Abstract:

Purpose- Metaverse is one of the blockchain-based digital assets developed in recent years. The concept of metaverse refers to an alternative virtual universe in which individuals are represented by their avatars (virtual representation), they can create applications, socialize, buy and sell goods and services, and share. In addition, there are meta coins, i.e. local crypto coins, used in the metaverse. In this study, the concepts of metaverse and meta coin, which have become popular recently, are explained, and the existence of price bubbles in MANA, the meta coin of the Decentraland digital reality platform, which has the largest market value among meta coins, is investigated. Methodology- The existence of price bubbles is investigated by the newly developed GSADF multiple bubble test. Findings- According to the result of the analysis carried out with the GSADF test, the existence of price bubbles in MANA prices in different periods has been determined. Especially the bubbles that have formed in the recent period have been realized as a longer term. This situation shows the impression that significant speculative movements have occurred in the MANA token recently. Conclusion- According to the findings, MANA prices are open to speculation. It is important for those investing or considering investing in MANA and other meta coins to consider the existence of bubbles in the respective token prices.

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