Time-frequency Extreme Risk Spillover Network of Cryptocurrency Coins, DeFi Tokens and NFTs

This study examines the time-frequency extreme risk spillover network among cryptocurrency coins, decentralized finance and non-fungible tokens via wavelet-based quantile causality anal-ysis. We derive the following empirical results. First, long-lived coins dominate cryptocurrencies' upside and downside risk networks. Second, yield farming tokens exacerbate decentralized fi-nance's depreciation risk but hedge risk in the medium term. Metaverse-related non-fungible tokens are the center of NFTs' upside risk network but reverse in the long term. Third, traditional concepts affect the depreciation risk, and emerging concepts drive market prosperity in the long run. Overall, these can provide investors with diversified strategies and risk management suggestions.