What makes NFTs valuable to consumers? Perceived value drivers associated with NFTs liking, purchasing, and holding

Abstract

Non-fungible tokens (NFTs) are unique digital assets that exist in a given blockchain. NFT projects, containing unique collections of these assets, are blockchain-based companies that deliver value to customers. Why do people buy NFTs paying up to millions of dollars? Given the lack of studies on what makes NFTs valuable to consumers, we conceptualized the NFT journey through an analysis of the customer journey and the current NFT space dynamics, assessing key stage-based value drivers. We developed the temporal dimension of value perception in the digital asset journey, conceptualizing it as three distinct interaction stages with NFT collections: liking, purchasing, and holding or selling. Then, throughout three studies involving NFT users, we assessed the drivers associated with these stages. Using consumer-based value theory, we identified and categorized distinct drivers of value and examined the dynamics of these drivers across all stages. This exploratory study lays a foundation for future digital asset value research.