Multifractal Analysis of GameFi

This paper provides the first evidence for understanding the information flow and the microstructure of GameFi market by investigating the multifractal characteristics of return and trading volume from 61 GameFi coins. The empirical results mainly show that: (1) There is a significant cross-correlation between return and trading volume in the GameFi market. Both exhibit multifractal behavior across different time scales. (2) The GameFi market is highly unstable and volatile in the short term, but relatively stable in the long term. (3) The multifractal characteristics of the GameFi market evolve dynamically, with noticeable cyclical fluctuations occurring within a one-year period.