Topic 3: Non-Fungible Token and Consumer Perceived Value

Paper published: What Motivates Metaverse Consumers to Purchase Virtual Assets? A Study on the Perceived Value of NFT Art 

Abstract: The evolution of information technologies has catalyzed a new virtual economy, characterized by features like secure ownership and a scarcity of assets through blockchain technology. In this evolving landscape, non-fungible tokens (NFTs), especially within the digital art sector, have gained prominence. Despite their growing popularity, there is still a lack of comprehensive exploration of the factors influencing the consumer trading of these virtual assets. This study employs a large-scale online international survey (N= 805) to explore the perceived technological, artistic, and product values that impact consumer attitudes and purchase intentions. Our findings reveal that novelty, return on investment (ROI), enjoyment, subjective norms, cost, and quality positively influence attitude. ROI, self-expressiveness, enjoyment, sense of community, and subjective norm positively impact purchase intention. Authenticity, security, information transparency, uniqueness, aesthetics, and artist/developer attractiveness do not significantly influence either attitudes or purchase intentions. Unexpectedly, technological novelty was negatively associated with purchase intention.

Paper published: The Polarization of NFTs: Association between Personality Traits and Perceived Value 

Abstract: The rise of Internet 3.0, the metaverse, and virtual realities is accelerating the shift from a physical economy to one that is digital, decentralized, and globally accessible. While the benefits and detriments of virtual assets like non-fungible tokens (NFTs) have received attention, individuals’ opinions about them remain polarized. This study investigates how personality traits shape users’ perceived value of NFTs. Using survey data from 805 respondents, we examine how the Big Five traits (openness, conscientiousness, extraversion, agreeableness, and neuroticism) are associated with 14 value dimensions spanning technology, art, and product aspects. The findings indicate that perceptions of NFTs vary among users. Of note, individuals high in agreeableness and conscientiousness perceive NFTs more favorably across the spectrum of value dimensions, whereas those high in neuroticism exhibit opposite tendencies. Extraverted individuals are drawn to the subjective norms and financial gains related to NFTs, while those high in openness value their information transparency.