations reveal that the central role of NFTs varies over time. The findings also show that ripple effects have significant durations. These conclusions hold considerable importance for NFT investors in making investment choices and managing risks.

中文翻译：

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审视 NFT 市场的双向连锁反应：风险中心还是对冲中心？

本研究引入了一种新颖的双向连锁反应方法来识别风险中心、对冲中心和连锁反应的持续时间。该方法用于使用特殊波动性指标来检查 NFT 之间的静态和动态连锁反应。研究结果表明，总体而言，NFT 之间的相关性和双向连锁反应在样本期内非常突出。只有少数 NFT 是重要的涟漪中心。Decentraland 是一个重要的风险中心，而 CryptoVoxels 是一个可靠的对冲中心。滚动窗口测试和持续时间的结果表明，NFT 的核心作用随着时间的推移而变化。研究结果还表明，连锁反应具有显着的持续时间。这些结论对于 NFT 投资者做出投资选择和管理风险具有相当重要的意义。