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130% on a raw basis, and the first trading day volume is about 333% of the average daily volume estimated following the initial listing day. To put these numbers into context, first day returns to IPO are an order of magnitude lower. For example, Loughran and McDonald (2013) report the first-day return of 35% at the mean (they consider it high), whereas Aggarwal et al. (2002) find the first-day post-IPO volume of about 130%. Further, we examine long-run price behavior of the NFTs. We calculate raw buy-and- hold returns starting one day after the listing day – an approach that eliminates the impact of large returns observed on the first day of trading. We find that NFTs yield spectacularly high returns in the long-run. Because the returns are abnormally high, we adopt the approach used in the venture capital (VC) industry and present the results as investment multiples, defined as the net proceeds from selling the cryptocurrency divided by the net cost of buying the cryptocurrency. The average value of the multiple in our sample is 6 (600% in percentage terms). It implies that the typical NFT generates the return six times greater than the cost of investment. Among the best performing NFTs are Axie Infinity Shards (AXS) that delivers an investment multiple of 535, Theta (THETA) with 60, and four other startups that obtain a multiple of 10 or higher. To put these numbers into perspective, a renowned venture capitalist Peter Thiel, realized an investment multiple of 20 when selling Facebook shares in 2012 after an eight-year holding period3. In contrast to cumbersome and exclusive venture investments, available only for the certain types of investment vehicles, NFTs are also available for retail clientele. Remarkably, compared to typical winners firm in a VC portfolio (see e.g., Harris, Jenkinson, and Kaplan, 2014), NFTs appear to yield much higher returns in a much shorter time frame. It is worth emphasizing that our analysis is based on the publicly available cryptocurrency trading data. Knowing that the prices at which tokens are sold to institutional investors in a private pre-sales are significantly lower than the prices on the first-listing day, 3 https://www.wsj.com/articles/SB10000872396390443713704577601832028619176 3PDF Image | NFT The Analysis of Risk and Return
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