Behind the bubble
Exploring the motivations of NFT buyers
Bibliographic Data
| ID | 21562707 |
|---|---|
| Authors | Paul Griffiths (0000-0001-9317-5915, corresponding author), Carlos J Costa (0000-0002-1037-0561), Nuno Fernandes Crespo (0000-0001-6586-8212) |
| Year | 2024 |
| Volume | 158 |
| Pages | 108307 |
| Publication date | 2024-09-01 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Computers in Human Behavior (JOURNAL) |
| Journal identifiers | ISSN: 0747-5632 • E-ISSN: 1873-7692 |
| Publisher | Elsevier BV (PUBLISHER) |
| DOI | 10.1016/j.chb.2024.108307 |
| OpenAlex | W4398216479 |
| Language | EN |
| Citations received | 4 |
| References cited | 124 |
Non-fungible tokens (NFTs) represent a multibillion-dollar global market. While considerable speculation exists about the future utility of NFTs, there has been limited research into the consumer behaviors of market participants. This research paper examines the motivations of NFT buyers through the lens of self-determination theory. Using a sample of 482 participants, the authors tested a conceptual framework to better understand both NFT buyers’ intrinsic and extrinsic motivations. This study expands the literature on NFTs in three different ways: i) it is the first study, as far as we know, to focus exclusively on NFT buyers and their motivations in purchasing NFTs; ii) it explores a variety of potential motivations theorized in the literature; and iii) it tests the expected future value of NFTs as both a motivation and as a moderator for NFT buyers. The authors determined that intrinsic motivation had the most substantial effect on purchase intention, and the expectations of NFTs’ future value positively moderated the effect of amotivation on purchase intention. In contrast, high expectations of future value moderated the effect of external regulation on purchase intention. The results suggest that NFT buyers are not as impacted by potential social or monetary gain as often characterized in the academic literature but behave more like traditional buyers of luxury goods
Bubble · Computer Science · Consumer Behavior in Brand Consumption and Identification · Consumer Retail Behavior Studies · Digital Marketing and Social Media · Psychology · Social Psychology
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An assessment of the use of partial least squares structural equation modeling in marketing research
On the evaluation of structural equation models
Cutoff criteria for fit indexes in covariance structure analysis
Accounting for common method variance in cross-sectional research designs.
Common method biases in behavioral research
A new criterion for assessing discriminant validity in variance-based structural equation modeling
Prospect Theory
When to use and how to report the results of PLS-SEM
Statistical power analyses using G*Power 3.1
Structural Equation Models with Unobservable Variables and Measurement Error
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The Impostor Syndrome from Luxury Consumption
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| Citations per year | 4 |
|---|---|
| Citation span | 2025 - 2026 (2) |
| Highly cited | No |