Blockchain-based digital assets, which are still evolving, have attracted considerable attention due to their speculative dynamics. These assets, characterized by high volatility, offer significant profit opportunities for investors while simultaneously involving substantial risks. This study investigates the presence of speculative bubbles in the DeFi and NFT markets, which may serve as early warning signals for investors. The analysis focuses on selected DeFi and NFT assets, namely Internet Computer, Render, The Sandbox, Axie Infinity, Decentraland, Illuvium, Floki, Enjin Coin, and Vulcan Forged. The results of the GSADF test indicate the presence of price bubbles in all examined assets except for Internet Computer.
Küçükçaylı et al. (Mon,) studied this question.