Ustaoğlu, BUstaoğlu, E2026-03-312026-03-3120251059-05601873-8036http://dx.doi.org/10.1016/j.iref.2025.103872https://hdl.handle.net/11491/9507The aim of the study is to examine the connectedness and portfolio implications between music tokens and music stocks. Spillovers between music tokens and music stocks differ across various circumstances. Under normal circumstances, there is a significant unconnected between music tokens and music stocks. In extreme declines and rises, the return interconnectedness between the assets increases dramatically. Additionally, return spillovers among assets fluctuate over time, influenced by extreme events such as the Russia-Ukraine war and the cryptocurrency market collapse. In the framework of portfolio applications, music tokens have been found to have hedging properties for music stocks. In particular, music tokens added to portfolios at optimal rates exhibit very high hedging properties for SiriusXM Radio (SIRI) and Tencent Music Entertainment Group (TME). The results are important for investors and portfolio managers.enTokenQuantile connectednessQVARReturn connectednessPortfolio implicationsArticle9810.1016/j.iref.2025.103872WOS:001399711000001