“Technopian but lonely investors?”: Comparison between investors and non-investors of blockchain technologies, cryptocurrencies, and non-fungible tokens (NFTs) in Artificial Intelligence-Driven FinTech and decentralized finance (DeFi)

Abstract

Drawing from the literature on decentralized finance (DeFi) and third-level digital (in)equality as well as from the emerging literature on artificial intelligence (AI), this study examined differences between investors and non-investors of blockchain technologies, cryptocurrencies, and non-fungible tokens (NFTs). Data from a cross-sectional survey among users of AI technologies (N = 502) indicate that investors of blockchain technologies, cryptocurrencies, and NFTs show higher blockchain transparency perception, greater trust in cryptocurrencies, and higher perceived asset value of NFTs than non-investors. Results also indicate that investors show greater technopian views on AI, higher AI awareness, and higher third-level AI equality than non-investors. Furthermore, the mediation effect of trust in cryptocurrencies on the relationship between investment status and perceived asset value of NFTs and the moderation effect of AI awareness on the relationship between investment status and third-level AI equality were revealed. Differential psychographics of investors versus non-investors were also found such that investors feel lonelier, experience higher existential isolation, and indicate higher need to belong than non-investors. Unique theoretical contributions to the literature on the intersection of DeFi and third-level digital (in)equality in light of AI-driven digital transformation as well as managerial implications for the emerging NFT FinTech marketplace are discussed.